Termination of Guarantee. Within 60 days after occupancy permit issuance, or upon written notice of abandonment of the application or conceptual plan, prior to final approval, (including abandonment or denial due to rejection by any reviewing agency), the Village shall furnish the Developer with a statement of all such costs incurred by it with respect to such application or conceptual plan. In the case of any abandonment or denial, any excess funds shall be remitted to Developer, and, subject to the terms hereof, any costs in excess of such deposit shall be paid by the Developer. In the case of an approval, and if the development requires a written development agreement with the Village as to public infrastructure construction or any other public financial considerations, such deposit shall carry forward under the terms of the development agreement entered into between the parties. Any interest earned on said deposit shall remain the property of the Village to partially offset administrative expenses associated with planning and development.
Appears in 5 contracts
Samples: Development Reimbursement Agreement, Development Reimbursement Agreement, Development Reimbursement Agreement
