Tokul Parcel Open Space Clause Samples

Tokul Parcel Open Space. Based on Gateway’s prior conveyance of the Tokul Parcel to the City pursuant to Section 3.5.3 of the initial Development Agreement, and based on the then-value of comparable parcels at highest and best use at the time the Tokul Parcel conveyance and accompanying permanent open space covenant satisfied all requirements for park acreage and recreation facility fee-in-lieu contributions that would otherwise be required by the City’s Comprehensive Plan and/or Open Space, Parks and Recreation Plan for both the Hotel proposal and any potential future residential component; provided, however, that (a) construction and dedication to the City of a neighborhood park of up to 4 acres, designed in conformance with the applicable Open Space, Parks and Recreation Plan, with facilities comparable to ▇▇▇▇▇▇▇ and Azalea neighborhood parks and sufficient to serve the residential units constructed under Section 2.1.3 above, shall be required as a condition of any subdivision or binding site improvement plan authorized under Section 2.1.3 above and (b) MIT shall make a Community Center contribution pursuant to Section 3.9 below.