Ord04 2265 - Laserfiche WebLink

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thereafter (the "Term"), unless sooner terminated pursuant to the terms hereof or extended by written agreement of the parties. (b) Minimum Progress Standard. Notwithstanding subsection (a), and subject to subsection (c), the Term shall end: (i) Three years after the City Council approval of the final subdivision map and subdivision agreement for the first phase of the Project becomes Final (the "Finality Date"), if the Developer has not applied for building permits and commenced construction for at least 200 residential units on or before that date; (ii) Five years after the Finality Date if the Developer has not been issued building permits and commenced construction for a cumulative total of at least 400 residential units on or before that date; (iii) Eight years after the Finality Date if the Developer has not been issued building permits and commenced construction for at least 12,500 square feet of retail space and a cumulative total of 700 residential units, before that date; (iv) Ten years after the Finality Date if the Developer has not been issued building permits and commenced construction for a cumulative total of at least 900 residential units, on or before that date; or (v) Twelve years after the Finality Date if the developer has not been issued building permits and commenced construction for a cumulative total of at least 25,000 square feet of retail space and been issued building permits and commenced construction for a cumulative total of 1200 residential units, on or before that date. (c) Extension of Minimum Progress Dates, The City recognizes that Developer's ability to achieve the minimum progress described in subsection (b) is dependent on market conditions and overall Project financial feasibility, and on the Developer's ability to secure necessary approvals from public bodies other than the City. Developer may apply to the Community Development Director of the City for extensions of the times specified in subsection (b) as needed based on market acceptance, Project financial feasibility and/or inability, despite diligent efforts, to obtain approvals from public bodies other than the City, which extensions, if said conditions are supported by evidence, shall not be unreasonably withheld. Developer's application must be in writing, in the form (if any) prescribed by the Community Development Director, and must set forth the grounds for the application. (d) Finality. For purposes of this section, an approval shall become Final on: (i) the first day after the last period for filing an appeal of the approval before any City agency or official (an "Administrative Appeal"), if an Administrative Appeal is expressly permitted but no Administrative Appeal is filed; 1289\02\ 175277 .12 3