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7C Page 231 amount flf square footage permitted for the commercial portion of the Project pursuant to the Precise Plan. The On-Site Childcare Facility shall be designed to accommodate the Project Childcare Demand, as it may be reduced pursuant to the provisions of paragraph (iii) al�uve. ihe ��-Site Childcare Facility shall be completeci and operational on or before the issuance of final certificates of occupancy for the fourth resideiitial phase of the Project or tlle 300th residential unit in the Project, which ever comes sooner. The On- Site Childcare Facility shall be licensed and permitted under a11 applicable laws. (v) Izi Developer's discretion, Developer may elect to contract with the operator of the Hotel Childcare Facility to accominodate the Project Childcaze Demand, as it may be reduced p�.irsuant to the provisions of paragraph(iii) above, in lieu of the methods described in paragraphs (iii) and{iv) above and paragraph{vi) below. {vi) In Developer's discretion, in lieu of the methods described in paragraphs (iii), {iv) and.(v) above, Developer may elect to satisfy the Project Childcare Demand by paying to City (or to a childcare facility fund estal�li.shed by City), a one-time in Iieu fee (the"Project Childcare In Lieu Fee") for off-site childcare in an amount equal to Five Hundred Ten Tliousand Dollars ($S I0,000); provided however, if properly licensed on- site family child care homes are provided in any of the first three residential phases of the Project (as described in paragraph(iii) above), then the Project Childcaxe In Lieu Fee shall be reduced by the sum of$l 5,OQ0 times the nurnber of children for which such homes are licensed to provide care (i.e., typically six children per home). If Develo��er chaoses to pay the Project Childcare In Lieu Fee, such.fee shall be paid in full concurrently with the application for building permits for tl�e 3015`residential unit in th.e Proj ect. (g) Affordable Housiiz�. The Affordable Housing Plan attached hereto as Exhihit C a�ad in.corporated herein by reference(the"Affordable Housing Plan"), describes Developer's obligations with respect to the f nancing and/or consiruction of affordable housing. (h) Infrastructure; Financing Plan. Tl�e Infrastructure and Financing Plan, at�ached hereto as Exhibit D and incorporated herein by reference, identifies certain public itnprovements and public facilities required to serve the Project and other property in.close proximity, describes the phasing of development of such faciliti.es and improvements relative ta the development of the Projeet, and describes potential methods of financing such facilities and improvements through a combination of Developer contributions, tax-exempt financing, state and federal assistance, d.evelapment fees ai�d other financing mechanisms, including possible advances of funds with.suhsequent reimbursement to Developer. The Infrastruchire and Financing Plan acknowledges that there is a regional cost associated with certain of the public facilities and improvei�n.ents, and that other property owners will be requi.red to participate in fundi.ng such. costs on a fair share basis. The City agrees to coaperate in ihe pursttit of sta�e, federal and Iocal sources of funds to assist in f nancing the public faciliti.es and public improvements identified in. the Infrastr�tcture and Financing Plan. Any decision regarding the issuance of municipal bonds or the application for state or federal fands shall be in the City's sole discretion;provided however, City agrees to ex�rcisc such discretion in good faiih so as to provide for the timely IU25843-b 1 0 DRAFT 12/12/07 3:00 PM