RecD08 2008-086768 (2) - Laserfiche WebLink

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below, the Project Childcare Demand shall be reduced by the number of children for which such homes are licensed to provide care (i.e., typically six children per home). (iv) In Developer's discretion, Developer may elect to provide a dedicated childcare facility in the commercial/retail portion of the Project (the "OD-Site Childcare Facility") to meet the Project Childcare Demand. Such facility shall not reduce the amount of square footage pennitted for the commercial portion of the Project pursuant to the Precise Plan. The On-Site Childcare Facility shall be designed to accommodate the Proj ect Childcare Demand, as it may be reduced pursuant to the provisions of paragraph (iii) above. The On-Site Childcare Facility shall be completed and operational on or before the issuance of final certificates of occupancy for the fourth residential phase of the Project or the 300th residential unit in the Project, which ever comes sooner. The On- Site Childcare Facility shall be licensed and permitted under all applicable laws. (v) In Developer's discretion, Developer may elect to contract with the operator of the Hotel Childcare Facility to accommodate the Project Childcare Demand, as it may be reduced pursuant 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 established by City), a one-time in lieu fee (the "Project Cbildcare In Lieu Fee") for off-site childcare in an amount equal to Five Hundred Ten Thousand Dollars ($510,000); provided howevert jf 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)t then the Project Childcare In Lieu Fee shall be reduced by the sum of $15,000 times the number of children for which such homes are licensed to provide care (i.e., typically six children per home). If Developer chooses to pay the Project Childcare In Lieu Fee, such fee shall be paid in full concurrently with the application for building permits for the 3015t residential unit in the Proj ect. (g) Affordable Housing. The Affordable Housing Plan attached hereto as Exhibit C and incorporated herein by reference (the "Affordable Hoosing Plan"), describes Developer's obligations with respect to the financing and/or construction of affordable housing. (h) Infrastructure~ Financing Plan. The Infrastructure and Financing Plan, attached hereto as Exhibit D and incorporated herein by reference, identifies certain public improvements and public facilities required to serve the Project and other property in close proximity, describes the phasing of development of such facilities and improvements relative to the development of the Project, and describes potential methods of financing such facilities and improvements through a combination of Developer contributions, tax -exempt financing, state and federal assistance, development fees and other fmancing mechanisms, including possible advances of funds with subsequent reimbursement to Developer. The Infrastructure and Financing Plan acknowledges that there is a regional cost associated with certain of the public facilities and A ITY I AGR/2008.0 13 022708 11