RecDoc 2010-115130 (2) - Laserfiche WebLink

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The Hotel Childcare Contribution shall be payable upon City's issuance of a final certificate of occupancy for the Hotel. 6. Residential On -Site Childcare Demand. The first sentence of Paragraph 1.3(f) (iii) of the Original Agreement is hereby amended to read as follows: The City has completed a comprehensive independent study which concludes that the childcare demand associated with the residential component of the Original Project was estimated to be thirty -four (34) children, of which one -half are expected to be school age, and the other half are expected to be infants and /or preschool age (the "Original Project Childcare Demand "). Based upon a reduction in the residential component from 796 homes to 231 homes, the projected demand for childcare resulting from the Revised Project is reduced ratably to ten (10) children, of which one -half are expected to be school age, and the other half are expected to be infants and /or preschool age (the "Revised Project Childcare Demand "). 7. Residential On -Site Childcare. The second to last sentence of Paragraph 1.3(f) (iv) of the Original Agreement is hereby amended to read as follows: The On -Site Childcare Facility shall be completed and operational on or before the date upon which final certificates of occupancy have been issued for the final phase of the Revised Project. 8. Childcare In Lieu Fee. Paragraph 1.3(f)(vi) of the Original Agreement is hereby amended to provide that the maximum amount of the Project Childcare In Lieu Fee shall be the sum of One Hundred Fifty Thousand Dollars ($150,000) (the "Revised Project Childcare In Lieu Fee "), based upon the projected Revised Project Childcare Demand set forth in Section 6 above and a per -child fee of $15,000. If the Property is developed with more or fewer than 231 homes, the Revised Project Childcare In Lieu Fee shall be ratably increased or reduced, as applicable. 9. Timing for Payment of Childcare In Lieu Fee. The last sentence of Paragraph 1.3(f) (vi) of the Original Agreement is hereby amended to read as follows If Developer chooses to pay the Revised Project Childcare In Lieu Fee, such fee shall be paid in full concurrently with the issuance of final certificates of occupancy for the final phase of the Revised Project. 10. Revised Elements. The following is added to Section 1.3 of the Original Agreement as new Paragraph (i): (i) Public Access; Reclaimed Water; Limitation on Fees. City and Developer agree that notwithstanding any contrary provision of the Precise Plan or the Original Agreement, the following shall apply: S:ATTY/AGR/2010.111 6 9/28/10 FINAL