Bonus Density Proportionality Catch-Up Sample Clauses

Bonus Density Proportionality Catch-Up. In order to have the ability to accomplish the Bonus Density Commitments Developer will need to own and dedicate/reserve approximately 10.6 acres out of every 100 acres it develops for use as open space or a park (10.6%) (“Bonus Density Proportionality”). Because of the narrow and linear nature of trails, no acreage has been estimated and allocated in the calculation of Bonus Density Proportionality. Presently the Subject Property owned by Developer or Developer’s Affiliates does not meet the Bonus Density Proportionality in that the Subject Property does not contain sufficient acreage in areas located in the Firelight MPDO Plan as open space or a park to equal 10.6% Bonus Density Proportionality. Recognizing the shortfall, and the estimated development and buildout timeline for the entirety of the proposed Firelight Community, Developer covenants and agrees that it, or Developer’s Affiliates, will acquire sufficient After Acquired Property over a period of threefour (4) years from the Effective Date of this Agreement to own and possess sufficient acreage capable of dedication or reservation in areas identified and designated as open space and/or parks in the Firelight MPDO Plan such that Developer owns or controls land possessing Bonus Density Proportionality. In the event that Developer has failed to obtain Bonus Density Proportionality within three years of the Effective Date of this Agreement, the City may (: i) refrain from granting any further permits (including building, conditional use, or occupancy), or any further land use entitlements (including subdivisions, zone changes and MPDO amendments) until the Bonus Density Proportionality has been achieved, and/or
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Related to Bonus Density Proportionality Catch-Up

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