Change to Development Contributions. (a) The parties acknowledge that as at the date of this agreement:
(i) Council is proposing to adopt a ‘value sharing approach’ for development within the Parramatta CBD under a Local Environmental Plan by means of a separate planning proposal for the Parramatta CBD and an accompanying Infrastructure Strategy and Development Guideline;
(ii) the Monetary Contribution for this agreement has been calculated on the basis of a monetary rate per square metre of land (Value Sharing Rate), being a percentage of land value uplift (as defined in the Council’s Planning Agreements Policy); and
(iii) the Value Sharing Rate is being applied consistently by Council at the date of this agreement, but may change when the planning proposal for the Parramatta CBD is finalised.
(b) If, at the time the first instalment of the Monetary Contribution becomes payable (Payment Date):
(i) the Value Sharing Rate adopted by Council is less than the rate applied under this agreement (being $150 per square metre); and
(ii) as a consequence of the reduction of the Value Sharing Rate, Council amends the Development Contributions Plan, or adopts a new Development Contributions Plan that applies to the Land, so that the Development Contributions payable for the Development are higher, per square metre or other basis of measurement used to determine the quantum of contributions, than they would otherwise have been as at the date of this agreement; then, within 20 Business Days of either party making a request for review, the Council and the Developer must meet to review this agreement in accordance with the principles in clause 9.2(c) and using their best endeavours and in good faith.
Change to Development Contributions. (a) The parties acknowledge that as at the date of this agreement:
(i) Council is proposing to amend the Parramatta Local Environmental Plan 2011 to address the provision of community infrastructure within the Parramatta Central Business District and to adopt an accompanying Infrastructure Strategy and Development Guideline;
(ii) the Monetary Contribution payable under this agreement has been calculated on the basis of a monetary rate per square metre of land (Community Infrastructure Rate), being a percentage of land value uplift (as defined in the Council’s Planning Agreements Policy); and
(iii) the Community Infrastructure Rate of $150.00 per square metre for incentive sites and $375.00 per square metre for opportunity sites is being applied by Council at the date of this agreement but may change when the planning proposal for the Parramatta Central Business District is finalised.
(b) If, at the time the Monetary Contribution becomes payable (Payment Date):
(i) the Community Infrastructure Rate adopted by Council is less than the rate applied at the time of this agreement (being $150 per square metre for incentive sites and $375.00 per square metre for opportunity sites) or Council decides not to adopt the approach set out in clause 9.2(a)(i) and the Community Infrastructure Rate; and
(ii) as a consequence of the reduction of the Community Infrastructure Rate or the rejection of the Community Infrastructure Rate, Council amends the Contributions Plan applying to the Land, or adopts a new Contributions Plan that applies to the Land, so that the contributions payable under section 7.11 or section 7.12 of the Act (Development Contributions) for the Development are higher, per square metre or other basis of measurement used to determine the contributions, than they would have been as at the date of this agreement, then, within 20 Business Days of the Developer Parties making a request for review, the Council and the Developer Parties must meet to review this agreement in accordance with the principles in clause 9.2(c) and using their best endeavours and in good faith.
(c) If a review of this agreement is carried out under clause 9.2
