Common use of Change to Development Contributions Clause in Contracts

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

Change to Development Contributions. (a) The parties acknowledge that as at the date of this agreement: (i) : Council is proposing to amend adopt a ‘value sharing approach’ for development within the Parramatta CBD under a Local Environmental Plan 2011 to address the provision by means of community infrastructure within a separate planning proposal for the Parramatta Central Business District CBD and to adopt an accompanying Infrastructure Strategy and Development Guideline; (ii) ; the Monetary Contribution payable under for this agreement has been calculated on the basis of a monetary rate per square metre of land (Community Infrastructure Value Sharing Rate), being a percentage of land value uplift (as defined in the Council’s Planning Agreements Policy); and (iii) and the Community Infrastructure Value Sharing Rate of $150.00 per square metre for incentive sites and $375.00 per square metre for opportunity sites is being applied consistently by Council at the date of this agreement agreement, but may change when the planning proposal for the Parramatta Central Business District CBD is finalised. (b) IfThe parties agree that if, at the time the first instalment of the Monetary Contribution becomes payable in accordance with clause 6.1(b) of this agreement (Payment Date):) Council has resolved to adopt a new value sharing rate applicable to Residential Floor Space which is higher than the Value Sharing Rate applied under this agreement (being $150 per square metre), the recently adopted value sharing rate (Higher Value Sharing Rate) applies and a reference in clause 6.1(a) to the Value Sharing Rate of $150 per square metre shall be read as being a reference to the Higher Value Sharing Rate. (ic) If, at the Community Infrastructure Payment Date: the Value Sharing Rate adopted by Council is less than the rate applied at the time of under this agreement (being $150 per square metre for incentive sites metre); 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 Value Sharing Rate, Council amends the Contributions Plan applying to the LandPlan, or adopts a new Contributions Plan that applies to the Land, so that the contributions Development 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 quantum of contributions, than they would otherwise have been as at the date of this agreement, ; then, within 20 Business Days of the Developer Parties either party 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(c9.2(d) and using their best endeavours and in good faith. (cd) If a review of this agreement is carried out under clause 9.2

Change to Development Contributions. (a) The parties acknowledge that as at the date of this agreementAgreement: (i) Council is proposing to amend adopt a 'value sharing approach' for Development within the Parramatta CBD under a Local Environmental Plan 2011 to address the provision by means of community infrastructure within a separate planning proposal for the Parramatta Central Business District CBD and to adopt an accompanying Infrastructure Strategy and Development Guideline; (ii) the Monetary Contribution payable under for this agreement Agreement has been calculated on the basis of a monetary rate per square metre of land (Community Infrastructure Value Sharing Rate), being a percentage of land value uplift (as defined in the Council’s 's Planning Agreements Policy); and (iii) the Community Infrastructure Value Sharing Rate of $150.00 per square metre for incentive sites and $375.00 per square metre for opportunity sites is being applied consistently by Council at the date of this agreement Agreement, but may change when the planning proposal for the Parramatta Central Business District CBD is finalised. (b) If, at the time the first instalment of Monetary Contribution becomes payable (Payment Date):); (i) the Community Infrastructure Value Sharing Rate adopted by Council is less than the rate applied at the time of under this agreement 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 Ratemetre); and (ii) as a consequence of the reduction of the Community Infrastructure Rate or the rejection of the Community Infrastructure RateValue Sharing rate, Council amends the Development Contributions Plan applying to the LandPlan, or adopts a new Development Contributions Plan that applies to the Land, so that the contributions Development Contributions payable under section 7.11 or section 7.12 of the Act (Development Contributions) for the Development under this Agreement 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, Agreement. then, within 20 Business Days of the Developer Parties either party making a request for review, the Council and the Developer Parties Owners Corporation must meet to review this agreement Agreement in accordance with the principles in clause 9.2(c(c) and using their best endeavours and in good faith. (c) If a review of this agreement Agreement is carried out under clause 9.2(b) the parties must consider during that review process, the quantum of Monetary Contribution payable by the Owners Corporation to the Council under this Agreement and a reduction of the Monetary Contribution by an amount equivalent to the difference between: (i) the Development Contributions calculated as at the date of this Agreement; and (ii) the Development Contributions calculated as at the Payment Date. (d) Any agreement reached during a review under this clause 13.2 must be conducted in accordance with clause 13.1(a) and confirmed in writing as an amendment to this agreement and be signed by the parties to this Agreement. (e) A failure by a party to agree to participate in a review under this clause 13.2 is taken to be a dispute for the purposes of clause 14. (f) If the parties cannot agree to the terms of any amendment to this Agreement following a review under clause 13.2, either party may refer the matter to dispute resolution under clause 14. (g) Nothing in this clause 13.2: (i) affects the obligation of the Owners Corporation under the Act to pay contributions in accordance with Section 7.11 or Section 7.12 of the Act; or (ii) requires the Council to pay any money to the Owners Corporation or to refund the Owners Corporation or any other entity, any amount paid to it under this Agreement or for any other purpose.