Developer Responsible for Construction Costs Sample Clauses

Developer Responsible for Construction Costs. Developer shall be responsible for all costs to construct the park and trail improvements for the project’s portion of park 1 consistent with the approved improvement plans therefor. Developer acknowledges that County shall have no obligation to pay any reimbursements in the event of any shortfall between the total fee credit amount for the parks and actual costs incurred by Developer therefor, provided County acknowledges that the Project’s portion of Park 1 will be designed such that the cost of park improvements is equal to the fee credits to which Developer will be entitled. Upon execution of the Credit Reimbursement Agreement and posting of security acceptable to County to secure the timely commencement and completion of the park improvements consistent with the construction timing described in Section 3.9.2 and / or in the Credit Reimbursement Agreement, Developer shall be entitled to credits and / or reimbursements. The administration of such fee credits and reimbursements shall be addressed in the Credit Reimbursement Agreement.