Developer’s Roadway Payment & Right-of-Way Dedication Sample Clauses

Developer’s Roadway Payment & Right-of-Way Dedication. Developer, on behalf of the District, will pay the City an amount equal to the product of $900 per linear foot, multiplied by the number of linear feet of the Property along and adjacent to the County Line Road right-of- way, estimated to be approximately $1,588,500 (the “Roadway Payment”), which will be applied by the City to pay approximately one-half of the costs of the Roadway Expansion. The City is responsible for all costs of the Roadway Expansion in addition to the Roadway Payment. Further, Developer, on behalf of the District, will dedicate by warranty deed, at no cost to the City, right- of-way required for the Roadway Expansion, estimated to be approximately twenty-five feet (25’) in width along and adjacent to the existing County Line right-of-way (the “Right-of-Way Dedication”). As a condition of the City’s approval of each final plat for a portion of the Development, Developer will: (i) make the Right-of-Way Dedication, if not previously made, with respect to the land within such final plat; and (ii) pay to the City a portion of the Roadway Payment calculated by dividing the Roadway Payment by the total number of single-family residential lots within the Development pursuant to the Concept Plan, and multiplying the quotient by the number of single-family residential lot within such final plat (excluding any non-single- family residential lots conveyed to Aqua, the City, the ISD, or the ESD); provided, however, that the entire then-remaining portion of the Right-of-Way Dedication shall be paid by Developer in connection with the last final plat of a portion of the Development. By way of example, only, if the amount of the Roadway Payment is $1,588,500, the total number of single-family residential lots within the Development pursuant to the Concept Plan is 1,200, and final plat being recorded contains 100 single-family lots, then the portion of the Roadway Payment to be paid in connection with the City’s approval of such plat would be $132,375 ($1,588,500 / 1,200 * 100 = $132,375). Notwithstanding the foregoing, in the event that the City commences construction of the Roadway Expansion prior to Developer’s payment, on behalf of the District, of the full amount of the Roadway Payment, then the City may, at its election, from and after the date on which the City expends all portions of the Roadway Payment previously received from Developer, on behalf of the District, to fund one-half of the Roadway Expansion to-date, deliver to Developer one or m...
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