Exclusive Use of Developer Payments. Districts further agree that the Additional Funding will be exclusively used to provide facilities to any transitional or pre-kindergarten through twelfth grade students that will be generated by Developer’s Project. The Developer Payments will be held in Fund 25, the account into which all school district developer fees must be held. These funds will not be co-mingled with the Districts’ general funds. The Developer, and its successors and assigns of the residential portions of the Project, shall have the right to challenge the use of these funds for these purposes, as described in the Mitigation Fee Act (Gov. Code § 66001, et seq.). The statute of limitations for actions under the Mitigation Fee Act (Gov. Code §, 66020, subdiv. (d)) shall be tolled for 10 years after the date of occupancy of the last residential Phase. If the Additional Funding is not expended by the District for an approved use as indicated here within ten (10) years of occupancy of the last residential Phase for which the Additional Funding was paid, that Additional Funding shall be refunded in full to the Developer. The Districts understand that Developer intends to present this Agreement to the City to demonstrate Developer’s compliance with the City’s School Strategy, but such presentation is not a condition of this Agreement.
