Common use of FINANCING OF IMPROVEMENTS Clause in Contracts

FINANCING OF IMPROVEMENTS. If deemed appropriate by CITY, CITY and OWNER shall cooperate in the formation of any special assessment district, community facilities district or alternate financing mechanism to pay for the construction and/or maintenance and operation of public or private improvements required as part of the Development Plan and/or payment of any Development Impact Fees. Without limiting the generality of the foregoing, for the purposes of this paragraph, included within the definition of public improvements are street improvements, sewer improvements, drainage improvements, water improvements, other utility improvements, park improvements, trail improvements, pedestrian or bicycle improvements and open space. To the extent any such district or other financing entity is formed and sells bonds in order to finance such reimbursements, OWNER may be reimbursed to the extent that OWNER spends funds or dedicates land for the establishment of public improvements. Notwithstanding the foregoing, it is acknowledged and agreed by the parties that nothing contained in this Agreement shall be construed as requiring CITY or the City Council to form any such district or to issue and sell bonds.