Financing of Sequoia Parkway Sample Clauses

Financing of Sequoia Parkway. Phase 2 Segment 2.1 Other than the contributions of right-of-way and sidewalk and planter strip construction by the Owners (as described in paragraphs 1.4 and 1.5, above) the City shall be responsible for constructing the Sequoia Parkway Phase 2 segment to the standards described in paragraph 1.2 above, at the City’s exclusive expense. The anticipated cost to construct the Phase 2 segment is $1,360,000, which the City anticipates will be funded through a loan from OECDD. With the exception of the City’s standard SDCs, none of the Owners shall have any obligation nor shall they be required in any respect to contribute to the cost of any Phase 2 segment improvements, whether directly or through any financing mechanism, special systems development charge, or any fees or assessments whose purpose is to fund construction of such improvements. The City anticipates that loan repayment will come from approximately $935,000 in Urban Renewal District funds and $425,000 in SDC funds. But in any event none of the Owners shall be responsible for re-payment of the loan, directly or indirectly, in whole or in part.
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