Common use of Interim Public Safety Costs Clause in Contracts

Interim Public Safety Costs. Developer and City acknowledge providing public safety service to the Project prior to the sale of homes will exceed revenues received by City to provide such services, based on the City’s revenue and expense assumptions as set forth in the Lincoln Village 1 Fiscal Impact Analysis prepared by Economic and Planning Systems and dated April 25th, 2014. Said shortfall shall be funded by either a one-time fee per unit of $191.00 paid prior to building permit issuance, or an alternative financing mechanism acceptable to City. The fee of $191.00 per unit shall be adjusted each year on July 1st by the City based on cost of living or other such inflationary adjustments (including inflationary adjustments based on the Engineering New Record Cost of Construction Index, a Consumer Price Index or other method in accordance with City ordinances of the financing plan.

Interim Public Safety Costs. Developer and City acknowledge providing public safety service to the Project prior to the sale of homes will exceed revenues received by City to provide such services, based on the City’s revenue and expense assumptions as set forth in the Lincoln Village 1 Fiscal Impact Analysis prepared by Economic and Planning Systems and dated April 25th, 2014. Said shortfall shall be funded by either a one-time fee per unit of $191.00 paid prior to building permit issuance, or an alternative financing mechanism acceptable to City. The fee of $191.00 per unit shall be adjusted each year on July 1st by the City based on cost of living or other such inflationary adjustments (including inflationary adjustments based on the Engineering New News Record Cost of Construction Index, a Consumer Price Index Index, or other method method) in accordance with City ordinances of or the financing plan. [NOTE: INSERT CURRENT 2020 FEE AMOUNT.]

Interim Public Safety Costs. Developer and City acknowledge providing public safety service to the Project prior to the sale of homes will exceed revenues received by City to provide such services, based on the City’s revenue and expense assumptions as set forth in the Lincoln Village 1 Fiscal Impact Analysis prepared by Economic and Planning Systems and dated April 25th, 2014. Said shortfall shall be funded by either a one-time fee per unit of $191.00 paid prior to building permit issuance, or an alternative financing mechanism acceptable to City. The fee of $191.00 per unit shall be adjusted each year on July 1st by the City based on cost of living or other such inflationary adjustments (including inflationary adjustments based on the Engineering New News Record Cost of Construction Index, a Consumer Price Index or other method method) in accordance with City ordinances of or the financing plan.