Irrevocable Offers of Dedication for Park Site Sample Clauses

Irrevocable Offers of Dedication for Park Site. Concurrent with approval of the final subdivision map incorporating the Project’s portion of Park 1, Developer shall provide an irrevocable offer of dedication in fee for the park site to County. Upon satisfactory completion of the park improvements by Developer and upon County approval as to form of the offer of dedication, County shall accept the dedication of the improved park site and assume the ownership and maintenance thereof, provided the cost of such maintenance shall be funded by either a new Park District (as defined below) or the Services CFD or County Service Area Zone of Benefit (CSA) described in Section 3.12 below, or other governance and funding mechanism which may be formed, or annex into the existing CFD for Xxxxx Vineyards. In the event sufficient fee generation is not in place at the time of satisfactory park completion for each park or the CFD or CSA is not yet formed, Developer agrees to provide sufficient gap funding, in a form acceptable to the County, to augment the available maintenance funding to be provided through the services CFD or CSA. The amount of gap funding shall be calculated as the difference between the cost-of-living adjustment (COLA) adjusted park maintenance costs identified in the Finance Plan and the amount of funding to be generated through the services CFD or CSA. A Warranty bond for fifteen percent (15%) of the construction value of each park shall remain in effect for a period of one year following satisfactory completion of the park. Satisfactory completion shall be evidenced by the issuance of a Project Final Acceptance improvements for the Project’s portion of Park 1 consistent with the approved improvement plans by the County.
Sample 1
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Related to Irrevocable Offers of Dedication for Park Site

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