Common use of PARK DEDICATION Clause in Contracts

PARK DEDICATION. Pursuant to State Statute and City Code, the Final Plat requires park dedication via a land dedication and/or a cash equivalent based on the rate approved by the City Council when the 3rd Addition Final Plat is released for recording. Certain land was provided to the City from the Developer as park dedication for Phase 1 of the Preliminary Plat resulting in a reduction in the City’s current park dedication per unit amount from $4,156.00 to $1,455.00, a 65% reduction. Assuming the 3rd Addition Final Plat is released prior to the City Council adjusting the park dedication rate, the park dedication amount to be paid shall be $24,735.00 (17 units times $1,455.00). If the 3rd Addition Final Plat is not released prior to the City Council adjusting the park dedication rate, the above-referenced payment shall be adjusted based upon the formula approved by City for the year in which the 3rd Addition Final Plat is released for filing. The park dedication fee, as set forth above, shall be paid prior to the Final Plat being released for filing at the Hennepin County Government Center. Park dedication for future phases of the Preliminary Plat shall be determined at the time of future phase final plat application and will be based on the then current park dedication rate adopted by the City Council adjusted by the above-described land dedication adjustment.

PARK DEDICATION. Pursuant to State Statue Statute and City Code, the Final Plat requires park dedication via a land dedication and/or a cash equivalent based on the rate approved by the City Council when the 3rd 2nd Addition Final Plat is released for recording. Certain land was provided to the City from the Developer as park dedication for Phase 1 of the Preliminary Plat resulting in a reduction in the City’s current park dedication per unit amount from $4,156.00 to $1,455.00, a 65% reduction. Assuming the 3rd 2nd Addition Final Plat is released prior to the City Council adjusting the park dedication rate, the park dedication amount to be paid shall be $24,735.00 75,660.00 (17 52 units times $1,455.00). If the 3rd 2nd Addition Final Plat is not released prior to the City Council adjusting the park dedication rate, the above-above- referenced payment shall be adjusted based upon the formula approved by City for the year in which the 3rd 2nd Addition Final Plat is released for filing. The park dedication fee, as set forth above, shall be paid prior to the Final Plat being released for filing at the Hennepin County Government Center. Park dedication for future phases of the Preliminary Plat shall be determined at the time of future phase final plat application and will be based on the then current park dedication rate adopted by the City Council adjusted by the above-described land dedication adjustment.

PARK DEDICATION. Pursuant to State Statute and City Code, the Final Plat requires park dedication via a land dedication and/or a cash equivalent based on the rate approved by the City Council when the 3rd 4th Addition Final Plat is released for recording. Certain land was provided to the City from the Developer as park dedication for Phase 1 of the Preliminary Plat resulting in a reduction in the City’s current park dedication per unit amount from $4,156.00 to $1,455.00, a 65% reduction. Assuming the 3rd 4th Addition Final Plat is released prior to the City Council adjusting the park dedication rate, the park dedication amount to be paid shall be $24,735.00 69,840.00 (17 48 units times $1,455.00). If the 3rd 4th Addition Final Plat is not released prior to the City Council adjusting the park dedication rate, the above-referenced payment shall be adjusted based upon the formula approved by City for the year in which the 3rd 4th Addition Final Plat is released for filing. The park dedication fee, as set forth above, shall be paid prior to the Final Plat being released for filing at the Hennepin County Government Center. Park dedication for future phases of the Preliminary Plat shall be determined at the time of future phase final plat application and will be based on the then current park dedication rate adopted by the City Council adjusted by the above-described land dedication adjustment.