Common use of Parkland Impact Fee Clause in Contracts

Parkland Impact Fee. The Project will be subject to the park impact fee for apartment units at $5,000.00 per unit and shall be paid to the CITY prior to the issuance of the first building permit. The project includes a subdivision for condominium purposes that OWNER indicates may or may not be exercised. Should the OWNER determine to record a Final Tract Map and convert the apartment units to condominium units, OWNER shall pay the difference in fees between the initial $5,000.00 per unit park impact fee and the fee in place at the time of Map recordation for condominium units. The Tentative Tract Map shall remain valid for the term of this agreement and expire coterminous with this agreement if not exercised.