Provision of Municipal Services--Shortfall Period Sample Clauses

Provision of Municipal Services--Shortfall Period. Subject to the terms and conditions set forth in this MDA, the MSD shall provide municipal-type services to the Property consistent with the services provided by the MSD to the unincorporated areas of the County generally. The MSD shall continue to provide such municipal-type services to the Property if the Property is either incorporated as a municipality or annexed into an adjoining municipality unless and until the Property is withdrawn from the MSD pursuant to the requirements of existing law. The Parties acknowledge that there may be a shortfall in the funds generated by the development of the Planned Community from the costs of the MSD providing such services as and when development occurs. Any CSP shall provide for a mechanism to calculate and fund, acceptable to the MSD, any shortfall as such may be incurred during the course of the development. If a mechanism cannot be agreed upon, Master Developer will be in Default. Any CSP shall also include a market-driven analysis of the financial viability of the development proposed by the CSP and the impacts of that development on the goals expressed in this MDA for the Planned Community, including economic, infrastructure, social and sustainability factors.
Sample 1
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Provision of Municipal Services--Shortfall Period. Subject to the terms and conditions set forth in this MDA, the MSD shall provide municipal-type services to the Property consistent with the services provided by the MSD to the unincorporated areas of the County generally. The MSD shall continue to provide such municipal-type services to the Property if the Property is either incorporated as a municipality or annexed into an adjoining municipality unless and until the Property is withdrawn from the MSD pursuant to the requirements of existing law. Zions Bank Public Finance (“Zions Bank”) has estimated that, during the first two years of development of the Planned Community, the MSD’s expenses to provide municipal services will exceed by $85,075.00 the revenue to the MSD created by the Planned Community. To account for this shortfall, Master Developer will pay to the MSD $85,075.00 prior to the issuance of the first building permit for any part or portion of the Planned Community. The County will issue no building permits for the Planned Community until this amount has been paid to the MSD. Additionally, if the MSD’s expenses to provide municipal-type services exceed $85,075.00 during the first two years, and/or the expenses to provide municipal-type services exceed revenue to the MSD from the Planned Community beyond two years (the “Shortfall Period”), Master Developer agrees to pay to the MSD the actual shortfall amount until such time as the shortfall first ceases to exist (calculated on an annual basis). The MSD will calculate the shortfall amount using the same methodology that Zions Bank used in its estimates. During the Shortfall Period, the MSD will xxxx the Master Developer for such shortfall(s) on an annual basis, and if the shortfall amount is not paid within 30 days of the date of the invoice, the County will cease issuing building permits for the Planned Community and may pursue any other lawful remedy. The conditions on issuance of building permits outlined in this Subsection are conditions/limitations on vesting as allowed by Salt Lake County Ordinance Section 19.69.070. Accordingly, an applicant is not entitled to any approvals under Utah Code Section 17-27a-508 until such conditions have been satisfied.
Sample 1

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