Public Improvements Commitment Sample Clauses

Public Improvements Commitment. The Developer shall deliver to the City a cash payment in the amount of One Hundred Thousand and No/100 Dollars ($100,000.00), which payment shall be paid to the City upon the earlier to occur of (a) the issuance of a demolition or grading permit for the Project, whichever occurs first, or (b) the first anniversary of the Effective Date of the Authorizing Ordinance, provided that, with respect to subparagraph "(b)", the Developer has not elected prior to said first anniversary to abandon the Project and terminate this Agreement. Said amount shall be used by the City, in its sole discretion, to fund certain public improvements which may be constructed by the City near the Project.