Public Infrastructure District. The Parties agree and acknowledge that the Developer shall be entitled to seek the creation of one or more Public Infrastructure Districts permitted pursuant to Utah statutes, particularly Title 17D, Chapter 4, the Public Infrastructure District Act (the “PID Act”), and Town policy, in order to implement and facilitate the financing and construction of public infrastructure for the Property. Town Council approval, at its discretion, of any Public Infrastructure District is required.
Public Infrastructure District. The City and Developer specifically agree and acknowledge that Developer shall be entitled but not required to seek the creation of a PID permitted by Utah law, particularly Title 17D, Chapter 4, titled the Public Infrastructure District Act, (the “PID Act”), as determined by Developer, in order to implement and facilitate the financing, construction and operation of public infrastructure for the Planned Community. Subject to the provisions of the PID Act, and the City Council’s legislative decision-making authority, the City and Developer agree to continue cooperation in connection with the application, consideration of the formation, and operation of a PID in order to accommodate development circumstances, to fund, construct and/or provide public facilities and services set forth in this Agreement or otherwise required in connection with the development of the Planned Community, including but not limited to streets, water, sewer, and drainage, within or otherwise serving all or a portion of the Planned Community. The City agrees that it will exercise any rights reserved to the City under the PID Act in connection with the establishment or operation of a PID for the Planned Community in accordance with the requirements of the PID Act, or any portion thereof. The City agrees that any obligation set forth in this Agreement for the financing and construction of public improvements which are required to serve the Planned Community, which are anticipated to be dedicated to the City by the Developer, a PID, if approved and created, or other limited purpose governmental entity may be undertaken, performed and completed by a PID, subject to the requirements of the PID Act and the approval of the City consistent therewith. Any PID created for the Planned Community, or any portion thereof, shall not create any financial liabilities for the City. This provision shall not be interpreted as binding the City to any future legislative decision, particularly in regards to whether a PID is created.
