Sole Participating Developer Election to Fund Pro Rata Share of Funding Sample Clauses

Sole Participating Developer Election to Fund Pro Rata Share of Funding. Cap in Lieu of Constructing the Elementary School. If there is only one Participating Developer, such Developer may elect not to construct the Elementary School and instead pay to District such Developer’s pro rata share of the Funding Cap, which share shall be as reflected on attached Exhibit I. Such in-lieu payments (collectively, the “In-Lieu Payments”) shall consist of (i) a cash payment to District, no later than January 31, 2017, of the Participating Developer’s pro rata share of Twenty-Five Million Dollars ($25,000,000) as adjusted pursuant to Section 5.1.2; and (ii) building permit fees in the amount of Three Thousand Five Hundred Fifty Dollars ($3,550) per non-exempt residential unit constructed by the Participating Developer, all of which funds shall be deposited into an escrow to be held until District has determined that it has secured sufficient third-party funds (the “Third-Party Funds”) that are adequate, when taken together with the In-Lieu Payments, to construct the Elementary School. District may, upon thirty (30) days’ notice, accelerate the Participating Developer’s obligation to pay the Three Thousand Five Hundred Fifty ($3,550) per unit building permit fees at such time as District has secured and deposited into escrow the Third-Party Funds. District agrees that a sole Participating Developer proceeding under this Section 2.3.3 shall retain that Participating Developer’s Reserved Capacity under Article 9 below and that, until such time as the Elementary School is constructed by District, the students generated by the Participating Developer’s project shall be assigned to the nearest elementary school or schools within the District in which space is available at the required grade level(s). If a sole Participating Developer elects to proceed under this Section 2.3.3, such Participating Developer shall nonetheless be obligated to cause the conveyance of the School Site to District.
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