Examples of Development Site in a sentence
Accordingly, once the City vacates the Right of Way, the underlying fee interest in the City Right- of-Way Area reverts to the City, as the current abutting property owner of the Development Site.
The REA would grant necessary easements including those of support, ingress and egress, and utilities, and contain covenants with respect to cost- sharing and maintenance between the New Lessee/Master Sublessee with respect to the Development Site and the Residential Parcel Purchaser and successor owners with respect to the Residential Parcel.
The Development Agreement would include all of the Project requirements and restrictions, including the obligation to deliver a new Marina facility and additional public benefits consisting of at least $22,500,000, and would provide the Developer with the rights to use the development rights associated with the Development Site and the vacated City Right-of-Way Area for the purpose of building the Project, as part of a unified development site.
Although the foregoing has the effect of potentially deferring the final payment of $40 million to the City to a later date (as previously the parties contemplated the final balance would be paid following the Project Approvals, and not prior to Commencement of Construction), the approach is fundamental to protecting the City’s interests for the Residential Parcel to revert to the City if the Project cannot be realized, as the Development Site will continue to be the site of the City’s only public marina.
The PSA includes, as an exhibit, in substantial form, the Reciprocal Easement Agreement, which would be effective upon the Closing of the Sale of Residential Parcel, to accomplish the subdivision of the Development Site to create two separate fee parcels: the fee interest in the Residential Parcel (up to 0.3 acres of land, and the air parcel, within which the 275,000 sq.