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{00149157 12}16. <br />unit, but Developer acknowledges the City adjusts the charge from time to time, and Developer <br />is responsible for payment of the per unit fee in place at the time of approval of a particular <br />phase. Upon release of the deed for the Public Park from escrow and recording of the deed, as <br />described in Section 8.2, Developer and/or Owner, as the case may be, shall either be (i) credited <br />park dedication fees in an amount equal to the fair market value of the unplatted land as of the <br />date of this Agreement or (ii) if no additional park dedication fees are then due, paid such fair <br />market value in cash; such credit or cash payment will be made to the party, whether Developer <br />or Owner, which owns such land at the time the deed therefor is released from escrow, as <br />provided in Section 1.4.l. above or otherwise as agreed upon in writing between Owner and <br />Developer. The Developer and Owner shall advise the City of their agreement as to credit for <br />the Public Park. The parties agree that the fair market value of the Public Park shall be based on <br />an appraisal or appraisals. Developer shall also be given credit in an amount equal to the land <br />value of the private parks within the Development as of the date of Final Plat approval for that <br />phase. Said credit shall be provided upon recording of the final plat for such phase. Developer <br />will also be given a credit for the cost of purchasing and installing gravel base and asphalt for the <br />trail construction. Said credits shall be provided upon recording of the final plat for such phase. <br />The credits for the private parks and the trail construction shall be based on the fair market value <br />of the land as of the date of this Agreement, and shall be delineated in future phase specific <br />development agreements. <br />8.2 Public Parks and Improvements <br />The Development includes one Public Park, which shall be deeded in fee to the City at <br />the time of the final plat for the first phase of the Development. The deed shall be placed in <br />escrow, to be released to the City for recording after the City’s award of a contract for the Outlet <br />referenced in Section 5.1 hereof and upon direction of the City to the Escrow Agent. At the time <br />of release, the property for the Public Park shall be free and clear of all liens and encumbrances. <br />A Master Plan for the Public Park has been developed by the City as shown on Exhibit D, Page <br />12, Public Park Conceptual Layout. The cost of developing the Public Park shall be paid by the <br />City, except for grading as set forth below. <br />a.In addition to deeding the Public Park to the City, the Developer agrees to make <br />improvements to the Public Park consistent with the Grading Plan, and including soil corrections <br />as determined by the City. Grading of the park areas shall be in conformance with the plan. <br />Once the as-built demonstrates conformance to plan, Developer’s obligations relating to grading <br />of the Public Park shall be considered met. Any financial securities relating to the Public Park <br />shall be released at that time. <br />b.In addition to delivering a deed to the Public Park into escrow, the Owner shall <br />concurrently deliver into escrow an access easement connecting the Public Park to 20th Avenue <br />North in a location acceptable to City. <br />8.3 Public Trails <br /> Approximately 3.35 miles of public trail will be constructed throughout the <br />Development as depicted on the Parks and Open Space Plan. Easements shall be granted as <br />described in Section 7.4, at no cost to the City, at the time of final plat of each phase of the