Laserfiche WebLink
Detention Basin Specifications, is used to calculate County's Proportionate Share. No deduction <br />or credits are given for on -site storage of storm water. <br />1.3 Detention Basin Purchase Price; Payment Provisions. <br />(a) Detention Basin Purchase Price. The Detention Basin Specifications <br />include a calculation by the licensed civil engineer that prepared the Detention Basin <br />Specifications of the total square footage of the Detention Basin, including the associated <br />outflow and weir structures located within the Property, utilizing the Detention Basin's highest <br />design water level of three hundred forty -seven (347) feet to delineate the boundary of the <br />Detention Basin. The total square footage of the Detention Basin is one hundred fifteen <br />thousand four hundred (115,400) square feet. The "Detention Basin Purchase Price" is Two <br />Million Six Hundred Forty -Eight Thousand Four Hundred Thirty Dollars ($2,648,430), which is <br />calculated by multiplying the total square footage of the Detention Basin by Twenty -Two and <br />95/100 Dollars ($22.95). <br />(b) Payment of Parties' Proportionate Shares. <br />(1) CLC . CLC shall pay its respective Proportionate Share of the <br />Detention Basin Purchase Price to City no later than fifteen (1 5) days following receipt of a <br />payment demand from City, which shall be no earlier than the date(s) on which CLC becomes <br />the owner of its project property and provided City shall not demand such payment sooner than <br />one (1) day prior to the scheduled Close of Escrow pursuant to the City PSA. <br />(ii) Hendrick. The provisions of Sections 1.2 and 1.3 to the contrary <br />notwithstanding, Hendrick shall pay to the City the sum of Three Hundred Fifty Thousand <br />Dollars ($350,000) toward Hendrick's Proportionate Share of the Detention Basin Purchase Price <br />no later than fifteen (15) days following receipt of a payment demand from City, provided City <br />shall not demand such payment sooner than one (1) day prior to the scheduled Close of Escrow <br />pursuant to the City PSA. <br />(iii) County. The provisions of Sections 1.2 and 1.3 to the contrary <br />notwithstanding, County is not required to pay its Proportionate Share of the Detention Basin <br />Purchase Price; provided, however, if prior to Close of Escrow under the City PSA, County <br />enters into an agreement with a third party to sell the Commercial Parcel, then such third party <br />shall pay its Proportionate Share of the Detention Basin Purchase Price allocated to the <br />Commercial Parcel. Such amount payable by the third party as provided in the preceding <br />sentence shall be paid no later than fifteen (15) days following receipt of a payment demand <br />from City, provided City shall not demand such payment sooner than one (1) day prior to the <br />scheduled Close of Escrow pursuant to the City PSA. <br />1.4 Detention Basin Cmprovements. <br />(a) Detention Basin Improvements Final Plans. As part of the first Final <br />Subdivision Map plan check submittal to the City from County for Staples Ranch, County shall <br />cause to be prepared and submitted to City and CLC for their review and approval Detention <br />000299.004411087426.6 3 <br />