ORIENT CORPORATION OF AMERICA, INC. (2)

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consultation with community residents, the anticipated park improvements may include, but are -not limited to: installation of an automatic irrigation system; renovation of the existing landscaping; renovation of walkways, picnic facilities and shelters; renovation of jogging course, exercise station and signage; renovation of sand lot and play equipment; renovation of the ball field area and backstop; provision of new and improved park signage; improvements to the security lighting at the key locations; installation of pedestrian improvements; facilitation of access to the Property from Santiago Park; and installation and restoration of a creek recirculation system. The contribution towards Santiago Park shall be paid at the rate of one dollar sixty-four cents ($1.64) per square foot for each square foot of development. This corresponds to One Million Four Hundred Seventy Two Thousand Eight Hundred Eighty Dollars ($1,472,880) for Phase I, and an additional one Million Seven Hun- dred Fifty Seven Thousand one Hundred Twenty Dollars ($1,757,120) for Phase II, assuming Phase 11 is built to its maximum allowable development. As used herein, "Phase I" and "Phase II" refer to the phases set forth in Exhibit C of this Agreement. Payments shall be made as follows: (a) For Phase I: Payments shall be made as a condition to the issuance of each building permit and shall be based on the square footage of the development for which the permit is issued. (b) For Phase II: Payments shall be due in the same manner as for Phase I, except that a payment or payments in the total amount of $1, 250, 000 must be made as a condition to the issuance of -the first certificate of occupancy. To the extent such payment exceeds the amount due based on the square footage of the development for which building permits have been issued, it shall be a nonrefundable credit on the payments that would otherwise be due for the issuance of future building permits. The City agrees that, as to each payment made by Developer pursuant to this Subsection (c), the City shall expend such money for Santiago Park improvements within five (5) years of receipt, or, if it fails to do so, refund the unexpended portion to Developer upon demand. If the City has incurred an enforceable obligation to pay funds to a contractor for such improvements, such funds shall be deemed expended for purposes of this section. It is understood and agreed by contribution made by Developer under addition to any tax or fee imposed development for the acquisition and City. 12 the parties hereto that the this subsection (c) is in by the City on residential development of parks in the