wy

“ay
H
ue

The Contributions shall be held by the City in trust, under the following conditions:

(a) Each Contribution shall be available for use by the City upon the occurrence
of both of:

approval of subdivision of the lands to create 40 or more single family
lots; and

adoption of the proposed development cost charge bylaw, or a bylaw
having substantially the same content as the proposed bylaw, for the
purpose equivalent to the purpose of that Contribution.

(b) The Contributions shall be used only towards capital costs incurred by the
City for projects included in the calculations for the development cost charge
bylaw related to each Contribution.

If the proposed subdivision or a subdivision creating 40 or more single family lots is
not approved by September 1, 1995 the Contributions shall be repaid to the Owner
by the City without interest.

If a development cost charge bylaw relating to the purpose of a Contribution is not
adopted on or before September 1, 1995:

(a) Such a bylaw shall be deemed to be adopted on that date for the purpose of
Section 3(a)(ii); and :

(b) the Contribution shall be used by the City only for capital projects of direct
or indirect benefit to the Lands.

Notwithstanding any other provision of this agreement, if development cost charge
bylaws are adopted by the Council of the City prior to September 1, 1995 and the
amount of development cost charges which would have been payable upon
subdivision of the Lands had such bylaws been applicable is greater or less than the
amount of any Contribution, the difference between the Contribution and the
amount which would have been payable shall be refunded to the Owner by the City
(if the Contribution exceeds the amount which would have been payable) or paid by
the Owner to the City (if the amount which would have been payable exceeds the
Contribution) within thirty days of adoption of the related development cost charge
bylaw, without interest.

Subject to Sections 3(b) and 5(b), the City shall not be obligated to expend the
Contributions upon a particular project or within a specified period of time.

A
y

at

fi
Wy

i