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RESOLUTION NO. 3964-0970 PAGE 3 <br /> The parties agree and acknowledge that impact fees are part of the consideration <br /> for this Agreement. Accordingly, impact fees for the development of the property <br /> shall be applicable to the development and the development of the property <br /> therein as of the time of the operative date of this Agreement. The impact fees <br /> shall be calculated and paid based upon the current rates for such fees at the <br /> time the applicable building permit is issued. However, in the event that a <br /> moratorium or other law could potentially prevent or hinder the ability of the City <br /> of Prescott to collect such impact fees at the time of permitting or occupancy, it is <br /> expressly agreed that in such instance the impact fees shall nevertheless be <br /> required to be paid based upon the rates and calculation for such fees at the time <br /> of the operative date of this Agreement and shall, therefore, in accordance with <br /> this Agreement, remain and continue to be an obligation of the developer, owner, <br /> or their agent(s), successors in interest or assigns. Notwithstanding any such <br /> subsequent changes in the laws, in no way shall the Property Owners be <br /> discharged of their financial obligations set forth above. <br /> Payment of grading permit fees, building permit fees, and plan review and plan <br /> check fees will be made prior to issuance of the permits and prior to <br /> commencement of construction for each of the Five Phases. Payment of all <br /> inspection fees will be made upon request of the City. The cost of the domestic <br /> and irrigation water meters will be made at the time the water meters are <br /> purchased. The impact, development, buy-in and resource fees associated with <br /> the water meters will be deferred until issuance of the temporary or final <br /> Certificates of Occupancy. In the event any phase of the Five Phases is not <br /> developed under the LIHTC Program, that phase will not qualify for the <br /> deferment of the Fees, and all Fees for that phase shall be due and payable to <br /> the City prior to the commencement of construction. <br /> This Amendment One to the Development Agreement (City Contract No. 96-150) <br /> shall be recorded in the office of the Yavapai County Recorder. <br /> All other terms and conditions of the previous Development Agreement (City <br /> Contract No. 96-150) shall remain in full force and effect. <br /> PASSED, APPROVED AND ADOPTED by the Mayor and Council of the City of <br /> Prescott this day of , 2009. <br /> JACK D. WILSON, Mayor <br /> ATTEST: <br /> ELIZABETH A. BURKE GARY D. KIDD <br /> City Clerk City Attorney <br />