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a <br /> j <br /> ' " Execution Draft + <br /> The parties agree to collaborate on a schedule for the development of th . SC Tract that will <br /> allow PARKS to pay its shaze of expenses when incurred, and P agrees to seek <br /> sufficient budget appropriations to pay for its shaze of development c ts; but the parties <br /> acknowledge that OWNERS may not be willing to delay development activi until such time as <br /> PARKS has received sufficient appropriations to pay for its cost s are. In addition, <br /> OWNERS and MCDOUGAL acknowledge that PARKS canno~~~ake unbudgeted <br /> expenditures. Therefore, prior to initiating any project for which P or City would <br /> otherwise have financial responsibility, OWNERS shall consult with P~RKS to determine <br /> whether PARKS has sufficient funds legally available to pay for its share~of the project, and, <br /> if such funds are not available, OWNERS may either. (1) delay the pro~e~t until such time as <br /> PARKS has the financial capacity to undertake the same, or (2) bear a full cost of the <br /> project until such time as PARKS is legally able to reimburse OV~'for its share of the <br /> project costs, or (3) require PARK to negotiate a redesign of the proj~ct that will reduce <br /> OWNERS' dependency on PARKS' financial contribution. No prolec~ expenditure made <br /> without PARKS' prior consent shall be a debt of PARKS or City; nor s 1 PARKS or City <br /> be obligated to pay any interest or other penalty with respect to such a 'tore. <br /> 4. Metro Plan Amendment Approvals <br /> 4.1 Limitation ~ on PARKS Action. PARKS cannot promise o t guarantee that the <br /> UGB and Metro Plan Amendment sought by OWNERS will be grant, but PARKS will <br /> support the amendment for the reasons set forth in this Agreement t~ the extent legally <br /> possible§ . E <br /> t <br /> 4.2 Agreement of OWNERS to Delay Approval. OWNS agree, without <br /> reservation or condition, that the City of Eugene may delay approval f any modification <br /> of the UGB or any other Metro Plan Amendment requested by OWN~RS in conjunction <br /> with the proposal described in this Agreement until all of the followin~ have occurred: <br /> 4.2.1 Execution of Preliminary Plan. PARKS and O R shall have <br /> executed all contracts and instruments necessary to evidence c mpliance with the <br /> provisions of Subsection 2.3 of this Agreement. <br /> i <br /> i <br /> 4.2.2 Conveyance of Parklands. OWNERS shall have con~reyed to the City of <br /> Eugene, by general warranty deed, all of the Parklands other than the Water <br /> Course, as described in the Preliminary Plan, as a separate 1e parcel and free of <br /> all encumbrances, including property taxes, except for thos encumbrances of <br /> record approved by and acceptable to the City. O_ <br /> WNERS s 1 be solely liable <br /> for payment of ali property taxes affecting or imposed u n any part of the <br /> Parklands through the property tax year in which the co veyance is made, <br /> including, without limitation, the repayment of tax deferrals d~e as a result of any <br /> k <br /> Urban Lands and Parks Pre-Planning Development Agreement Page 6 of 9 <br /> I <br /> <br /> LOO~j SOd '8 ~NJd~i1Y Atd d1~id9IId Z88~ Z89 Tfi5 ~YV3 ~Z~TT HOiQ t+0/5Z/OT <br /> <br />