City of Beaumont/Pardee Homes Settlement Agreement #7: Development Impact Fees

The FIRST PRIORITY shall be the REIMBURSEMENT of DIFs paid previously by Pardee

City of Beaumont/Pardee Homes Settlement Agreement #7: Development Impact Fees

Settlement Agreement #7 reiterates that Pardee Homes has withheld Mitigation Fees and Fees will be paid, but City of Beaumont/Pardee Homes Settlement Agreement #7: Development Impact Fees

“The City will retain the $2,504,836 in DIFs paid by Pardee in Improvement Area 8E.”

“Pardee shall pay all DIF and other permit fees in Improvement Areas 8E, 8F, and 17D, and CFDs 2016-2 and 2016-3, including fees that were previously deferred from Improvement Area 8E, and in future CFDs upon the Issuance of building permits or when otherwise due under tis conditions of development.”

“As of December 31, 2016, a total of $3,199,682 in DIF in Improvement Area 8E had been Deferred.”

“Pardee shall reimburse the City for Deferred Fees within the earlier of (i) 60 days following the formation of CFD 2016-2 and 2016-3 or (ii) 10 business days following the payment to Pardee for the Remaining Bond Proceeds.”

“All DIFs paid by Pardee for development within Areas 8E, 8F, and 17D, and CFDs 2016-2 and 2016-3 on and after January 1, 2017 SHALL BE APPLIED AS CREDIT AGAINST, AND SHALL REDUCE BY AN EQUAL AMOUNT the funds Pardee is required to expend and advances Pardee is required to make for DIF Improvements.”

“Similarly, funds Pardee is required to expend and Advances Pardee is required to make for DIF Improvements shall be applied as a credit against DIFs Pardee would otherwise be required to pay.”

“The FIRST PRIORITY for the use of Facilities Special Taxes and Bond Proceeds (to extent there is available cash proceeds) from the foregoing CFDs and Improvement Areas shall be the REIMBURSEMENT of DIFs paid previously by Pardee…”

“The SECOND PRIORITY shall be the acquisition of DIF Improvements and discrete portions thereof..”

“The THIRD PRIORITY shall be the acquisition of Acquisition Improvements and discrete portions thereof.”