2020-10-12 GC Agenda - Item 6 - Attachment 2 - Infrastructure Agreement

2     INFRASTRUCTURE DEED

                 2.1.  Application of Act
                       This Deed constitutes an infrastructure agreement under the Act.
                - 2.2  Warranty of Ownership
                       The owner warrants that, at the time of signing this agreement, it is the owner of
                       the land.
|                2.3   Deed to bind successors in title

                       The owner consents to the obligations of the applicant under this Deed being
                       attached to the Subject Site and binding on the owner and the owner’s successors
                       in title in accordance with Section 155 (When infrastructure agreements bind
                       successors in title) of the Act.
                 2.4   Deed conditional upon approval of Development Application
                       This Deed is conditional upon the development permit taking effect.
                 3     INFRASTRUCTURE CONTRIBUTION

                 3.1.  Infrastructure Agreement overrides Development Permit
                       This Deed applies to the extent of any inconsistency with the development permit
                       and the Infrastructure Contribution payable hereunder is in addition to any
                       conditions of, or payments required by, the development permit and/or any
                       infrastructure charges notice given in respect of the development.
                 3.2.  Contribution in lieu of off-street parking
                       The applicant must pay the Council the greater of:
                       (a)  the amount identified in Schedule 2 of this Deed; or
                       (b)  the amount calculated in accordance with the formula in Clause 3.3.
                 3.3   Indexed Infrastructure Contribution in lieu of off-street parking
                      The Infrastructure Contribution in lieu of off-street parking payable, identified in
                      Schedule 2, shall be indexed annually for a financial year in accordance with the
                      following formula:-
                      A=BxC
                            D

                      Where A = the Indexed Infrastructure Contribution amount at the time the
                                   payment is made
                      Where B= the Additional     Networks Infrastructure Contribution identified in
                                   Schedule 2.

                      Where C = the Index Number for the March quarter immediately preceding the
                                   financial year in which the Infrastructure Contribution is being paid;
                                   and
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