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HomeMy WebLinkAboutZMA201100007 Action Letter-v ��IRGINIP COUNTY OF ALBEMARLE Department of Community Development 401 McIntire Road, North Wing Charlottesville, Virginia 22902-4596 Phone (434)296-5832 Fax March 23,2012 Valerie Long 321 E. Main St., Suite 400 Charlottesville, Va 22902 972-4126 RE: ZMA201100007 Albemarle Place/Stonefield Proffer Amendment TAX MAP, PARCELS: 061WO-03-00-019AO, 061WO-03-00-019BO (as it has been subdivided), 061 WO -03-00-02300, 061 WO -03-00-02400, 061 WO -03-00-02500 Dear Ms. Long: The Board of Supervisors approved the above referenced application on March 14, 2012 in accordance with the attached proffers dated March 13, 2012. Please refer to this document for any future applications and requests on this property. Please be advised that although the Albemarle County Board of Supervisors took action on the project noted above, no uses on the property as approved above may lawfully begin until all applicable approvals have been received and conditions have been met. This includes: • compliance with applicable PROFFERS; • compliance with conditions of any applicable SPECIAL USE PERMIT; • approval of and compliance with applicable SITE PLANS and SUBDIVISIONS; and • approval of a ZONING COMPLIANCE CLEARANCE. If you have questions or comments regarding the above -noted action, please do not hesitate to contact Rebecca Ragsdale at 296-5832. Sincerely, -- V( V. Wayne ilimb Director of Plann cc: Albemarle I C/O Tom Gallagher 7200 Wisconsin Ave. Bethesda, MD 20814 Albemarle Place EAAP LLC P O Box 528 Columbia SC 29202 Albemarle Place/Stonefield PROFFER FORM Date: March 13, 2012 ZMA # 2011-00007 Albemarle Place/Stonefield Tax Map and Parcel Numbers: 061WO-03-00-019AO, 061WO-03-00-019BO (as it has been subdivided), 061 WO -03-00-02300, 061 WO -03-00-02400, and 61 WO -03-00-02500 65.034 Acres zoned Neighborhood Model District (NMD) to be rezoned to Neighborhood Model District (NMD) Albemarle Realty (E&A), LLC, a South Carolina limited liability company is the owner of two parcels of land that were subdivided from tax map parcel 061 WO-03-00-019BO, which parcels are shown as "Lot 132", containing 5.487 acres, and "Lot D3", containing 1.010 acres, each on a plat entitled "Plat Showing Subdivision of Stonefield, Jack Jouett Magisterial District, Albemarle County, Virginia" dated July 15, 2011, last revised November 10, 2011, prepared by W.W. Associates, which plat is of record in the Clerk's Office of the Circuit Court of Albemarle County, Virginia in Deed Book 4135, page 215 (the "Subdivision Plat"). The Haven at Stonefield, LLC, a South Carolina limited liability company, is the owner of a parcel of land that was subdivided from tax map parcel 061 WO-03-00-019BO, which parcel is shown as "Lot E2" containing 7.638 acres, on the Subdivision Plat. For the purposes of these proffers, Albemarle Place EAAP, LLC, and Albemarle Realty (E&A), LLC are collectively referred to herein as (the "Owner"). Albemarle Place EAAP, LLC, a Delaware limited liability company, is the fee simple owner (the "Owner") of tax map parcels 061 WO-03-00-019AO, 061 WO -03-00-02300, 061 WO -03-00-02400, 061 WO -03-00-02500, and the residual portions of tax map parcel 061 WO-03-00-019BO that were not conveyed to either Albemarle Realty (E&A), LLC or The Haven at Stonefield, LLC. For the purposes of these proffers, Albemarle Place EAAP, LLC, and Albemarle Realty (E&A), LLC are collectively referred to herein as (the "Owner"). Tax map parcels 061 WO-03-00-019AO, 061 WO -03-00-02300, 061 WO -03-00-02400, 061 WO -03- 00-02500, and 061 WO-03-00-019BO (including the lots created there from pursuant to the Subdivision Plat) (collectively, the "Property"), are the subject of zoning map amendment application number ZMA 2011-00007 originally submitted as "Albemarle Place Proffer Amendment," which application name has been renamed to "Stonefield." Pursuant to Section 33.3 of the Albemarle County Zoning Ordinance, the Owner hereby voluntarily proffers the conditions listed in this proffer statement, which shall be applied to the Property if the rezoning is approved by Albemarle County. These conditions are proffered as part of the rezoning and it is acknowledged that the conditions are reasonable. The Albemarle Place/Stonefield project was originally approved by the County Board of Supervisors on October 22, 2003 as ZMA 2001-007, along with proffers from the prior owner dated October 22, 2003, and a Code of Development prepared by The Cox Company dated Original Proffer: Amendment: X October 15, 2003 (with Exhibit A to the Code of Development last revised July 8, 2010) (the "Code of Development"). The Code of Development included an application plan (the "Application Plan"). The improvements proposed for the Property are collectively referred to as the "Project." The term "Owner" as referenced herein shall include within its meaning the owner of record and successors in interest. The term "Application Plan" refers to Exhibit A. The term "Code of Development" refers to Exhibit B. The proffers dated October 22, 2003 that were approved with ZMA 2001-007 were amended by proffers dated July 23, 2010 that were approved with ZMA 2008-0003 by the County Board of Supervisors on August 4, 2010, and by proffers dated August 5, 2011 that were approved with ZMA 2011-0004 by the County Board of Supervisors on September 7, 2011. These proffers amend and supersede the proffers accepted in conjunction with the approval of ZMA 2001-007, ZMA 2008-0003, and ZMA 2011-0004. The headings of the proffers set forth below have been prepared for convenience or reference only and shall not control or affect the meaning or be taken as an interpretation of any provisions of the proffers. 1. Phasing of Improvements: The Owner shall phase development of the Project as follows: A. Phase l: Phase 1 of the Project shall be composed of Blocks A, B, C and D as shown on the Application Plan, and as shown in more detail on Exhibit A-1 attached hereto ("Phase 1"), and shall include street and utility improvements to serve the planned building improvements contained within Phase 1. As part of Phase 1, the Owner shall design and construct District Avenue (formerly luiown as Albemarle Place Boulevard and as Fourth Street/Cedar Hill Road) ("District Avenue") from Hydraulic Road to the point where District Avenue connects with the new planned western entrance to the Sperry Marine facility in the location shown on the Application Plan, and as shown in more detail on Exhibit A-1. This first phase of District Avenue shall include all supporting utility infrastructure on such street, and shall be completed prior to issuance of a final certificate of occupancy for any buildings within Blocks A, B, C and D. Construction of the first phase of District Avenue shall be deemed complete when it is constructed in conformance with the plans approved by Albemarle County or by the Virginia Department of Transportation ("VDOT"), as applicable, and in any event the County Engineer has approved it for vehicular travel. No more than three hundred seventy thousand (370,000) square feet of commercial space and one hundred seventy (170) dwelling units may be constructed within tine Project until the remainder of District Avenue is constructed to the new planed intersection with U.S. Route 29 as shown on the Application Plan. Notwithstanding anything to the contrary contained in this Paragraph IA. the Owner shall be permitted to utilize portions of the Phase 2 land (as shown on Exhibit A-1) for the installation of infrastructure to serve the Phase 1 building improvements to be constructed in Blocks A, B, C and D. B. Phase 2: Phase 2 of the Project shall be composed of Blocks E, F and G as shown on the Application Plan and as shown in more detail on Exhibit A-1 ("Phase 2"), and shall include street and utility improvements to serve the planned building improvements contained within Phase 2. As part of Phase 2, the Owner shall design and construct District Avenue from the 2 Original Proffer: Amendment: X point where it connects with the new planned western entrance to the Sperry Marine facility north and east through Blocks E, F and G to the new planned intersection with U.S. Route 29 as shown on the Application Plan and as shown in more detail on Exhibit A-1. This second phase of District Avenue shall include all supporting utility infrastructure on such street and shall be completed prior to issuance of a final certificate of occupancy for any buildings within Blocks E, F and G. Construction of the second phase of District Avenue shall be deemed complete when it is constructed in conformance with the plans approved by Albemarle County or by the VDOT, as applicable, and in any event the County Engineer has approved it for vehicular travel. Notwithstanding anything to the contrary contained in this Paragraph 1B, the Owner shall be permitted to utilize portions of the Phase 2 land (as shown on Exhibit A-1) for the installation of infrastructure to serve the Phase I building improvements to be constructed in Blocks A, B, C and D. Notwithstanding anything to the contrary contained in this paragraph 1 B or in paragraph 1 A above, final certificates of occupancy may be issued for buildings within Blocks A, B, C, D or E beyond the threshold levels contained in paragraph IA, provided that the Owner (i) has constructed at least a temporary road (at standards acceptable to the Director of Community Development) connecting the first phase of District Avenue to the new planned intersection with U.S. Route 29, or (ii) can demonstrate during the site plan review process, through traffic analysis acceptable to the Director of Community Development and VDOT, that additional traffic from such buildings, when aggregated with the traffic generated by the uses for which certificates of occupancy have been issued for buildings in Phase 1, will not cause the Hydraulic Road/U.S. Route 29 intersection to fall below an acceptable level of service. All final site plans for the Project that include any portion of District Avenue shall include a note reserving the portion of the property comprising District Avenue for future dedication as a public road, and within sixty (60) days after written request for such dedication, the Owner shall dedicate the portion of the property comprising District Avenue for a public road. If the public right-of-way is not dedicated by subdivision plat, the Owner shall be responsible for the cost of a survey and preparing the deed to convey the public right-of-way to the County. C. Landscape improvements and associated streetscape improvements to serve the planned building improvements contained within each block shall be reviewed at the time of final site plan review for each block. The Project shall have a consistently designed and planted streetscape along Route 29 and Hydraulic Road. 2. Community Development Authority Participation: Upon request by the County, the Owner shall petition for and consent to all tax map parcels used for non-residential purposes participating in a Community Development Authority ("CDA") established pursuant to Section 15.2-5152, et seq. of the Code of Virginia ("Code") to be created for the purpose of implementing Route 29 regional transportation improvements, including but not limited to transportation improvements within the "Super Block" (the geographical area bounded by Route 29, Hydraulic Road, Commonwealth Drive, and Greenbrier Drive) and intersectional improvements associated therewith. 3. Cash Proffer for Route 29 Regional Transportation: The Owner will make a cash contribution to the County for the MPO/29H250 Phase 2 Route 29 regional transportation study in the amount of One Hundred Thousand Dollars ($100,000.00). The cash contribution 3 Original Proffer: Amendment: X shall be made by the Owner within thirty (30) days upon request by the County. This proffer has been satisfied. 4. Cash Proffer for City of Charlottesville Traffic Calming Improvements: The Owner shall contribute Ten Thousand Dollars ($10,000.00) to the City of Charlottesville for the construction by the City of traffic calming improvements on Swanson Road, Cedar Hill Road and other City streets intersecting Hydraulic Road in the vicinity of Stonefield. The cash contribution shall be made by the Owner within thirty (30) days upon request by the City. If the traffic calming improvements are not implemented by October 15, 2007, all unexpended funds shall be refunded to the Owner. The City constructed the traffic calming improvements, and requested the prior owner of the Property to pay the contribution on November 9, 2005, but there are no immediately available records that such contribution was ever received by the City. Upon evidence of prior payment of such funds that is satisfactory to the County, the requirements of this Paragraph 4 shall be deemed satisfied. In the event the Owner has not produced such evidence to the County by March 31, 2010, the Owner shall contribute the funds to the City within thirty (30) days of a written request from the City, provided that such request is made no sooner than April 1, 2011. At the time such funds are delivered to the City, the Owner shall provide notice of such payment to the County. 5. Cash Proffer for Charlottesville Area Transit ("CAT") Commercial Corridor "Jitney Service": Upon the request of the County, the Owner shall contribute Twenty Thousand Dollars ($20,000.00) per annum or an amount equal to twenty percent (20%) of the annual operating and maintenance costs, whichever is less, for a period not to exceed five years for operating and/or maintaining a dedicated "jitney bus" service to retail cormnercial developments, including Stonefield, along the Route 29 Corridor. If the CAT "jitney service" is not placed into operation by the date of issuance of the first occupancy permit for a commercial building in Stonefield, then the Owner shall contribute Seven Thousand Dollars ($7,000.00) per annum, for a period not to exceed five years, to CAT for costs associated with operating existing CAT bus route(s) that provide service to Stonefield. 6. Cash Proffer for Capital Improvements: The Owner shall contribute One Million Five Hundred Thousand Dollars ($1,500,000.00) (hereinafter referred to as the "Total Contribution") to the County for the purpose of funding capital improvements related to Stonefield. The contribution shall be paid as follows: (a) Three Hundred and Seventy Five Thousand Dollars ($375,000.00) shall be contributed to the County within thirty (30) days after the first final site plan or subdivision plat containing residential dwelling units is approved for Stonefield; (b) an additional Three Hundred and Seventy Five Thousand Dollars ($375,000.00) of the total contribution shall be contributed to the County prior to the issuance of a certificate of occupancy for the first residential dwelling unit in Stonefield, and (c) the remaining Seven Hundred Fifty Thousand Dollars ($750,000.00) of the Total Contribution shall be paid on a pro rata basis of Three Thousand Dollars ($3,000.00) per residential dwelling unit at the time certificates of occupancy are issued for the first two hundred fifty (250) dwelling units. No additional contribution shall be required for the next two hundred fifty (250) dwelling units. 4 Original Proffer: Amendment: X If, five (5) years from the date of approval of the first final site plan or subdivision plat for residential dwelling units, the Total Contribution has not been fully paid, the balance of the Total Contribution shall be contributed to the County within thirty (30) days upon request by the County. If this fund has not been exhausted by the County for the stated purpose within five (5) years from the date the last contribution is made, all unexpended funds shall be refunded to the Owner. In addition to the foregoing, after building permits have been issued for the first five hundred (500) dwelling units within Stonefield, the Owner shall pay to the County Three Thousand Dollars ($3,000.00) prior to the issuance of a building permit for each new residential dwelling unit thereafter. 7. Construction of Frontage improvements on Route 29 and Hydraulic Road: At its expense, the Owner shall plan, design, bond and construct travel lane improvements to be dedicated for public use on its Hydraulic Road and Route 29 frontage. The design shall be submitted with the first site plan for the initial phase of Stonefield. The subject frontage improvements are depicted by Exhibit F, "Short Term Route 29 Transportation Improvements." The County may require these improvements to be completed as a prerequisite to the issuance of any certificates of occupancy. The construction of the subject improvements shall be deemed complete when they are constructed in conformance with the plans approved by VDOT and opened to public use as approved by VDOT. 8. Construction of Off -Site Improvements: Upon request by the County or as provided herein, the Owner shall plan, design, bond and construct off-site transportation improvements in the County and the City, as depicted on Exhibit F, "Short Term Route 29 Transportation Improvements". If the improvements are required to be constructed, the County may require these improvements to be completed as a prerequisite to the issuance of any certificates of occupancy. Construction shall be deemed complete when the improvements are constructed in conformance with the plans approved by VDOT and opened to public use as approved by VDOT. A. Off-site Improvements in the County at the Northwest Quadrant of the Hydraulic Road/Route 29 Intersection. The engineering, plats and construction documents for off-site improvements in the County shall be submitted with the first final site plan for Phase 1 of Stonefield. B. Off-site Improvements in the City at the Northeast Quadrant of the Hydraulic Road/Route 29 Intersection (numbered items 4 and I I on Exhibit F). The Owner shall submit the engineering, plats and construction documents (the "Plans") for the improvements in the City of Charlottesville to the City of Charlottesville by January 11, 2012. The Owner shall diligently pursue approval of the Plans in the City. If the City does not approve the Plans by July 11, 2012, the Owner shall not be required by this proffer to construct any improvements for which approvals have not been obtained. The Owner shall not be required by this proffer to acquire or otherwise pay for right of way in the City for these improvements. E Original Proffer: Amendment: X If the improvements are required to be constructed, the Owner shall complete construction of the improvements for which right of way is available within twelve (12) months after the issuance of the first certificate of occupancy within Stonefield. Construction shall be deemed complete when the improvements are constructed in conformance with the plans approved by VDOT and opened to public use as approved by VDOT. This Paragraph 8(B) is subject to the terms of Paragraph 14, "Substituted Transportation Improvements." 9. Reservation and Dedication of land for Regional Route 29 and Hydraulic Road Intersection Improvements: The Owner shall reserve for the future dedication to the Commonwealth of Virginia certain land on the Property in the County for certain short-term transportation improvements for the Route 29 and Hydraulic Road intersection (the "Short - Term Route 29/Hydraulic Road Improvements") as follows: (a) the land shown as "Parcel A 6,511 S.F." on the plat of Kirk Hughes and Associates dated March 3, 2009, last revised March 25, 2010, which plat is attached hereto as Exhibit H; and (b) any portions of the parcels shown as "Parcel One Future Right of Way 1,117 SY.," "Parcel Two Future Right of Way 9,079 SY.," "Parcel Four Future Right of Way 1,660 S.F.," and "Parcel Five Future Right of Way 790 S.F.," on the Official Map adopted by the County on December 2, 2009, a copy of which Official Map is attached hereto as Exhibit I, that are required by VDOT for the Short -Term Route 29/Hydraulic Road Improvements (collectively, the "Short -Term Improvements Dedication Area"), provided, however, that the subdivision plats depicting the Short -Term Improvements Dedication Area are subject to final approval by the County Department of Community Development and that the precise boundaries and size of the Short -Term Improvements Dedication Area may be adjusted accordingly. The Owner shall dedicate the Short -Term Improvements Dedication Area to the Commonwealth of Virginia in fee simple by October 1, 2010, or within thirty (30) days after the County approves the subdivision plat necessary to dedicate the Short -Term Improvements Dedication Area, whichever is first to occur. In addition to the dedication of the Short -Term Improvements Dedication Area, the Owner shall dedicate and convey all necessary drainage and construction easements for the Short -Term Route 29/Hydraulic Road Improvements. If the Short -Term Improvements Dedication Area is not dedicated and conveyed as part of a subdivision plat, the Owner shall pay all costs of surveying and preparing legal documents in a form acceptable to the Office of the Attorney General necessary to dedicate and convey the Short -Term Improvements Dedication Area land. After dedication and until the subject regional transportation improvements are funded for construction, the Owner shall, at the request of the County, and with the consent of the Commonwealth of Virginia, maintain the Short -Term Improvements Dedication Area land until requested by the County to no longer do so provided the Owner is granted the right to the exclusive use of the land for landscaped open space, a pocket park, temporary parking, fencing, signage, utilities or other purpose as may be approved with the final site plan for the first phase of Stonefield. Upon being requested by the County to no longer maintain the 0 Original Proffer: Amendment: X land, the Owner shall cease all use of the land and remove all improvements established by the Owner that the County requests be removed. In the event that the adopted design for future public intersection improvements does not require the utilization of all of the Short -Term hnprovements Dedication Area land, upon the Owner's request, the residual portion of the dedicated land shall be transferred to the Owner at no expense to the Owner. The deed(s) of dedication for the Short -Term Improvements Dedication Area may provide for such conditions. 10. Reservation and Dedication of Additional Land for Route 29 and Hydraulic Road Intersection Improvements: The Owner shall reserve for future dedication to the County, subject to the conditions herein below, certain additional land on the Property for the right of way for future Hydraulic Road and Route 29 related regional transportation improvements (the "Long -Term Route 29/Hydraulic Road Improvements") as follows: (a) the area shown as "Parcel Al 1,432 S.F." on Exhibit H; and (b) any portions of the parcels shown on Exhibit I that were not previously dedicated to the Commonwealth of Virginia for the Short -Term Route 29/Hydraulic Road Improvements pursuant to the Paragraph 9 herein (collectively, the "Long -Term Improvements Dedication Area") provided, however, that the subdivision plats depicting the Long -Tenn Improvements Dedication Area are subject to final approval by the County Department of Community Development and that the precise boundaries and size of the Long -Term Improvements Dedication Area may be adjusted accordingly. The Owner shall dedicate the Long -Term Improvements Dedication Area to the County within ninety (90) days after the County's request for such dedication, and such dedication shall include the dedication and conveyance of all necessary drainage and construction easements for the Long -Term Route 29/Hydraulic Road Improvements. If the Long -Term Improvements Dedication Area is not dedicated and conveyed as part of a subdivision plat, the Owner shall pay all costs of surveying and preparing legal documents in a form acceptable to the County Attorney's Office necessary to dedicate and convey the Long -Term Improvements Dedication Area. Until the Long -Term Improvements Dedication Area land is dedicated, the Owner shall maintain the land and shall retain the right to the exclusive use of the land for landscaped open space, a pocket park, temporary parking, fencing, utilities or other purposes as may be approved with the first final site plan for Phase 1 of Stonefield. The conditions on the subject reservation and dedication shall be as follows: (a) In the event that the adopted design for future public intersection improvements does not require the utilization of all of the Long -Term Improvements Dedication Area land, upon request of the Owner the residual portion shall be released by the County from the reservation or, if the land has been dedicated, upon request of the Owner title shall be transferred back to, and for the use of, the Owner at no expense to Owner. The deed(s) of dedication for the Long -Term Improvements Dedication Area may provide for such conditions. 7 Original Proffer: Amendment: X (b) The design and construction of the Long -Term Route 29/Hydraulic Road Improvements shall substantially maintain the access, function, and continuity of service of the planned intersection of Swanson Road (Extended) and existing Hydraulic Road into Stonefield at the location of the existing Swanson Road and Hydraulic Road intersection; otherwise this proffer becomes null and void. 11. Signalization of Hydraulic Road and Route 29 Intersections: The Owner shall be responsible for traffic signalization improvements as follows: A. The Owner at its expense shall engineer, bond, and construct traffic signalization improvements at the intersection of District Avenue and Hydraulic Road. The traffic signalization improvements at this intersection shall be constructed when the County or VDOT request installation of such, but in any event prior to the issuance of a certificate of occupancy for any building in Blocks A, B, C or D, provided that such signal is warranted by the traffic volumes or is otherwise approved by VDOT. B. Owner at its expense shall engineer, bond and construct traffic signalization improvements at the intersection of District Avenue and U.S. Route 29. The traffic signalization improvements at this intersection shall be constructed when the County or VDOT request installation of such, but in any event prior to the issuance of a certificate of occupancy for any building in Blocks E, F or G, provided that such signal is warranted by the traffic volumes or is otherwise approved by VDOT, provided that such signal is warranted by the traffic volumes or is otherwise approved by VDOT. 12. Commonwealth Drive Connection: Upon demand of the County, but no earlier than the issuance of a building permit for any building within Block F, the Owner shall reserve right- of-way along the northern edge of the parking lot in Block F of the Property for a future street connection to Commonwealth Drive through the "Conidial Property" (TM 61 W-3-18). The future connection will be a two lane facility. Upon the request of the County, the Owner shall engineer, bond and construct both the on- site and the off-site portions of the connection to Commonwealth Drive on the "Conidial Property" provided that easements and acquisition of right-of-way as may be necessary for such construction for the cormection through off-site properties for this improvement have been granted at no cost to the Owner, and the request for such connection through the off-site property is made by the County prior to October 15, 2020. Upon the request of the County, the connection shall be completed by the Owner within twelve (12) months from the date of satisfaction of the conditions as set forth above. 13. Other "Super Block" Street Connections: The Owner shall reserve land and grant construction and permanent access easements or right of way at no expense to the County for the purposes of future construction (by others) of inter -parcel street connections within the "Super Block" at the following locations; Houston Street (formerly known as First Street) (to west to Commonwealth Drive), Blackbird Lane (formerly known as Third Street) (to west to Commonwealth Drive), District Avenue (formerly known as Cedar Hill Road Extended) (in Block F north to "Conidial Property"), District Avenue (formerly known as Fourth Street) M Original Proffer: Amendment: X (between Blocks F and G north to "Conidial Property"), Swanson Road Extended (to north to "Sperry Property") and at two additional locations into Sperry Property. The locations for easement or right of way reservation and dedication are as generally depicted on Exhibit A and labeled thereon as "Future Extension." However, the locations and numbers of such inter -parcel street connections may be modified by the Owner upon a variation granted by the County Planning Director. These easement or right of way locations shall be identified, platted and dedicated at the request of the County in conjunction with subsequent site plan applications for Stonefield. 14. Substituted Transportation Improvements. A. In lieu of constructing the improvements referenced in Paragraph 8(B) herein, which Paragraph 8(B) refers to certain off-site improvements in the City of Charlottesville at the northwest quadrant of the Hydraulic Road/Route 29 intersection, and also other improvements along the City side of Route 29 between Hydraulic Road and Greenbrier Drive, which improvements are collectively hereinafter referred to as the "Paragraph 8(B) Improvements", the Owner may elect, in its sole discretion, and on the terms and conditions contained in this Paragraph 14, to contribute cash to the City for certain transportation improvements in the City known as the "Rte. 29/250 Bypass Interchange Improvement Project" identified as VDOT and City project number 0029-104-248 (the "Substituted Improvements Project"). B. In the event the Owner elects to contribute cash toward the Substituted Improvements Project (the "Owner's Contribution") in lieu of constructing the Paragraph 8(B) Improvements, the following terms shall apply: 1. The Owner shall notify the County's Director of Community Development (the "Director") in writing of its election within sixty (60) days after the approval of the first final site plan for Phase 1 of Stonefield (the "Notice"). The Owner shall also send a copy of the Notice to the City Development Services Manager at the same time it is sent to the Director. 2. The submission of the Notice to the Director shall suspend the deadline for the Owner to submit the Plans (as "Plans" is defined in Paragraph 8(B)) to the City, if applicable. 3. The amount of the Owner's Contribution to the Substituted Improvements Project shall be subject to a written agreement between the Owner and the City (tile "City Agreement"). Within ten (10) days after full execution of the City Agreement, the Owner shall provide a copy of the City Agreement to the Director. 4. Within six (6) months after the Notice is sent to the Director, or within sixty (60) days after execution of the City Agreement, whichever is later to occur, the Owner shall contribute a portion of the Owner's Contribution to the City in the amount of One Million Dollars ($1,000,000), less any amounts credited by the City and VDOT to the Owner for planning and design work on the Paragraph 8(B) Improvements (the "Net Contribution"). The Net Contribution may be in the form of cash or a letter of credit issued by a bank approved by the E Original Proffer: Amendment: X City, or a combination thereof. The City Agreement shall set forth the terms of and schedule for draw down of the Net Contribution. 5. In the event that the Substituted Improvements Project is terminated, or has not otherwise been completed (as described herein) within thirty-six (36) months after the City receives the Net Contribution (which thirty-six (36) month period may be extended by mutual agreement of the Charlottesville City Manager and the Albemarle County Executive), and upon the City's refunding of the Net Contribution to the Owner pursuant to the City Agreement, the Owner shall forward funds equal to Five Hundred Thousand Dollars ($500,000) to the County for funding transportation improvements in the vicinity of the U.S. Route 29/Hydraulic Road intersection identified in the County's Capital Improvements Program. In the event such funds have not been expended by the County for the stated purpose within ten (10) years from the date the funds were contributed to the County, all unexpended funds shall be refunded to the Owner. Construction of the Substituted Improvements Project shall be deemed complete when the improvements are accepted by the appropriate public entity or are bonded for the entity's acceptance. 6. Notwithstanding the provisions of Paragraph 14(B)(5) herein, upon the City's receipt of the Net Contribution, the Owner shall be relieved of any obligation to construct the Paragraph 8(B) Improvements. (Signature Pages Immediately Follow) ml Original Proffer: Amendment: X WITNESS the following signatures: ALBEMARLE PLACE EAAP, LLC, a Delaware limited liability company BTW.Jodi u �- McLean, President ALBEMARLE REALTY (E&A), LLC, a South Carolina limited liability company By: Edens Realty, Inc., a South Carolina corporation, its Sole member II I e W. 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