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24 (c) Financing Public Services. The CFD may finance services attributable to the new development that are eligible for financing under the Mello-Roos Act, in the amounts determined in the sole discretion of the City. (d) City’s Reservation of Discretion. It is expressly acknowledged, understood and agreed by the Parties that the City reserves full and complete discretion with respect to the formation of the CFD, the issuance of any series of Bonds for the CFD, and the financing of facilities and services through the CFD. (e) Developer’s Cooperation; Notification to Future Purchasers. Developer agrees to cooperate with the City on any bond sale for the CFD for which information about the Developer and its development plans for the Project are requested by the City. Developer also acknowledges and agrees to provide notice to potential purchasers of land subject to the Special Tax required by applicable law, including, without limitation, Government Code Section 53341.5. ARTICLE IV CITY OBLIGATIONS AND GRANT OF RIGHTS TO DEVELOPER 4.1. Obligations of City Generally. The parties acknowledge and agree that Developer’s agreement to perform and abide by its covenants and obligations set forth in this Agreement, including Developer’s decision to build the Project in the City, is a material consideration for City’s agreement to perform and abide by the covenants and obligations of City, as set forth herein. All of City’s obligations hereunder shall be performed in accordance with the DDA Schedule of Performance. 4.2. Construction of Park. A new park and public recreational area, Monarch Bay Park, is to be located on the peninsula portion of the Property as well as along the publicly accessible areas abutting both the shoreline adjacent to the Developer Hotel Parcel and the exterior of the Multifamily Parcel, as described in Exhibit B (the “Park Parcel”). Except as otherwise provided in this Agreement, City shall be responsible for the design and construction of surface improvements for the Park Element in accordance with the requirements of this Agreement and Section 1.4.8 of the DDA. The City’s obligation to cause the design and construction of the Park Element is expressly made contingent upon the close of escrow for the Single Family Parcel. The Park Element shall consist of pedestrian paths, plazas, landscaping, irrigation, restrooms, boat launch, sitting areas, parking, public art and sections of the San Francisco Bay Trail, all in conformance with City Building and Zoning codes and pursuant to plans to be approved by the City. The trail design shall conform to the San Francisco Bay Trail Design Guidelines and Toolkit, dated June 2016, as it may be amended. The City intends to obtain some or all of the funding for the Park Element design and construction from the proceeds of the sale of the Single Family Parcel to Developer, and the Park Facilities Impact Fee payable by Developer to City in connection with the Single Family Element. The City may also use all or a portion of the deposit made by Developer pursuant to the Single Family PSA for the costs of the design of the Park, subject to the terms and conditions set forth in the Single Family PSA. Such design work shall be completed by an architect and/or consultant selected by the City in its sole discretion, and may be performed as part of a design- build contract as determined by the City in its sole discretion. City shall apply for and obtain any