Any Public Benefit Payment together with any TFAR Transfer Payment to the Agency or City shall be provided as set forth in the Transfer Plan and as set forth below:
A. If the approved Transfer Plan specifies a single- phase Project on the Receiver Site, then the owner of the Receiver Site shall pay the Public Benefit Payment together with any TFAR Transfer Payment due to the Agency or the City on or before the earlier of
1. The issuance of the building permit for the Project; or
2. Twenty-four months after the final approval of the Transfer and the expiration of any appeals or appeals periods, unless extended by the Director in writing, and the Administrator when the Agency has taken an action on the Transfer Plan.
B. If the approved Transfer Plan specifies a multi- phased Project on the Receiver Site, then the owner of the Receiver Site must pay the Public Benefit Payment together with any Transfer Payment due to the Agency or the City, through any one of the three methods set forth below, except as may be extended by the Director in writing, and the Administrator when the Agency has taken an action on the Transfer Plan:
1. In total for all phases of the Project, on or before the earlier of: (i) the issuance of the building permit for the first phase of the Project or (ii) 24 months after the final approval of the Transfer and the expiration of any appeals or appeals periods for all phases of the Project;
2. Incrementally by each phase of the Project, proportionate to the Floor Area Rights utilized in each phase, on or before the issuance of the building permit for each phase, with the amount of each payment being subject to payment indexing in accordance with an executed agreement between the owner of the Receiver Site and the Agency or the City; or
3. Incrementally by each phase of the Project, proportionate to the Floor Area Rights utilized in each phase, on or before the issuance of the building permit for each phase, with the amount of each payment being recalculated as of the date that the building permit for each phase is issued in accordance with an Appraisal establishing the fair market value of the Receiver Site within six months prior to the issuance of the building permit for that phase.
C. Upon the Applicant’s payment to the Agency or the City of all of the Public Benefit Payment together with all of the TFAR Transfer Payment required under an approved Transfer, all Floor Area Rights transferred to the Receiver Site pursuant to the Transfer Plan shall vest in the Receiver Site and thereafter run with the land.