Agenda - Council Work Session - 09/02/2003

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[DRAFT] that phase and will inform the Developer that the plans represent the final design plans upon which the City intends to' base its public'bid specifications. The Developer shall have 10 days from the receipt of the City's final design plans to provide final comments to the City. Street layout and right-of-way width must conform to the Master Development Plan unless the Council approves modifications to the layout and right-of-way widths pursuant to the RTC Ordinance. 7.3 COMMENCEMENT AND COMPLETION OF PHASE I CONSTRUCTION. Subject to Force Majeure, the City must ............ ~ .... ;~ ' e~+;~ ~ ~ .~ 200 e..~;~.+ +~ ~ .... x~; ..... +~ ~;~ ..... + b mnti lly complete construction of thc CiV Phas~ I ~oadwa~ ~p~ovcmcn~ ~t~ 1~ months ofth~ date the C~V is obligated to co--once the preceding ........... Sectmn 7.2 above (the "City Phase I Roadway ~provements Substantial Completion Date"), and must install the final Ii~ of the Ci~ Ph~e I Roadway ~provements within ~ months following the Ci~ Phase I Roadway ~provements Substantial Completion Date; provided, however, if the Ci~ Phase I Roadway hnprovements Substantial Completion Date is on or a~er first of any year, the Ci~ is not obligated to install the final li~ on the Ci~ Phase I Roadway Improvements until first of the following calendar year. Upon completion of the Ci~'s Phase I Roadway ~provements, the Ci~ Phase I Roadway Improvements will constitute public streeB and Mil be maintained by the Ci~ as public streets. 7.4 STREET SIGNS AND GROUNDCOVER ESTABLISHMENT. The City's obligation to construct the City Phase I Roadway Improvements includes the obligation to install all street identification signs and traffic control signs and signals required under the terms of the RTC Controls or required by any Other Regulatory. Agency to serve the City Phase I Roadway Improvements. The City must also, as a part of the cost of construction the Phase I Roadway Improvements, seed or sod the boulevards adjacent to the City's Phase I Roadway Improvements pursuant to the requirements set forth in the Master Development Plans. Other than seeding or sodding the boulevards pursuant to the preceding sentence, the City is not responsible for any landscaping associated with the City Phase I Roadway Improvements. 7.5 CITY PHASE I ROADWAY IMPROVEMENTS FINANCING. The City will issue general obligation improvement bonds pursuant to .Minnesota Statutes, Chapter 429 to finance the City Phase I Roadway Improvements. The City intends to pay 80% of the cost of the City Phase I Roadway Improvements (including the cost of the street signs and groundcover establishment described in Section 7.4) from the City's general fund and to specially assess 20% of the costs of the City Phase I Roadway Improvements (including the cost of the street signs and groundcover establishment) against the Project Assessment Parcels in the percentages set forth on Exhibit I. The levied special assessments will be payable in installments over a term of 15 years within interest at the rate of % per annum. 7.6 ASSESSMENT AGREEMENT FOR CITY PHASE I ROADWAY IMPROVEMENTS. Minnesota Statutes, Chapter 429, the City"=s Charter and the City'__'s Ordinances authorize the City to assess the cost of the City Phase I Roadway Improvements against the r,~;~, ^ ........ + r, .... ~o ~-~.~ r,;,. ....... ,~ .... ~;~*~ *~* ~'~ City ~ ,,,j ................................ ~ ......... j ................... Phase I Roadway Improvements ~'i!! cost $ Assessment Parcels. The Developer hereby consents to an assessment by the City in amount equal to [20% of the -~':~*~