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[DRAFT] <br /> <br />7.3 :?~COMMENCEMENT AND COMPLETION OF PHASE I CONSTRUCT}ON. <br /> <br />Subject to Force Majeure, the City must commence construction of the City Phase I Roadway <br />hnprovements "';+~';~ ~ <br /> v,. ....... __ ,,,.~ o a~cru_pon the later of the Developer-"s= satisfaction of the <br />c ....... ~: .... :each of the conditions subsequent described in Section 7.3 abovc 4.3 or <br />200 Subject to Force Majeure, the City must substantially complete construction of the City <br />Phase I Roadway Improvements within __ months of the date the City is obligated to <br />commence the City Phase I Roadway Improvements pursuant to the preceding sentence(the <br />"City Phase ] Roadway Improvements SUbstantial Completion Date"), and must install the final <br />lift of the City Phase I Roadway Improvements within __ months following the City Phase <br />Roadway Improvements Substantial Completion Date; provided, however, if the City Phase I <br />Roadway Improvements Substantial Completion Date is on or after first of any <br />year, the City is not obligated to install the final lift on the City Phase I Roadway Improvements <br />until first o£the follOwing calendar year. Upon completion of the Ci.ty's Phase I <br />Roadway Improvements, the City Phase I Roadway Improvements will constitute public streets <br />and will be maintained by the City as public streets. <br /> <br />7.4 7.5 STREET SIGNS AND ~r~,n ~x~^ vr~ <br /> <br />ESTABLISHMENT. The City's obligation to construct the City Phase I Roadway <br />Improvements includes the obligation to install all street identification signs and traffic control <br />signs and signals required under the terms of the RTC Controls or required by any Other <br />Regulatory Agency to serve the City Phase I Roadway Improvements. The City must also, as a <br />part of the cost of construction the Phase I Roadway Improvements, seed or sod the boulevards <br />adjacent to the City's Phase I Road.way improvements pursuant to the requirements set forth in <br />the Master Development Plans. Other than seeding or sodding the boulevards pursuant to <br />~the preceding, sentence, the Cit1' is not responsible for any landscaping, associated with the <br />Ci_B' Phase I Roadway Improvements. <br /> <br /> 7.5 .7.6 CITY PHASE ] ROADWAY IMPROVEMENTS FINANCING. The City <br />will issue general obligation improvement bonds pursuant to Mirmesota Statutes, Chapter 429 to <br />finance the City Phase I Roadway Improvements. The City intends to pay 80% of the cost of the <br />Cit.,,, Phase I Roadway Improvements (including the cost oft he street sig-ns and <br />landscapinggroundeover establishment descr/bed in Section 7.57.4) from the City's general <br />£xmd and to specially assess 20% of 3uchthe costs of the City Phase I Roadway Improvements <br />0neluding the cost of the street signs and groundcover establishment) against the Project <br />Assessment Parcels in the percentages set forth on Exhibit I. The levied-special assessments will <br />be payable in installments over a term of 15 years within interest at the rate of % per <br />annum. <br /> <br /> 7.6 7.7 ASSESSMENT AGREEMENT FOR CITY PHASE I ROADWAY <br />IMPROVEMENTS. Minnesota Statutes, Chapter 4-2-9429, the City's Charter and the City's <br />Ordinances authorize the City to assess the cost of the City Phase I Roadway Improvements <br />against the _P_r__ojec/Assessment Parcels. The. City currently estimates that the City Phase <br />Roadway hnprovements A~gcaamc'n1 ....... wall cost $ The Developer'hereby <br /> <br />1555730.red <br />V8 tp V6; <br />8,'29/03 <br /> <br />21 <br /> <br /> <br />