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[DRAFT] <br /> <br />satisfaction 7.6 above before the City levies the assessment the Developer must escrow <br /> <br /> % of the portion of the pending special assessment,s,,,oL~-~:~+ *~^L**~ ~,,~ ......... ., ~,~,~,~,~ fc, r *~ .... City <br />r~ .... I ,,~ad ~ 0) .... ~ ............ attributable to that lot or parcel with the City or with a title <br />insurance company reasonably acceptable to the GiB, to provide for the payment of the <br />s_pecial assessment attributable to that lot or parcel when the City levies the special <br /> <br />.assessment. <br /> <br /> 7.~g_' 7.9 CONDITIONS PRECEDENT TO THE CITY'S CONSTRUCTION OF THE <br /> <br />CITY PHASE II ROADWAY IMPROVEMENTS. The City is not obligated to issue the bonds <br />described in Section 7.137.1___!1 or commence the construction of the City Phase II Roadway <br />Improvements until: <br /> <br />(al <br /> <br />The Developer has dedicated to the CiD' all rights-o£-way upon which the City <br />Phase II Roadway Improvements are to be constructed including: but not limited <br />to, the r~ht of way for the portion of the proposed Town Center No <br />~sometimes referred to as Variolite located north of Bunker Lake Boulevard <br /> <br />(b) <br /> <br />which right of-way Developer does not currently o~m or control; and <br /> <br />,.~ ...... ~ ,~,~: .................. ~ .................. ~,. .......... or the Developer's <br />successors and assigns shall have completed the construction of <br />improvements oh propem, within the TC'I, TC-2 and TC-3 Zonin~ Districts <br />which improvements have, in the reasonable op~ion of the GIB'. an assessed <br />value for real estate tax purposes of $50,000,000 or more (which calculation <br />does not include the assessed value 0fland}. For purposes of deter~nin~ ' <br />whether or not improvements with an assessed value of $50,000,000 have <br /> <br />been constructed, the Cit~? shall include the assessed value of all <br /> <br />improvements constructed'in the TC-1. TC-2 and TC-3 Zoning District <br /> <br />including improvements which are located on property which is exempt from <br />real estate taxes: and <br /> <br />The Developer shall have delivered to the City the $5.500,000 Letter of <br /> <br />Credit described in Section 9. below. <br /> <br />The Developer shall have delivered to the City a letter of credit in an amount <br /> <br />equal to 125% ~f the City Engineer's estimate of the cost of the Phase II <br />Landscap__e Improvements as described in the <br /> <br />1555730.red <br />V8 tp V6; <br />8/29/03 <br /> <br />23 <br /> <br /> <br />