Agenda - Council Work Session - 09/02/2003

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[DRAFT] 7.~___9 , .~4¢-COMMENCEMENT AND COMPLETION OF PHASE It CONSTRUCTION. Subject to Force Majeure, the City must cormnence construction of the City Phase II Roadway Improvements within days after the Developer's satisfaction of the. ........ s .... ycontm,,enmes described in Section 7.97.__88 above. Subject to Force Majeure, the CiD, must substantially complete construction of the City Phase II Roadway Improvements within __ months of the date the CiD' is obligated to commence the City Phase II Roadway Improvements pursuant to the preceding sentence (the "City Phase II Roadway Improvements Substantial Completion Date"), and must install the final lift of the City Phase II Roadway Improvements within __ months following the City Phase II Roadway Improvements Substantial Completion Date; provided, however, if the City Phase II Roadway Improvements Substantial Completion Date is on or after first of any year, the City is not obligated to install the final lift on the City Phase II Roadway hnprovements until first of the following calendar year. Upon completion of the City's Phase II Roadway Improvements, the City Phase II Roadway Improvements will constitute public streets and will be maintained by the City as public streets. 7.10 7. t l-STREET SIGNS AND BOULEV^, 2,DD T ^ 'NTI-3, C~F~ ^ DT~I~ ~ 7 ............... GROUNDCO~ ER ESTABLISHMENT. The City's obIigation to constmd the City Phase II Roadway Improvements includes the obligation to install al~ street identification si~s and traffic control si~s and sisals required under the temps of the RTC Controls or required by any Other RegulatoD, Agency to serve the City Phase II Roadway improvements. The City must also. as a pm\ of the cost of construction the Phase II Roadway Improvements, seed or sod the boulevards adjacent to the City's Phase II Roadway Improvements pursuant to the requirements set fo~h in the Master Development Plans. Other than seeding or soddMg the boulevards pursuant to the preceding sentence, the Cih, is not responsible for any landscap~ associated with the CiB, Phase It Roadway Improvements. 7.1~1 7.12 CITY PHASE }I ROADWAY IMPROVEMENTS FINANCING. The City will issue general obligation improvement bonds pm'suant to Mi~esota Statutes, Chapter 429 to finance the City Phase Il Roadway Improvements. The City intends to pay 80% of the cost of the City phase II Roadway Improvements (including the cost of the street si~s and tandacapinggroundeover establishment described in Section 7.57.10) ~om the City's general ~nd and to specially assess 20% of the cost of the City's Phase II Roadway Improvements (including the costs oCthe street si~s and ........ ~ .... s~roundeover establishment deschbed in Section 7.57.10) a~ainst the Git;, ~ ....Il ~ ...... ~ .............. ' ~ .~ ,,o~ R~,~,) ~,,~ ..... ~ ........ Prolect.~ Assessment Parcels in the percentages set foah on Exhibit J. The lev/ed special assessments will be payable in installments over a term of 15 years within interest at the rate of ~5'; per a~um. 7.12 7.13 ASSESSMENT AGREEMENT FOR CITY PHASE II ROADWAY IMPROVEMENTS. Minnesota Statutes, Chapter ~-~2-9429. the City's Charter and the City's Ordinances authorize the City to assess the cost of the City Phase II Roadway hnprovements against the Pro}em Assessment Parcels. The Cit~? eurrenth' estimates that the City Phase II -Roadway Improvements ^ ......... ~ ....... wall cost $ The Develope~ hereby consents to an assessment by the City in a__~_n amount equal to [20% of the costs of $ ] against the Project Assessment Parcels (allocated among those parcels pursuant 1555730.red V8 rp V6; 8/29/03 24