Agenda - Economic Development Authority - 12/01/2003

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the City reasonably determines that the assessed value for real estate tax purposes of the Subject Property, exclusive of the portions of the Subject Property: (i) that are exempt fi.om real estate taxes; (ii) for which no certificate of occupancy has be'on issued; and (iii) that are ;unproved with o. wner occupied or rental housing, exceeds $.,.~,000,000; the Developer has provided the City. with and the City has approved a deta/./efl landscaping plan specifically describing the landscaping which the Developer will construct and install wir~n or adjacent to the mgits-of-way for the City Phase E Roadway Improvements (th: "Phase II Landscape Plan"). The Phase II Landscape Plan must identiC-y a commencement date for the Developer's perfor~ ~ance of the work described in the Phase ]I Landscape Plan. The commencement date may be stated as a number of days' following the City's substantial completion of the City. Phase II Roadway Improvemems (exclusive of the installation of the final lift). The Phase r[ Landscape Plan must also estabhsh a specific completion date for thg Developer's performance of the work descr/bed in the Phase H Landscape Plan. The completion date may be stated as a number of days fi.om the commencement dare. The Developer will not be deemed to have satisfied this condition until the City has approved the Phase ri Landscape Plan; and the Developer has.delivered a letter of credit to the City in an mount equal to 1-,.~ ~'o of the City's reasonable estimate of the cost of performing the work described in the Phase ]2 Landscape Plan. 7.9 CO~k,L%~NCEMENT g_NID COMPLETION OF T?IE CITY P'?~_SE 1I ROADWAY L%fPROVEMENTS. Subject to Force Majeure, the City must commence construction of the City Phase E Roadway Improvements within 180 days after the Developer's satisfaction of the contingencies described in Section 7.8. Subject to Force Majeure, the City must substantially complete construction of the City Phase II RoadWay Improvements w/ti-fin 12 months of the date the City.. is ooh~ared to corrgnence the City Phase Il Roadway Improvements eursuant to the pr..~dm= sentence (the "City Phase Il RoadwaY Lml~rovements Substantial Completion Date"), and must install the £mal lift of the City Phase II Roadway Improvements within 6 months following the City. Phase IT Roadway Improvements Substantial Completion Date; provided, however, if the City Phase it Roadway Improvements Suthstantial Completion Date is on or after November first of any year, the City is not obligated to install the final lift. on the City Phase ~ Roadway Lmprovements until June first of the fo/lowing calendar year. Upon completion of the City's Phase II Roadway Improvements, the City Phase Il Roadway Improvements will constitUte public streets and will be maintained by the City as public streets. 7.!0 STR_EET SIGN'S )~N~ GROL~"DCOVER ESTA_BLIS~iE.NT. ~'iie City's obligation ~o construct the City Phase Ii Roadway Improvements includes the obligation to install al! street identi~cation si~o~ns and ~raffic conrrot si~_o~ns and signals requfl-ed under the terms of the RTC Contrdis or required by any Other Reguiatoo, Agency to ser~e the City Phase rE' Roadway Improvements. The City must also, as a part of the cost of construction the Phase It Roadway Improvements.. seed or sod rte boulevards adjacent to the City's Phase II Roadway Improvements pursuant to the requirements set forth in the Master Development Plan. Other