Agenda - Council - 07/12/2016 - Laserfiche WebLink

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(b) 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 from real estate taxes; (ii) for which no certificate of occupancy has been issued; and (iii) that are improved with owner occupied or rental housing, exceeds $43,000,000; (c) the Developer has provided the City with and the City has approved a detailed landscaping plan specifically describing the landscaping which the Developer will construct and install within or adjacent to the rights -of -way for the City Phase II Roadway Improvements (the "Phase II Landscape Plan"). The Phase II Landscape Plan must identify a commencement date for the Developer's performance of the work described in the Phase II 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 Improvements (exclusive of the installation of the final lift). The Phase II Landscape Plan must also establish a specific completion date for the Developer's performance of the work described in the Phase II Landscape Plan. The completion date may be stated as a number of days from the commencement date. The Developer will not be deemed to have satisfied this condition until the City has approved the Phase II Landscape Plan; and f- (d) the Developer has delivered a letter of credit to the City in an amount equal to 125% of the City's reasonable estimate of the cost of performing the work described in the Phase II Landscape Plan. 7.9 COMMENCEMENT AND COMPLETION OF THE CITY PHASE II ROADWAY EvMPROVEMENTS. Subject to Force Majeure, the City must commence construction of the City Phase II 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 within 12 months of the date the City 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 6 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 November first of any year, the City is not obligated to install the final lift on the City Phase II Roadway Improvements until June 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 STREET SIGNS AND GROUNDCOVER ESTABLISHMENT. The City's obligation to construct the City Phase II 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 II Roadway Improvements. The City must also, as a part 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 forth in the Master Development Plan. Other 1555730vI3 22