Agenda - Council Work Session - 09/21/2004

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22. armual real estate taxes when and as they become due. The pending special assessment described in this Section 7.6 are allocated among the lots and outlots the Master Final Plat creates in the mariner set forth on the attached Exhibit F. If a subsequent Final Plat for a Phase'subdi;,,ides one or more of the lots or outtots referenced on Exhibit F, the City must allocate the special assessment pending or levied agains! that lot or outlot among the lots or outlots created by such Fhml Plat. The Developer or a Secondary Developer, if applicable, must prepare and submit to the City, for its review, a pt'oposed allocation of the pending or levied special assessments among the lots or outlots created by such Final Plat. The City must adopt the Developer's or, if applicable, a Secondary Developer's proposed allocation' if the Developer's or; if applicable~ a Secondary Developer's proposed allocation is done on a per square foot basis. The City may accept or reject Other proposed allocations in its sole and absolute discretion. The City and the Developer agree that notwithstanding the actual costs of the City Phase I Roadway Improvements, the City will not assess more than $876,035.00 against the Subject Property for the City Phase I Roadway Improvements. Section 7.$ of the Master Development A~'eement is hereby amended to read as follows: 7.8 CONDITIONS PRECEDENT TO THE CITY'S CONSTRUCTION and COMMENCEMENT AiNT) COMPLETION OF THE CITY PHASE fi ROADWAY IMPROVEMENTS. (a) The parties to this Agreement hereby agree to negotiate in good faith as to the commencement date for construction of the City Phase II Roadway hnprovements. Notwithstanding anything to the contrary in this A~'eement, before the City is obligated to colnmence construction of the City Phase It Roadway Improvements, the Developer must dedicate the. 100 foot wide rights of way for the City Phase II Roadway Improvements located north of Bnnker Lake Road. (b) Subject to Force Majeure, the City must substantially complete construction of the City Phase II Roadway Improvements within t2 months of the date the City is obligated to commence the City Phase fi Roadway Improvements pursuant to the preceding sentence (the "City Phase I! Roadway Improvements Sttbstantial 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 fi Roadway Improvements until June first of the following calendar year. Upon completion of the City's Phase II Roadway /-mprovements, the City Phase II Roadway Improvements will constitute' public streets and will be maintained by the City as public streets. k684445v3