Agenda - Council Work Session - 09/21/2004

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27. 28. 29. 30. waivers described m Section 7.12 above. If the Developer elects to escrow the funds with a title insurance company, the City must be a party to the escrow agreement. Section 7.14 is hereby added to the Master Development Agreement to read as follows: 7.14 AUAR ROADWAY IMPROVEMENTS. The .City and the Developer ackmowledge the importance of upom-ading the regional. roadways with the AUAR Roadway Improvements. The Developer acknowledges that the AUAR_ requires mitigation of potential impacts tlxat may result fi-om the full build-out of the RTC Project. The Developer will continue to work with the City to pursue alternative strategies, including, for example, a traffic demand management plan, to mitigate any such impacts; so that the RTC Project complies with the requirements of the AU,~. The City Developer ac'knowledge that the AUAR Roadway Improvements shall be constructed on a timetable to be determined by the City. The City may desi~ and undertake to consmtct the AUAR Roadway Improvements as and when the City deems necessary and appropriate. The City may construct the AUAR Roadway Improvements in one or more phases as it deems appropriate in its sole and absolute discretion. Section 7.17 is hereby added to the Master Development Agreement to read as follows: 7.17 STREET SIGNS AND GROUNDCOVER ESTABLISHMENT. The City's obligation to construct the AUAR Roadway hnprovements includes the obligation to install all street identification signs and traffic control signs and signals required under the ten~ns of the RTC Controls or required by any Other Regulatory Agency to serve the AUAR Roadway Improvements. The City must also, as a part of the cost of construction the Roadway Improvements, seed or sod the boulevards adjacent to the AUAR Roadway hnprovements pursuant to the requirements set forth in the Master Development Plan. Other than seeding or sodding the boulevards pursuant to the preceding sentence, the City is not responsible for any landscaping associated with the AUAR Roadway Improvements. Section 7.18 is hereby added to the Master Development Agreement to read as follows: 7.18 AUAR ROADWAY IMPROVEMENTS FINANCING. The City will assess the Subject Properties $3,000,000 for the AUAR Roadway Improvements. The levied special assessments will' be payable in mstalhnents over a term of 5 years with interest at a rate equal to the rate the City is obligated to pay the general obligation improvement bonds referenced in this Section 7.18 plus 5 basis points. Section 7.19 is hereby added to the Master Development Agreement to read as follows: 1684445v3 1 0