Resolutions-2017-128

1. The installation of State Street from the western edge of the preliminary plat to the east up to the western edge of N. Kimberlite Street. 2. The Developer and the City will coordinate theThe specific provisions regarding the transfer of any a portion of area currently owned by the City and located within the Preliminary Plat to the Developer for $1.00may be addressed in the Development Agreement the City anticipates it will enter into with the end user of Lot 1. 3. The City and the Developer shall may enter into a separate Development Agreement for Lots 2 and 4, which shall may provide the Developer with certain development incentives. Further, the City shall enter into a Development Agreement with the developer of Lot 3, which shall provide certain development incentives to the developer of Lot 3. Phase 1 development may commence immediately. Phase 2 will involve the development of Lot 3 ("Phase 2"). Phase 2 development will not commence until a traffic study has been done to determine the need for a traffic light or other street modifications at the corner of Highway 6 and what will be N. Kimberlite Street. Developer is not required to construct N. Kimberlite Street, and the adjoining sidewalks, nor any other public improvement on or related solely to Lot 3 as a condition of a final plat approval for Phase 1. All public improvement associated with N. Kimberlite Street, the adjoining sidewalks, and the intersection of Highway 6 and N. Kimberlite St. will be done in conjunction with Phase 2. The final plat for Phase 2 shall include, at a minimum: 1. The installation of the intersection of State Street and North Kimberlite Street and N. Kimberlite Street. 2. The City and the Developer shall may enter into a separate Development Agreement for Lot 3, which shall may provide the Developer with certain development incentives. 3. The City and the Developer shall coordinateion the installation of a traffic light, turn lane off of Highway 6, or other traffic control measure as determined by a traffic study. The City and Developer shall share the cost of any traffic light, turn land or other traffic control measure(s), such allocation of cost to be specifically approved by the City Council at a later date. The cost sharing may be included in the development agreement specified in the prior paragraph.equally. The City may refuse to approve final plats of subsequent phases if the Developer has breached this Agreement and the breach has not been remedied. SECTION 7. PUBLIC IMPROVEMENTS AND ASSESSMENT WAIVER A. If all the public improvements and facilities, except for sidewalk construction deferred in accordance with Section 3(C)(4), are not installed and accepted by the City prior to approval of the final plat for either Phase 1 or Phase 2, the Developer is required to either deposit