Res 2015-146/Trace PID Finance Agreement

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(Planning Areas 3, 9, 10, and 11, as shown on Exhibit "I") of the Public Improvements shall be submitted to the City for review within nine months of the Effective Date, subject to force majeure. (f) Public Improvements for the Commercial Parcels shall be constructed within eighteen months of City approval of the construction plans for the Public Improvements, subject to force majeure. (g) Construction Plans for the Water and Wastewater Public Improvements in the future Right of Way of Road Segment D for a portion of Residential Phase 2 Parcels that serve Planning Areas 7 and 13 as shown on Exhibit "I" of the Public Improvements that are to be constructed concurrent with the Residential Phase 1 Parcels shall be submitted to the City for review within nine months of the Effective Date, subject to force majeure. (h) Water and Wastewater Public Improvements for a portion of the Residential Phase 2 Parcels that are to be constructed concurrent with the Residential Phase 1 Parcels as described in subparagraph (g) above shall be constructed within eighteen months of City approval of the construction plans for the Public Improvements, subject to force majeure. Capitalized terms not defined in this Section 3.07 shall have the meanings ascribed to them in the PDD. ARTICLE IV. PAYMENT FOR PUBLIC IMPROVEMENTS Section 4.01. Overall Requirements (a) The City shall not be obligated to provide funds for any Public Improvement except from the proceeds of the PID Bonds or from Special Assessments as provided in Section 2.03(b) above; provided, however the City and the Owner may enter into an Oversize Participation Agreement under which the City will agree to fund the costs of any Public Improvements or oversizing of Public Improvements above and beyond the infrastructure needed to serve the Project. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds available for the payment of the Actual Cost of the Public Improvements to be constructed for or acquired by the City will be sufficient for the construction or acquisition of all of those particular Public Improvements. The Parties anticipate that the Actual Cost to construct the Public Improvements may be greater than the proceeds of the PID Bonds available for Public Improvements and any shortfalls will be funded by the Owner, subject to Section 2.03(b). (b) Upon written acceptance of a Public Improvement, and subject to any applicable maintenance -bond period, the City shall be responsible for all operation and maintenance of such Public Improvements, including all costs thereof and relating thereto. (c) The Public Improvements are intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by the Owner prior to the issuance of PID Bonds intended to fund such Public Improvements. Such funding of the Public Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this Agreement. I