Res 2004-220 - Laserfiche WebLink

Home Browse Search

I I I C. The Property Owner will provide to the City a letter of credit or escrow agreement in the amount of 125% of the City's approved estimate of the cost of the Perimeter Road Improvements (the "Perimeter Road Cost"). The Perimeter Road Cost will not include the sum of $75,000, being the estimated added cost for a pedestrian-bicycle pathway compared to the cost of a commercial sidewalk, together with the cost of a pavement overlay of the entire roadway width. If the letter, bond or agreement expires before the time the Perimeter Road Improvements are completed, the Property Owner will provide a replacement, so that the City has the full amount of security provided by the document until the Perimeter Road Improvements are completed. D. The Property Owner agrees not to begin construction of the Penmeter Road Improvements until LCRA has the opportunity to complete the Pole Relocation Project. Before LCRA can commence the Pole Relocation Project, the City needs to acquire an easement (the "Adjacent Easement") across the tract of property on River Road next to the Property. In addition, LCRA can perform the Pole Relocation Project only during time periods between March 1 and May 31, or between September 1 and November 1. The Property Owner will allow the City time to acquire the Adjacent Easement in time for LCRA to use one of these construction periods in 2005 or 2006. If LCRA is unable to perform the Pole Relocation Project during the Spring construction period in 2005 or 2006, or the Fall construction period in 2005, and there are no uses under development on the Property that establish the need for construction of the Perimeter Road Improvements, the Property Owner Will delay constructIon of the Perimeter Road Improvements until after the Fall constructlOn penod in 2006. If LCRA IS unable to perform the Pole Relocation Project during the Fall construction penod in 2006. and there are no uses under development on the Property that establish the need for construction of the Perimeter Road Improvements, then the Property Owner will pay to the City the sum of 100% of the Perimeter Road Cost by December 31, 2006, and the Property Owner will have no further obligation to the City with respect to the Perimeter Road Improvements. If LCRA completes the Pole Relocation Project during 2005 or 2006, or if uses under development on the Property establish the need for construction of the Perimeter Road Improvements at any time during 2005 or 2006. the City will notify the Property Owner, and the Property Owner will commence construction of the Perimeter Road Improvements under Section I.E below. E. If the Property Owner's obligation to construct the Perimeter Road Improvements is triggered in 2005 or 2006 under Section 1.D above, the Property Owner agrees to promptly commence construction of the Perimeter Road Improvements through an independent contractor, and to ensure that the construction progresses diligently until completion. The Property Owner agrees to ensure that the Perimeter Road Improvements are constructed in accordance with applicable City standards and with the construction plans and specifications approved by the City, and that the construction is carried out under the direct supervision of a professional engineer registered in the State of Texas. 2. Agreements by the City. The City agrees as follows: A. The City will record the Plat in the Hays County Clerk's Office upon the Property Owner's completion of subsections A, Band C of Section 1 above. The City will record the 2