08-13-08 Council Agenda - Laserfiche WebLink

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4. In conjunction with the work referenced in Item #3 above, City shall extend water main from County Road 62, northerly into Terrace Heights along Park Street in a manner that minimizes any disruption to the existing paved surface. Said extension shall terminate at a location to be determined by Terrace Heights at the time of construction, but it is anticipated that the extension shall go at least as far as Transit Avenue. It is further understood that Terrace Heights shall pay the costs associated with said extension as a special assessment spread over a ten (10) year term. The interest rate to be applied to the special assessment shall be at a rate to be determined by the City in its sole discretion, and based upon interest rates in effect at the time of the work to be undertaken. 5. Temporary Construction Easement: Terrace Heights also grants to City a temporary construction easement for the purpose of constructing the roadway and related improvements, including landscaping, in accordance with the terms of this Rider. The temporary construction easement shall terminate at such time as these improvements are complete. 6. Subject to the cooperation of Independent School District #623, City shall also endeavor to complete the vacation of Park Street between County Road B2 and Transit in a manner that assures that Park Street will be owned by Terrace Heights. Terrace Heights shall also bear no costs associated with any new fencing that may required by I.S.D. #623. City's Initials Terrace Heights Initials H:\JOeIH\Development Agreements\Terrace lieights Real Estale Swap Contract - Pinal Draft - 8.08.08.doc 12