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ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1 Public Improvements. (1) The parties agree that the installation of the Public Improvements is essential to the successful completion of the Project. The cost of the Public Improvements shall be financed by the City with the proceeds of the Bonds and the Developer acknowledges that the City will pledge the Tax Increments first to the payment of the Bonds and, only on a subordinate basis, to the payment of the Phase III Shortfall Note and the Guaranty Note as provided in this Agreement. (2) Subject to Subsection (5) the City shall construct all Public Improvements, pursuant to construction plans for the Public Improvements ( "Public Improvement Plans "), which have been (or are to be) provided to Developer for review and comment, specifically: (a) Phase I Public Improvements, consisting of water and sanitary sewer infrastructure, including a looped 12" water main on the Development Property; (b) Phase II Public Improvements, consisting of landscaping; and (c) Phase III Public Improvements, consisting of acquisition of the properties at 2404 Rice Street, 93 County Road B2 W and 2442 Rice Street, Lots A, B, C, and D and the removal or demolition of the vertical improvements thereon, certain landscaping improvements and completing a 12 -inch water main loop along County Road B2; the costs thereof specifically include but are not limited to related relocation costs; and (d) Phase IV Public Improvements consisting of widening the street surface and addinga lea turn lane to County Road B2 east of its intersection with Rice Street, relocating sidewalks along County Road B2 and modifying traffic signals at the intersection Rice Street and County Road 132 as set forth in Section 3.6 of this Agreement. (3) The City will coordinate construction of the Phase I Public Improvements and the Phase II Public Improvements with the Developer's general contractor, McGough Construction Co., Inc. (4) The City's bid specifications for construction of the Phase I Public Improvements will provide that contractors must pay union scale for work on the Phase I Public Improvements. The City shall consult with and allow Developer to review bid packages and instructions to bidders for the Phase I Public Improvements and the Phase II Public Improvements prior to bidding, to ensure, inter alia, that all utilities for the Project and the Public Improvements are covered and coordinated, that existing utilities and known conditions are known and accounted for (rather than assumed by bidders), that there is mutual agreement on the scope of the work, 2139197v6 Doc# 256t638\9 8