11-26-2018 Council Meeting Packet

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{00149157 12} 2. NOW, THEREFORE, in consideration of the Recitals set forth above, which are hereby incorporated herein, and based on the mutual covenants and obligations contained herein, the parties agree to the following: 1.2 Master Development Agreement This Master Agreement confirms the terms and conditions of the City Approvals and the Plans for the Development, the required public and private improvements as part of the first and subsequent phases of the Development, the standards for the timing and financing of required improvements and terms of payment of development fees. Except as otherwise approved by the City following request by the Developer, final plats for each phase of the Development shall be consistent with the Plans and the City Approvals, subject to the flexibilities allowed in the Core Values in Section 4.3 of this Master Agreement. The final plat for each phase shall also be accompanied by a subdivision agreement that confirms the required public and private improvements, responsibilities of the City and the Developer and development fees for each phase. The approved Preliminary Plat for the Development (the “Preliminary Plat”) is valid through November 26, 2028 which is 10 years from the date of approval by the City of this Master Agreement. The Preliminary Plat will not need to be updated or amended as long as adequate progress is being made towards approval of final plats for phases of the Development. For this purpose, “adequate progress” is defined as recording one or more final plats which cumulatively contain at least 120 lots within a 36-month period. Up to 3 one-year extensions may be granted by the City, in the City’s sole discretion, upon written request from the Developer. The Developer has submitted the final plat application for the first phase of the Development. 1.3 Other Agency Approvals In addition to the City Approvals, other governmental agencies have reviewed and approved components of the Plans, or may be required to review and approve components of the Plans. It is the responsibility of the Developer to ensure that all permits from appropriate governmental agencies are received prior to beginning construction of any improvements for the phase for which such other approvals are required. 1.4 Right to Proceed Except with regard to the grading and related site improvements as specifically authorized by the June 21, 2018 Grading and Trunk Utility Agreement, as amended and approved by the City Council, the Developer may not construct public or private improvements or any buildings within any phase of the Development until the following conditions have been satisfied: a. this Master Agreement has been executed by the Developer and the City;