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City of Mounds View Staff Report <br /> September 4, 1998 <br /> Page 2 <br /> intersection at Highway 10 will not be completed when the theater is complete and ready to <br /> open. An alternative would be allow access to the site from County Road H2 before access to <br /> Highway 10 is completed. Staff would not support this alternative because of the additional <br /> impact this could have on adjacent residential areas. The current development agreement states <br /> that the connection to County Road H2 must remain closed until such time as the signalized <br /> access to Highway 10 is complete and fully operational. An alternative that staff could support <br /> would be to monitor construction progress and look at alternative temporary access to Highway <br /> 10 if the permanent access is not complete. <br /> 3. The City and developer will share the costs of constructing the new signalized intersection. <br /> The developer will be responsible for the costs of the turn lanes into their site and one forth of <br /> the signal costs. The total cost is estimated at$630,000. The developer's share of the total costs <br /> is estimated at$187,500 and the City's share would be $442,500. The City's share includes the <br /> costs of relocating Edgewood Drive on the north side of Highway 10 and any costs to make <br /> required changes to the City Hall parking lot. The development agreement requires that the <br /> developer post a bond, certified check, certificate of deposit, letter of credit or cash escrow in <br /> amount equal to 150% of the developer's share of the costs Oas a financial guarantee. <br /> 4.The City will inspect the installation of utilities and will be reimbursed for its costs of doing <br /> the inspections up to $1000. The developer is required to provide the necessary easements for the <br /> utilities in the plat that is being prepared. <br /> 5. The development agreement indicates that if there are any disputes, controversies, or claims <br /> arising out of the agreement that they shall be heard in state or federal courts of Minnesota. The <br /> City Attorney added this provision because Anthony Properties Management, Inc is an out of <br /> state corporation. <br /> Future Actions: <br /> This agreement will be brought to the City Council for formal approval at the September 14, <br /> 1998 meeting. <br /> Recommendation: <br /> This matter is brought to the Council for informational purposes only. Any changes which the <br /> Council would like considered should be brought to staff's attention. <br /> Rick Jopke, Community Development Director <br /> N:\DATA\USERS\RICKJO\SHARE\96981 THT.RPT <br />