RES 19-091 APPROVING A PLANNED UNIT DEVELOPMENT AGREEMENT FOR SILVER LAKE VILLAGE

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to do so. All Plan A Security may be used to cure any Plan A Activity for which the Developer is in default. 10. Reduction of Security for Plan A Activities The Developer may request reduction for the Plan A Security as development of the Project progresses. If requested, the City will perform an evaluation of the Work completed at no charge to the Developer once per calendar year. If additional evaluations are requested, the Developer will be responsible for the estimated costs incurred by the City for performing the additional evaluations. The amount of reduction will be reasonably determined by the City based on the percentage of the Plan A Activities completed and based on developed lot area relative to the Project area as a whole. In no case shall the Plan A Security be reduced to less than $25,000 until all of the activities and obligations set forth in Exhibit B have been fulfilled. Promptly upon completion of the Plan A Activities in all material respects as reasonably determined by the City (and in no event more than 30 days after such completion in all material respects), the City shall return the remaining Plan A Security to the Developer. C. Plan B Improvements The Plan B Improvements, as described in Section A above (which are also detailed in the approved construction plans), will be constructed by or on behalf of the Developer and financed by the Developer. The Plan B Improvements will be constructed according to the following terms and conditions outlined in this Development Agreement and the ordinances, policies, plans and construction specifications as described in the General Specifications. 1. Plan B Improvement Costs The Developer shall be responsible for all Plan B Improvement Costs associated with realignment of the existing emergency overflow outlet storm sewer pipe related to the Project. For the purpose of this Development Agreement, "Plan B Improvement Costs" include, but are not limited to, engineering, design, inspection, testing, surveying, project -related legal costs, administrative costs as further specified in this Development Agreement, construction, restoration and financing costs necessary to implement the realignment of the existing emergency overflow outlet storm sewer pipe. The Plan B Improvement Costs and security requirements therefor are attached hereto as Exhibit C. 2. Temporary Construction Easements and Permanent Utility Easements The Developer shall dedicate to the City, at no cost, all temporary construction easements and permanent utility easements on the Property necessary for the construction and maintenance of Plan B Improvements. The City agrees to take all steps necessary to vacate the existing drainage and utility easement running across the center of the Property as depicted on the plat of Silver Lake Village, conditioned 6 623964v4