Resolution 2007-58 - Laserfiche WebLink

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signal improvements. Rather, the costs of such street improvements shall be borne by the Party in whose jurisdiction the street improvements are located. b. The Party initiating the installation shall provide written notice of its intent to initiate such installation, which notice shall be given no less than 30 days prior to commencement of final engineering design. After the giving of such notice, the Parties shall establish an escrow account for funding of the costs of the improvements, and each Party shall, upon approval and appropriations by the respective City Councils, deposit its half of the costs of the improvements into the account. The contract(s) for installation of the improvements shall not be awarded until the estimated costs are fully funded. If the non-initiating Party is unable to deposit some or all of its half of the costs of the improvements within 60 days of receipt of the initiating Party's notice of intent, the initiating Party may advance the additional funds required and proceed with installation of the traffic signal improvements. Subject to appropriations by the non-initiating Party, and with the understanding that the Parties anticipate non-initiating Party will obtain appropriate contributions from new developments within their jurisdiction, the non- initiating Party shall repay all funds advanced by the initiating Party, in full (but without interest), by the date that the traffic signal improvements are first utilized by a new development in the non-initiating Party's jurisdiction. Further, the Parties agree that no new development within the non-initiating Party's jurisdiction may utilize such improvements until funds advanced on behalf of the non-initiating Party are paid in full. The phrase "new development" means and includes any subdivision or any phase of a previously approved subdivision for which building permits are available for issuance, or any approved PUD plan for all or part of an area subject to a recorded plat, the development of which directly and substantially contributes to the need for the traffic signal improvements (or, with respect to Section 2, the Paschal West Extension improvements). Further, if Lafayette is the non-initiating party, then its repayment shall be made in full by the earlier of the date determined according to the preceding two sentences, or the date of commencement of construction activities for any development in Indian Peaks Subdivision, Filing 17 outside of Phase I, as further identified on Exhibit C, attached hereto and incorporated herein by reference. c. Any state or federal funds made available for the costs of the traffic signal improvements shall be applied equally to reduce each Party's cost obligations. Any other non-party funds made available by a Party for the costs of the traffic signal improvements shall be applied to satisfy or reduce such Party's cost obligations. d. The Party initiating installation shall be the lead agency for the traffic signal improvements project and shall be solely responsible for all permitting, bidding, contracting, planning, scheduling, engineering and administration of the traffic signal improvements project. The non-initiating Party shall be provided for its approval copies of the construction drawings, bid package and construction contract prior to bidding and contracting, anti shall be provided for its approval copies of any proposed changes prior to change order execution. 2