X. Xxxxxx Street Improvements Sample Clauses

X. Xxxxxx Street Improvements. The City and Property Owner agree that urban development of the Property will require the improvement of X. Xxxxxx Street as set forth on the roadway cross section attached as E xhibit “D-1” to the Annexation Agreement and the roadway configuration attached as Exhibit “D-2” to the Annexation Agreement. The X. Xxxxxx Street grading and paving improvements identified on Exhibit “D-1” are arterial street impact fee facility improvements (“X. Xxxxxx Street Improvements”). The City does not currently have funding to pay for the X. Xxxxxx Street Improvements. On behalf of the City, the Property Owner shall design, competitively bid, construct and fund the X. Xxxxxx Street Improvements through the City’s Executive Order process. The Property Owner agrees to complete design and bid the X. Xxxxxx Street Improvements by no later than January 31, 2021, unless extended by mutual agreement of the parties. In the event Property Owner does not bid the S Folsom Street Improvements by January 31, 2021 or the mutually agreed upon extension date, the City may, in its sole discretion, elect to reallocate all or a portion of the sales tax revenue funds described in Subsection D.2. below from the S Folsom Street Improvements to a different street project thereby making them unavailable to reimburse Property Owner for designing and constructing the X. Xxxxxx Street Improvements. The parties acknowledge that the estimated cost of construction (not including design, ROW, etc.) for the X. Xxxxxx Street Improvements is $1,100,000. In the event the lowest responsible construction bid exceeds $1,100,000, then the City and Property Owner will meet to determine if (i) the bids should be rejected, (ii) an alternative design can be identified that could meet the public’s interest while reducing costs, or (iii) Property Owner should proceed with the higher costs. The City agrees to reimburse the Property Owner for the actual design and construction costs for the X. Xxxxxx Street Improvements as set forth in Subsection D. below.