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construction of a traffic signal improvement (“TS Improvement”) which would be located approximately <br />650 feet west of the intersection of County Road E and Lexington Avenue. <br />2. A portion of the cost of the TS Improvement will either be specially <br />assessed against benefiting parcels, including the property located within the PUD Master Plan or, in the <br />alternative, the parties will negotiate payment terms. In either event the cost to be paid by Arden Plaza <br />shall be between 20 and 25 percent as determined by the City Council. In determining whether to assess <br />up to 25 percent of the cost of the TS Improvement, the City shall take into consideration the assessment <br />of up to 5 percent of the cost of the TS Improvement against other parcels located south of County Road <br />E and beyond the boundaries of the PUD Master Plan that are benefited by such improvement. If special <br />assessments are utilized, Arden Plaza agrees that the property included within the PUD Master Plan will <br />receive a special benefit in the amount of 20-25% of the cost of the TS Improvement, as determined by <br />the City Council, as a result of the TS Improvement and hereby waives any public hearing requirements <br />contained in Minnesota Statutes Chapter 429 and further waives any right to appeal from a levy of such <br />special assessment. The provisions of this Section shall apply even if the construction of the TS <br />Improvement occurs prior to development of Phase III. <br />3. Arden Plaza shall prepare a Declaration of Covenants and Restrictions <br />(“Covenants”) which shall include a notice of the future special assessment for the TS Improvement and a <br />formula for portioning the cost of the special assessment of the parcels included within the plat of Arden <br />Plaza redevelopment. In adopting the special assessment roll for the TS Improvement, the City shall <br />comply with the formula contained in the Covenants. <br />J. Development of Lot 2. Prior to the issuance of building permits for Lot 2, Arden <br />Plaza shall provide a long-term plan for the existing retail center and parking lot as part of the approval <br />for Phase II. <br />8 <br />174869v10