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<br />~o. Construction of Traffic Signals and Cost Sharing. <br /> <br />a. It is anticipated that full development of the PUD Master Plan, as <br />illustrated in the Redevelopment Plan Documents, as well as the <br />redevelopment of surrounding areas will cause traffic congestion <br />on that portion of County Road E located between Snelling Ave. <br />and Lexington Ave. Therefore, the construction of Phase III of <br />the PUD Master Plan is contingent upon the construction of a <br />traffic signal improvement (\\TS Improvement") which would be <br />located approximately 650 feet west of the intersection of county <br />Road E and Lexington Ave. <br /> <br />b. A portion of the cost of the TS Improvement will either be <br />specially assessed against benefiting parcels, including the <br />property located within the PUD Master Plan or, in the <br />alternative, the parties will negotiate payment terms. In either <br />event the cost to be paid by Arden Plaza shall be between 20 and <br />25 percent as determined by the City Council. In determining <br />whether to assess up to 25 percent of the cost of the TS <br />Improvement, the City shall take into consideration the <br />assessment of up to 5 percent of the cost of the TS Improvement <br />against other parcels located south of County Road E and beyond <br />the boundaries of the PUD Master plan that are benefited by <br />such improvement. If special assessments are utilized Arden <br />Plaza agrees that the property included within the PUD Master <br />Plan will receive a special benefit in the amount of 20-25% of the <br />cost of the TS Improvement, as determined by the City Council, <br />as a result of the TS Improvement and hereby waives any public <br />hearing requirements contained in Minnesota Statutes Chapter <br />429 and further waives any right to appeal from a levy of such <br />special assessment. The provisions of this Section shall apply <br />even if the construction of the TS Improvement occurs prior to <br />the development of Phase III. <br /> <br />c. Arden Plaza shall prepare a Declaration of Covenants and <br />Restrictions ('\Covenants") which shall include a notice of the <br />future special assessment for the TS Improvement and a formula <br />for portioning the cost of the special assessment of the parcels <br />included within the plat of Arden Plaza Redevelopment. In <br />adopting the special assessment roll for the TS Improvement, the <br />City shall comply with the formula contained in the Covenants. <br /> <br />B. Final Plat. <br /> <br />5 <br />