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Page 3 <br /> 3. Street Construction. The parties contemplate that in consideration of Property <br /> owners' contribution of full width of Nevada Street right of way and the arroyo lands to <br /> the public at no cost, City will hold Property Owners harmless from the cost of Nevada <br /> Street improvements, the intersection improvements at Nevada Street, Stanley Boulevard, <br /> First Street and Old Stanley Boulevard, and any Arroyo trail or related improvements, as <br /> follows: <br /> a. To the extent property owners are required to install Nevada Street or <br /> intersection improvements as a requirement for development of Nevada Street frontage <br /> properties, the property owner shall receive a credit against traffic improvement fees <br /> equal to the actual cost of the road improvements installed. <br /> b. To the extent feasible, the City will cooperate to allow road improvement <br /> phasing to keep road improvement costs proportional to the traffic improvement fees due <br /> from a project. <br /> c. If the cost of a required road improvement exceeds the traffic fees from a <br /> proposed project, the City will cooperate to establish a benefit area, and make financing <br /> mechanisms such as a community facilities district and /or traffic improvement fees <br /> collected from benefitted properties available to make the road improvements feasible. <br /> d. All traffic improvement fees collected from within the Properties shall be held <br /> in a separate fund for use in Nevada Street and related construction only. <br /> e. The street configuration shall be the City Plan Line adopted in 1996 as <br /> depicted in Exhibit B, with refinements as determined by engineering considerations and <br /> mutual agreement. <br /> f. Upon dedication of the arroyo lands to the City, the dedicating Properties will <br /> not be required to improve the arroyo lands that they dedicate. <br /> g. Property Owners will cooperate with City studies of the condition of all <br /> offered lands and allow staff to inspect all property condition prior to acceptance, <br /> acknowledge that the City will want to be held harmless from hazardous materials or <br /> contamination on dedicated lands. With the exception of the above, the dedicated lands <br /> are offered "as is Subject to the above, each property owner will deed the Nevada <br /> Street right of way, sidewalk easement (Paragraph 4.f.), and the Arroyo lands to the City <br /> with one deed immediately following recordation of the Development Agreement upon <br /> its property. <br /> h. The construction of Nevada Street is not required to occur at any particular <br /> time, but shall occur when decided by either the City or Property Owner(s). The parties <br /> agree that the ideal outcome would be that a single entity, like a large developer or the <br /> City, chooses to build out the Nevada Street improvements as a single project. But, these <br /> funding arrangements as refined through the planning process may include benchmarks <br /> and priorities such that planned Nevada Street improvements will be completed even if <br />