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If the State also waives the fees, Centex agrees that the $562,500 can be used towards the <br />relocation costs of the asphalt plant. In that event, Centex also agrees that the $500,000 will be <br />used for energy efficient improvements in the homes within Tract 7385. <br /> <br />If either the City or the State fails to waive the fees, Centex agrees that the $500,000 can be used <br />towards the relocation costs of the asphalt plant. <br /> <br />If within seven years the asphalt plant is not relocated (or if Granite does not enter into an <br />agreement to relocate the plant) and if the City is still holding the cancellation fees ($562,500), <br />those funds would be retained by the City as a donation from Centex. Similarly, if the asphalt <br />plant is not relocated within seven years and the City is still holding the $500,000 because the <br />fees were not waived, those funds would be retained by the City as a donation from Centex. In <br />either event, the City would use the funds for energy efficient projects in the City. <br /> <br />The remainder of the agreement addresses the timing of certain PUD conditions, for example, <br />that no more than 23 of the 30 building permits for the homes can be pulled until the vineyards <br />are planted on the vineyard estate lots within the subdivision. <br /> <br />FISCAL IMPACT <br /> <br />There is no fiscal impact to the City. This agreement will help provide funding for the <br />relocation of asphalt plant and may result in energy efficient improvements being installed. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends that the City Council authorize the City Manager to sign the attached <br />agreement. Staff will present to Council in September the request of Centex to waive the <br />cancellation fees. <br /> <br />Respectfully Submitted, <br /> <br />Michael H. Roush Nelson Fialho <br />City Attorney City Manager <br /> <br /> Attachment <br /> <br /> SR:05:215 <br /> Page 3 <br /> <br /> <br />