Common use of Trigger Clause in Contracts

Trigger. Any Property Owner shall have the right to trigger the City’s construction of a subsequent phase of the LES Rokeby Road Intersection Improvements by completing the following (“Triggering Owner”): (i) Providing written notice to the Director of Transportation and Utilities of the Triggering Owner’s request to trigger construction of a specified phase of the LES Rokeby Road Intersection Improvements (“Trigger Notice”); (ii) Within thirty (30) days of receipt of the Trigger Notice, the City shall cause the preparation of an estimated cost for such phase of the LES Rokeby Road Intersection Improvements identified in the Trigger Notice, and provide notice of said estimated cost and the amount of Rokeby Rd. Impact Fees then collected and available for such specific subsequent phase of the LES Rokeby Road Intersection Improvements to the Triggering Owner (“Subsequent Phase Available Rokeby Rd. Impact Fees”); and (iii) Triggering Owner shall place in escrow with an escrow agent, acceptable to the City, for the benefit of the City a bond, letter of credit, or other security agreement, approved by the City Attorney (“Rokeby Rd. Escrow”), in the amount of one hundred ten percent (110%) of the difference between the City’s estimated cost of the Triggering Owner’s phase of the LES Rokeby Road Intersection Improvements identified in the Trigger Notice and the amount of the Subsequent Phase Available Rokeby Rd. Impact Fees (“Rokeby Rd. Escrow Amount”) to guarantee construction of the Triggering Owner’s phase of such Improvements. (iv) Upon Rokeby Rd. Escrow Amount being placed in the Rokeby Road Escrow the City shall design and bid the phase of the LES Rokeby Road Intersection Improvements identified in the Trigger Notice as soon as reasonably possible. The City shall notify Triggering Owner of the actual bids and, in the event: (A) The actual lowest responsible bid exceeds the Rokeby Rd. Escrow Amount, then the Triggering Owner will increase the amount of the Rokeby Rd. Escrow Amount held in the Rokeby Rd. Escrow to cause the adjusted Rokeby Rd. Escrow Amount to be equal to one hundred ten percent (110%) of the actual lowest responsible bid minus the Subsequent Phase Available Rokeby Rd. Impact Fees; or (B) The actual lowest responsible bid is less than the Rokeby Rd. Escrow Amount, then the Triggering Owner may decrease the amount of the Rokeby Rd. Escrow Amount held in the Rokeby Rd. Escrow to be equal to one hundred ten percent (110%) of the lowest responsible bid minus the Subsequent Phase Available Rokeby Rd.

Trigger. Any Property Owner shall have the right to trigger the City’s construction of a subsequent phase of the Rokeby Road Improvements or LES Rokeby Road Intersection Improvements by completing the following (“Triggering Owner”): (i) Providing written notice to the Director of Transportation Public Works and Utilities of the Triggering Owner’s request to trigger construction of a specified phase of the Rokeby Road Paving Improvements or LES Rokeby Road Intersection Improvements (“Trigger Notice”); (ii) Within thirty (30) days of receipt of the Trigger Notice, the City shall cause the preparation of an estimated cost for such phase of the Rokeby Road Paving Improvements or LES Rokeby Road Intersection Improvements identified in the Trigger Notice, and provide notice of said estimated cost and the amount of Rokeby Rd. Impact Fees then collected and available for such specific subsequent phase of the Rokeby Road Paving Improvements or LES Rokeby Road Intersection Improvements to the Triggering Owner (“Subsequent Phase Available Rokeby Rd. Impact Fees”); and (iii) Triggering Owner shall place in escrow with an escrow agent, acceptable to the City, for the benefit of the City a bond, letter of credit, or other security agreement, approved by the City Attorney (“Rokeby Rd. Escrow”), in the amount of one hundred ten percent (110%) of the difference between the City’s estimated cost of the Triggering Owner’s phase of the Rokeby Road Paving Improvements or LES Rokeby Road Intersection Improvements identified in the Trigger Notice and the amount of the Subsequent Phase Available Rokeby Rd. Impact Fees (“Rokeby Rd. Escrow Amount”) to guarantee construction of the Triggering Owner’s phase of such Improvements. (iv) Upon Rokeby Rd. Escrow Amount being placed in the Rokeby Road Escrow the City shall design and bid the phase of the Rokeby Road Paving Improvements or LES Rokeby Road Intersection Improvements identified in the Trigger Notice as soon as reasonably possible. The City shall notify Triggering Owner of the actual bids and, in the event: (A) The actual lowest responsible bid exceeds the Rokeby Rd. Escrow Amount, then the Triggering Owner will increase the amount of the Rokeby Rd. Escrow Amount held in the Rokeby Rd. Escrow to cause the adjusted Rokeby Rd. Escrow Amount to be equal to one hundred ten percent (110%) of the actual lowest responsible bid minus the Subsequent Phase Available Rokeby Rd. Impact Fees; or (B) The actual lowest responsible bid is less than the Rokeby Rd. Escrow Amount, then the Triggering Owner may decrease the amount of the Rokeby Rd. Escrow Amount held in the Rokeby Rd. Escrow to be equal to one hundred ten percent (110%) of the lowest responsible bid minus the Subsequent Phase Available Rokeby Rd.