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25 <br /> lower at the intersection of Waterstone Parkway and NC 86 S, the4Ffl')V1R RPkh-6tf <br /> install a traffic signal at the intersection before the approval of the final Certificate of <br /> Occupancy in Phase 2. If signalization has already been installed at Waterstone Parkway and <br /> NC 86 S by another developer, the developer of Waterstone South shall not be responsible <br /> for signalization at said intersection. <br /> j. The applicant will construct a greenway trail within the NCDOT right-of-way from their <br /> northern property line to Waterstone Drive conditioned on NCDOT approving the greenway <br /> trail. In the event NCDOT approval is not forthcoming by the issuance of the last Certificate <br /> of Occupancy in Phase 2 of the community, the applicant will proffer $187,000 for the future <br /> acquisition and/or construction of a greenway trail connection adjacent to the community. <br /> VI. Phasing <br /> a. The Town of Hillsborough will not issue zoning compliance permits for the last 10 (ten) <br /> dwelling units in a phase until the developer <br /> i. completes, certifies, and submits for town acceptance of all public infrastructure (e.g., <br /> sidewalks, streets, trails, greenways, utilities) in said phase, and <br /> iii. installs or provides adequate performance security for the installation of all <br /> landscaping, street trees, and stormwater conveyances in said phase. <br /> b. The development shall be constructed in three phases, with each phase of construction to <br /> last no more than three years per phase for a total of nine years of construction: <br /> L Phase 1: 205 townhomes and 10,000 square feet of neighborhood commercial. <br /> ii. Phase 2: 225 apartment units and 10,000 square feet of neighborhood commercial. <br /> iii. Phase 3: 225 apartment units and 20,000 square feet of neighborhood commercial. <br /> c. The developer shall coordinate with staff to create a mutually agreeable schedule for <br /> infrastructure improvements, and the developer shall install or provide adequate <br /> performance security for said improvements. However, the developer cannot post a <br /> performance security for the new sewer pumping station described in Section VII (a) below. <br /> The developer must construct this pumping station during Phase 1. <br /> d. The medical and general office portion of the development (Blocks H and I as shown on <br /> sheet MP1.1 of the approved Waterstone South Master Plan set) is not included in the <br /> phasing plan and shall be developed based on market demand as the adjacent UNC Health <br /> facility grows. <br /> 11 <br />