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The City of Portland ordains:

Section 1. The Council finds:

1. Prologis LP intends to fund and construct a traffic signal at the intersection of N Schmeer Road and NE Vancouver Way / N Vancouver Avenue as part of Public Works Permit TB0123, and after construction completion and City acceptance, the City will be responsible for all future maintenance, operations, and repair of the traffic signal; and
    
2. As this traffic signal will primarily serve site traffic on two parcels of land as shown in Figure 1.  Future uses on these sites are expected to include a mix of High-Cube Warehouse, Parcel Distribution, Last-Mile Delivery Station (LMDS), and possible Manufacturing.  Prologis LP has prepared a standard maintenance agreement to provide the City with a lump sum payment in the amount of $150,000 to cover anticipated power and maintenance costs for the traffic signal for the following thirty years (30-year) (Exhibit A); and
    
3. The City has a commitment to invest in external partnership, including clarifying the priorities and expectations for each relationship; and
    
4. The City has commitment to reducing its unfunded maintenance liability by recouping costs associated with maintenance of traffic signals that primarily serve private entities such as Prologis LP; and
    
5. The City has an interest in creating a transportation system that is safe, efficient, comfortable, and accessible to people of all ages and abilities.
    
6. The maintenance agreement states that Prologis LP will pay the City a lump sum amount of $150,000 for thirty years’ (30-year)-worth of maintenance (estimated at $5,000 per year for thirty years).

NOW, THEREFORE, the Council directs:

1. That the Director of the Portland Bureau of Transportation is hereby authorized to execute the standard maintenance agreement with Prologis LP attached as Exhibit B.
2. The Director of the Portland Bureau of Transportation is authorized to execute amendments, approved as to form by the City Attorney, to the scope of the services or the terms and conditions of this Agreement, provided the changes do not increase the City’s financial risk.