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it <br />I <br />i <br />Waders Edge Apartment Proposal <br />Term Sheet <br />Aust 27, 2010 <br />site, <br />The redeveloper plans to purchase Block H, which is currently platted at 3.7 acres. The <br />redeveloper needs an additional .22 acres (9,583 S.F.) for a total site area of approx- <br />imately 3.92 Acres. The lot configuration and new boundaries will need to be determined <br />by both parties. The redeveloper shall be responsible for any re -platting costs. <br />Ovoaiew <br />Onq of the City's primary objectives in the Northwest Quadrant is to ensure that all development <br />is hgh-quality and, among other things, provides sufficient tax increment and land sale revenue <br />in t4$ long -run. <br />than 120 units. <br />Payment at Closing (A) $200,000 <br />red Balance * $1,050,000 <br />Value of Land $1,250,000 <br />of Deferred Amount <br />at 10% Per Year for 10 Years $550,000 <br />g Balance After 10 Years (B) $500,000 <br />Purchase Price (A + B) $700,000 <br />As i lustrated above, the deferred balance is comprised of two pieces: 1) $550,000 forgiven at <br />10° per year for 10 years with the first year being the first year of full operations, expected to be <br />201 and 2) $500,000 (without interest) payable $50,000 per year beginning in 2023 and <br />con 'ruing through 2032. Specific terms need to be negotiated (i.e. whether annual or semi- <br />annit $1 payments). <br />to provide $1,200,000 in cash assistance to the redeveloper. These funds could be used to <br />development costs. $500,000 would be provided at closing. The remaining $700,000 <br />be paid to redeveloper as construction costs are incurred prior to December 31, 2011. <br />7 <br />