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• Page 2 <br /> The terms of the agreement require the developer to be responsible for all site improvements(grading, <br /> demolition, etc.)and the City to be responsible for the public improvements(streets, utilities, etc.). The <br /> City will reimburse the developer for site costs not to exceed$200,000 for the phase 1 project and <br /> grading for public rights of way in phase 2 and 3 as well. <br /> The developer will pay$400,000 for the redevelopment property.At closing$150,000 will be due and <br /> the remaining$250,000 will be two years after closing. The final payment will be secured by a mortgage <br /> against the property. <br /> Security for the City will be provided in the form of a letter of credit,personal guarantees,right of <br /> reverter and minimum assessment agreements on each phase of the development. The letter of credit <br /> from the developer for will be for$150,000. It will be released after 120,000 square feet of development <br /> is essentially completed. The right of reverter states that the redevelopment property will be returned to <br /> the City if the developer defaults on their agreement with the City. The minimum assessment agreements <br /> assure the City that the taxable value of the redevelopment sites will be at least $5,420,000 at <br /> completion. It is anticipated that the actual valuation will be higher. <br /> Implementation of this project will require the City's acquisition of all or part of 3 parcels of property <br /> besides the Brost property already being acquired. The Day and Plocienik properties located between the <br /> Pletscher's Greenhouse and the Chenoweth Greenhouse is essentially the location for the phase 2 and 3 <br /> structures. A portion on the east end of the Pletscher's Greenhouse property will also need to be <br /> acquired. This land is needed primarily to accommodate the extension of Campus Drive south from its <br /> current terminus behind the Chenoweth property to the Brost estate property where the phase 1 building <br /> will be constructed. <br /> Over the past four years,the initial phase of the LBP has been fully developed. Three buildings were <br /> constructed with a total of 249,000 sq. ft. of space.No more space is available for development in the <br /> phase 1 area. <br /> • • <br /> I:1C OMM MAC V 1C D\96-C C R1 KE V I N W 2-I EG RA.W P D <br />