Book #83 6-29-99 -12-22-99 Rpt # 99-152

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U2I/1t5/IJ '111U 14:1Z FAA ti1Z SS5 59139 1URASS NUNRUE UU7 • • 2. TIMING. The timing for the construction and the completion of the Minimum Improvements shall be as follows: BUILDING CONST. START CONST. COMPLETE E 3/15/2000 12/31/2000 F 3/15/2000 12/31/2000 A ORB 7/1/2000 19./31/2000 C 3/15/2001 12/31/2001 D 3/15/2001 12/31/2001 B OR A 7/1/2001 12/31/2001. Li 3/15/2002 12/31/2002 H 3/15/2002 12/31/2002 r 3/15/2003 12/31.12003 The Agreement will be designed so that certain thresholds will have to be met. This simply means that if more square footage or market valuation is constructed in year 2000 than is called for by the Agreement,then the Redeveloper may not have to meet the deadlines in the year 2001. 3. SITE ASSEMBLY. The City will assemble the balance of the site over the next six months. The entire site will be available for redevelopment on or before April 1, 2000. The first • closing with the Redeveloper shall be no later than April 1, 2000. 4. PUBLIC IMPROVEMENTS. In addition. to the parcel assembly, the City will do the dcmul itiuu and will provide utilities to the perimeter of the site. l'he City will complete the planned improvements for Fifth Avenue Northwest and the extension of County Road E2. The Redeveloper shall not be assessed for the public improvements. 5. SITE IMPROVEMENTS. The Redeveloper shall pay all costs of the Site Improvements including landscaping,pedestrian improvements, sanitary sewer, watermain, storm sewer, internal streets and grading (including the export of soil, if necessary) all of which are estimated to be S444,000. The Redeveloper shall start the Site Improvements no later than April 15, 2000. The City shall use reasonable efforts to reduce the cost of the grading by attempting to And locations to put the excess fi11. 6. SECURITY. The Redeveloper will provide the City with a letter of credit or its equivalent in the amount of S500,000. The City will then reduce the letter of credit amount or its equivalent to S 170.000 (but not to less than $500,006 minus actual Site Improvement Costs) when the Site Improvement costs are completed and paid for. The balance shall not be released until a certificate of completion has been issued for a building in the commercial portion of Mainstreet Crossing (Buildings C, D, E, F, G, 14 or. J) and a certificate of completion has been issued for a building in the residential portion of Mainstrcct Crossing(Building A or B). 0 • Page 2