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

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U53/1t$/Utl '111U 14:11 FAA. 81Z 885 59159 1U'ASS MUNKUE L JU(J The City will retain title to the property that is not conveyed at closing and will further retain a right of reverter for the property it does convey at closing until such time that a certificate of completion is issued for the specific Minimum Improvement. The Redeveloper will also execute assessment agreements far the commercial component at $60.00 a square foot except that the retail/convenience store shall have a minimum valuation of $75.00 a square foot and a minimum class rate of 3.4% (which is the current pay 1999 rate). The apartments shall have a minimum market valuation of not less than 60,000 per unit and shall have a minimum class rate of 7..4% (which is the current pay 1999 rate). 7. PURCHASE PRICE. For purposes of this memo, we are assuming that Mainstreet Village will be sold as six separate tracts as shown on Site Plan A. Tracts 1,2, 5 and 6 are the commercial tracts; tracts 3 and 4 are the residential tracts. The property will be sold for$4.00 a square foot with the Redeveloper receiving the following credits: With each tract the Redeveloper will be credited for 1/6 of the actual Site L.Uplevemerit costs but not to exceed$444,000. One sixth of that amount equals S74,000. In addition,the Redeveloper will receive a credit of$4,000 for each underground parking stall in that tract except as described below. The Purchase Price for the various tracts which are all assumed to be 75,000 sq. ft. would then be • as follows: For tracts 1 and 2, approximately 75,000 square feet times $4.00 per square foot equals $300,000 less 'I./6 of the site improvement costs of$74,000 which makes the Purchase Price$226,000 for each tract. For tracts 3 and 4,the residential tracts, the Purchase Price for each tract would be $300,000 less $74,000 less 48 underground parking stalls times$4,000 per stall or $192,000 which generates a Purchase Price of$34,000 for each tract, For tract 6, the Purchase Price would be$300,000 less S74,000 less $176,000(44 spaces times $4.000 per space) or$50,000. If unrlergrni Ind parking is not provided on tract 5 as allowed by the Agreement, then the Redeveloper would pay an additional$176,000 for tract 5 or$226,000. However, if underground parking is provided on tract 5,then the Purchase Price is$150,000_ In short,if the Redeveloper constructs 184 underground parking stalls,then all the tracts would cost$720,000 net of. the Site Improvement Costs and underground parking. If undererouuid parking is not provided on tract 5,then the Purchase Price would be S796,000 net of the Site Improvement Costs and underground parking. The Purchase Price shall be adjusted for the passage of time. The Purchase Price shall be increased by 1/3 of 1,% for each month, or a portion thereof that has elapsed from March 1,2000. •Page 3