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535039v3 JSB TW185-2 <br /> No affordability requirement but the Master Developer will <br />endeavor to partner with a senior housing developer to set aside <br />some affordable units, if possible <br />Article VII Acquisition and Development of Remaining Development Properties in <br />Future Phases <br />• Price of remaining property will be at least equal to the remaining balance of the <br />Strike Price allocated approximately as follows: <br />o Thumb/Corporate Campus Parcel 1, ~$8.2M <br />o Office/Mixed Use Parcel 3, ~$4.2M <br />o Flex North Parcel 4 and 5, ~$7.3M <br />o Southeast Retail, Parcel 6, $1.3M <br />o Hill North Parcels 10, 11, and 12, ~$4.1M <br />o Creek Parcels 13, 14, ~$4M <br />o Town Center Parcels 15 – 21 ~$10.3M <br />o Civic Block Parcel 25, ~$1 (subject to adjusted pricing under the City’s <br />option to purchase with the Master Developer) <br />• Master Developer may request a closing on these Parcel Blocks at any time prior <br />to the target dates in order to respond to market demand <br />• Master Developer is required to purchase each Parcel Block in its entirety except <br />that commercial Parcel Blocks can be subdivided and purchased at a per square <br />foot portion of the Strike Price <br />• The Corporate Campus Parcel may be subdivided provided the subdivision is <br />consistent with the Master Plan corporate campus use <br />• If the City chooses to not use the Civic Block, the County will sell the property to <br />Master Developer for at least the assessed value of TC3 zoned property <br />• For Development of Future Phases: <br />o Energy Performance Standards apply <br />o Job creation performance standards or affordable housing standards apply <br />o All Completed Value requirements must be achieved within 48 months <br />after the applicable land purchase deadline <br />o Hill North Parcel Blocks 10, 11 and 12 <br /> Approximately 138 single-family owner-occupied homes <br /> Completed value of at least ~$20.3M (based on 5x the Strike Price) <br /> At least 2 units affordable <br />o Creek Neighborhood Parcel Blocks 13 and 14 <br /> Approximately 122 single-family owner-occupied homes <br /> Completed value of at least ~$19.8M (based on 5x the Strike Price) <br />o Town Center North Parcel Blocks 15, 16, 17 <br /> Approximately 62 owner-occupied townhomes <br /> Completed value of at least ~$9.6M (based on 5x the Strike Price) <br /> At least 10 owner-occupied homes must be affordable <br />o Town Center South Parcel Blocks 18 and 19 <br /> Approximately 88 owner-occupied townhomes <br /> Completed value of at least ~$10.8M (based on 5x the Strike Price)