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High Level Structure <br />•A Phased Development <br />•Structured land acquisition for five development phases through 2036 <br />•Expected fair market value (strike price) of all phases, $62.6 million <br />•Parcels after Phase 1 will be sold based on: <br />•Predetermined schedule <br />•Market demand <br />•Developer performance <br />•A focus of Phase 1 <br />•A focus on Town Center <br />•A single family neighborhood <br />•Infrastructure development must come first <br />5