Laserfiche WebLink
535039v3 JSB TW185-2 <br />o Phase 1: parcels with a minimum Strike Price of approximately $22.5M to <br />be acquired no later than December 31, 2020 (or 6 months after the <br />“Construction Ready Date” – which is the date at which the County/City <br />mass grading and infrastructure improvements are complete) <br />o Phase 2: parcels with a minimum Strike Price of approximately $10M to <br />be acquired no later than December 31, 2023 (or 42 months after the <br />Construction Ready Date) <br />o Phase 3: parcels with a minimum Strike Price of approximately $10M to <br />be acquired no later than December 31, 2026 (or 78 months after the <br />Construction Ready Date) <br />o Phase 4: parcels with a minimum Strike Price of approximately $10M to <br />be acquired no later than December 31, 2029 (or 114 months after the <br />Construction Ready Date) <br />o Phase 5: parcels with a minimum Strike Price of approximately $10.2M to <br />be acquired no later than December 31, 2034 (or 174 months after the <br />Construction Ready Date) <br />o The County must approve any sale to a tax exempt entity <br />Article V Phased Development; Requirements Applicable To All Phases <br />• Park Dedication: Master Developer will build and dedicate 3 parks in lieu of <br />paying a park dedication fee – Town Center Park, Creek Park, Hill Park – as those <br />areas are developed, in accordance with the park MOU <br />o Master Developer will deposit funds to build the parks in an escrow <br />account to ensure the parks are built <br />• Creation of at least 4,000 jobs, 2,000 of which are High Quality jobs (Higher than <br />the average wage for the Metro Area, or $26.94/hour). Remaining 2,000 are <br />Qualifying Jobs (130% of Federal Poverty Level, or $15.68/hour, or 110% with <br />benefits = to 20%) <br />o One job/1,000 sq.’ for industrial <br />o Three jobs/1,000 sq’ for office <br />o Annual reporting by Master Developer or vertical developers <br />o Performance measured 2 years after closing on land purchase and pace of <br />development <br />o 25% below goal constitutes default <br />• Achieve Affordable Housing goal of 10% or 146 of 1,460 housing units <br /> 80% Area Median Income <br /> 30 of the 146 reserved for owner occupied <br /> Annual reporting by Master Developer or vertical developers <br />o If the County elects to contribute additional direct County affordable <br />housing funds to the project, those funds are intended to result in a net <br />increase in the number and percentage of affordable units <br />• Energy Performance Standards