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535039v3 JSB TW185-2 <br />Article VI Acquisition and Development of Phase I Development Property <br />Master Development Responsibilities include <br />• Purchase price of a minimum Strike Price of approximately $22.5M <br />• Not less than 3 months prior to closing, preliminary plats and plans must be <br />submitted to the JDA, and closing occurs after final plats have been approved by <br />the JDA <br />• Standards and acquisition prices are set for the development of <br />o Owner–occupied blocks <br />o Entertainment blocks <br />o Commercial blocks <br />o All are Mixed Use Blocks <br />o Exact timing and sequence can be juggled to respond to market demand <br />• Standards that apply to all Phase 1 development include: <br />o Project completion by 12/31/24 or 54 months after the Construction Ready <br />Date <br />o Energy performance standards <br />o Job creation performance standards or affordable housing standards <br />• Development Requirements <br />o Owner-Occupied housing <br /> Approximately 170 units <br /> Completed value of at least ~$29.5M (based on a requirement for <br />completed improvements with a construction value of at least 5x <br />the Strike Price paid for the applicable property by the Phase I <br />completion deadline) with 2 affordable units <br />o Commercial Block 2 <br /> Approximately 228,000 square feet of commercial or office on <br />Block 2 <br /> Completed value of at least ~$35.3M (based on 5x the Strike Price) <br />o Hotel Block 22 <br /> Approximately 200 rooms <br /> Approximately 150 rental housing with 8,500 sq. ft of retail <br /> Prospective office development, depending on the market <br /> Completed value of at least ~$16M (based on 5x the Strike Price) <br />o Entertainment Block 23 <br /> Approximately 42,000 square feet of movie theatre, restaurant, <br />brewery <br /> Approximately 100 unit senior rental housing with approximately <br />8,500 sq. ft. of retail <br /> Completed value of at least ~$13M (based on 5x the Strike Price) <br />o Senior Housing Block 24 <br /> Approximately 225 unit senior rental housing with approximately <br />8,500 sq. ft. of retail <br /> Completed value of at least ~$18.8M (based on 5x the Strike Price)