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<br /> . .. <br /> 2 . The city will grant Everest the exclusive TIP supported <br /> . development rights with respect to the property for a <br /> period of five years. Depending upon achievement of <br /> certain reasonable performance levels, Everest would <br /> have an option to extend the term of agreement for an <br /> additional five years. <br /> 3 . Everest, with the input, participation and approval of <br /> the City, will undertake and complete preliminary <br /> planning for development of the property. The goal of <br /> this preliminary planning will be to achieve a <br /> comprehensive plan encompassing the entire site. <br /> Obviously, the plan will need to be established in a <br /> manner that satisfies the objectives of the city, while <br /> at the same time meeting the demands of the <br /> marketplace. The preliminary plan included with this <br /> correspondence is, in our opinion, a workable plan <br /> given the various competing considerations. <br /> 4. Everest will actively and aggressively market the <br /> property to desirable prospects, including potential <br /> tenants and build to suit users. When appropriate, and <br /> where the mutual goals of Everest and the City can be <br /> achieved, Everest will proceed with acquisition of <br /> necessary land and development thereof, all consistent <br /> with the agreed preliminary plan. <br /> . 5. The incremental taxes generated by the new development <br /> created on the property, would be paid to Everest for a <br /> period equal to the full term of the development <br /> district or, until Everest was fully reimbursed for <br /> qualifying development costs (including land write <br /> down) , whichever first occurred. <br /> 6. After payment of incremental taxes to Everest, any <br /> future increment would be paid to the City for <br /> application or distribution in such manner as the city <br /> deems appropriate. <br /> The foregoing represents a bare bones outline of the <br /> respective rights and obligations of the parties under the <br /> proposed Development Agreement. Obviously, more specific <br /> terms will need to be discussed. Nevertheless, the above <br /> outline does address what we deem to be the key elements of <br /> agreement, and should form an adequate basis for further <br /> discussion. In our view, it is only with this form of <br /> agreement, that the property can be effectively developed in <br /> the foreseeable future. <br /> After you have had an opportunity to review and consider the <br /> foregoing, please contact me to share your thoughts and <br /> ~ comments. We are most interested in proceeding on the <br /> foregoing as quickly and efficiently as possible, and we <br />