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<br />. 2. The City will grant Everest the exclusive TIF 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 /> <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 /> <br />4. Everest will actively and aggressively warket 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 /> <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 /> <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 /> <br /> <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 specif ic <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 /> <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 />