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<br />e <br /> <br />e <br /> <br />e <br /> <br />MRR~19-Q002 IJ:3~ <br /> <br />COMMUN ITY DEl) <br /> <br />51292~2553 <br /> <br />P.03 <br /> <br />7) by May I, 2001, Developer has completed construction documents and pncmg <br />exercise for the first phase of the development; final planning approvals have been <br />obtained; and Developer has submitted utility and building permit applications for the <br />first phase. <br /> <br />8) by June 1,2001, construction ofutijity and streets for the first phase commences. <br /> <br />9) By August 1, 200 I, below ground excavation for construction of buildings in the first <br />phase commences. <br /> <br />DeDositIFinancial Oblie:ations <br />Upon execution of the PDA, the Developer will deposit with the Authority: funds in the <br />amount of $25,000, and an irrevocable bank letter of credit in the amount of $225,000. <br />Such funds and letter of credit will be applied as follows: <br /> <br />(a) The $25,000 cash deposit is nonrefundable. <br /> <br />(b) On or before September 15, 2000, the Developer must deposit with the <br />Authority additional cash in the amount of $25,000, together with a substitute <br />irrevocable bank Jetter of credit in the amount of $200.000 in a form acceptable to <br />the Authority. The additional $25,000 becomes nonrefundable if construction <br />does not commence by August 1,2001. <br /> <br />(c) From and after December 18,2000, an additional $100,000 (whether cash Or <br />letter of credit) becomes nonrefundable if construction does not commence by <br />August 1,2001; <br /> <br />(d) The terms of the remaining $100,000 will be laid out in the final development <br />agreement which is to be approved by December 18, 2000. <br /> <br />(e) Upon commencement of below-ground excavation by August I, 2001 <br />$225,000 less EDA expenses will be returned to the developer. <br />