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<br />MAR-Ig-2002 13:35 <br /> <br />CO~IMUN ITY DEU <br /> <br />512g242553 <br /> <br />P. II <br /> <br />owner-occupied housing developer and the terms of sale of the relevant portion of a <br />Park Commons East property to that developer. _ <br /> <br />(b) The Developer will use its best efforts to complete the following tasks by the <br />following dates: <br /> <br />1) by August IS, 2000, submit a preliminary feasibility analysis of the development <br />including, at a minimum analysis of: <br /> <br />)> functionality <br />)> preliminary cost estimates <br />~ preliminary fInancing approach and gap analysis (showing the amount and <br />form of public subsidy) <br />)> preliminary phasing plan and related components <br />)> retail/officelhousing mix <br />)> suggested modifications of the master site plan, as necessary to make the plan <br />feasible and identification of other issues. <br /> <br />2) by September I, 2000, request City to initiate any necessary comprehensive plan <br />changes and rezonings, conditioned on the parties' mutual agreement to proceed. <br /> <br />3) by October 2,2000, submit to the Authority a final feasibility analysis that refines <br />the analysis submitted under clause (1); and the parties commence negotiation of <br />the Contract. tit <br /> <br />4) By December I, 2000, submit to the Authority a detailed schematic design for <br />Park Commons East, including site plan, buildings, infrastructure, and <br />preliminary phasing plan; and submit preliminary plat documents and application <br />for planning approvals (including preliminary PUD). <br /> <br />5) by December 18, 2000, the parties must have approved the following <br /> <br />)> status of retail leasing and the office component, indicating feasibility of the <br />development. <br />)> final phasing plan <br />)> financing approach <br />~ final comprehensive Contract <br /> <br />6) By February 15, 2001, Developer has completed design development and pricing <br />exercise for the fIrst phase of the Park Commons East development, and has <br />initiated final planning approvals (including fiml PUD) for the first phase. <br /> <br />7) by May I, 2001, Developer has completed construction documents and pricing <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 <br />the first phase. <br /> <br />. <br /> <br />sm.182112v) <br />SA2S,-40 <br /> <br />4 <br />