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<br />e <br /> <br />e <br /> <br />e <br /> <br />MAR-19-2002 13:36 <br /> <br />COMMUN IT,( DEU <br /> <br />61292~2663 <br /> <br />P.12 <br /> <br />8) by June 1, 2001, construction of utilities and streets for the first phase <br />corrunences. <br /> <br />9) By August 1. 2001, belowground excavation for construction of buildings in the <br />first phase commences. <br /> <br />Section 4. Administrative Costs. Upon execution of this Agreement, the Developer has <br />deposited with the Authority: funds in the amount of $25,000, receipt of which the Authority <br />hereby acknowledges; and an irrevocable bank letter of credit in the amount of $225,000, in a <br />fonn reasonably acceptable to the Authority and having a duration, including renewals through at <br />least August 2, 2001. Such funds and letter of credit will be applied as follows: <br /> <br />(a) The $25,000 cash deposit is nonrefundable. <br /> <br />(b) From and after September 15,2000, an additional $25,000 becomes nonrefundable <br />except under Section 4(d). Further, on or before September 15,2000, the Developer <br />must deposit with the Authority cash in the amount of $25,000, together with a <br />substitute irrevocable bank lener of credit in the amount of $200,000 in a form <br />reasonably acceptable to the Authority. <br /> <br />(c) From and after December 18, 2000, an additional $100,000 (whether cash or letter <br />of credit) becomes nonrefundable except under Section 4(d); provided that if the <br />Authority board of commissioners fails to approve the Contract as presented to the <br />board after negotiation by Authority staff and the Developer, this paragraph has no <br />force or effect unless or until approval of the Contract by the Authority board of <br />commissioners. <br /> <br />(d) Upon commencement of below-ground excavation by August 1, 2001 in accordance <br />with Section 3(b)(9), up to $225,000 of the deposit will be returned to the <br />Developer, less "Authority Costs" incurred through August 1, 2001. The term <br />Authority Costs means out-of pocket-costs incurred by the Authority from and after <br />July 6, 2000 for (i) the Authority's financial advisor in connection with the <br />Authority's financial participation in redevelopment of Park Commons East, <br />including without limitation all costs related to modification or establishment of any <br />tax increment fmancing district, (ii) the Authority's legal counsel in connection with <br />negotiation and drafting Oflhis Agreement, the Contract and any related agreements <br />or documents, and any legal services related to the Authority's financial <br />participation in redevelopment of Park Commons East (excluding legal costs <br />directly related to acquisition of property in Park Commons East); (iii) any <br />consultants retained in connection with the preparation and approval of an EA W <br />and ISP or amendments thereof for Park Conunons East; (iv) any appraiser retained <br />by the Authority in cOlUlection with the Authority's financial participation in the <br />redevelopment of Park Conunons East (excluding the cost of appraisals directly <br />related to acquisition of property in Park Commons East); and (v) consultants <br />retained by the Authority for planning, environmental review, and traffic <br /> <br />S)8.182172v) <br />SA2SS-40 <br /> <br />5 <br />