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<br />. <br /> <br />. <br /> <br />. <br /> <br />Ma r 19 2002 12 33PM <br /> <br />No.27DO F 9/20 <br /> <br />ARTICLE V <br /> <br />PHASED DEVELOPMENT <br /> <br />The Redeveloper and the City acknowledge that the Redevelopment Property may be <br />redeveloped in non-contiguous phases over a number of years. The redevelopment of the <br />Redevelopment Property, including the scope, nature and location of phased redevelopment, will <br />be subject to such priorities as the City, in its reasonable judgment, deems 'consistent with the <br />master plan and market conditions, taking into consideration the following variables: timing; <br />geographic areas within the Redevelopment Property; the scope of necessary improvements; and <br />the type of development to lake place (for example, residential, commercial, or industrial). <br /> <br />As a result of the phased redevelopment of the Redevelopment Property, the City <br />anticipates that it will enter into a redevelopment agreement for the Redevelopment Property <br />with the Redeveloper which may provide for separate redevelopment agreements with the <br />Redeveloper for certain phases of redevelopment of the Redevelopment Property. The terms and <br />conditions of such redevelopment contracts shall be subject to the provisions of this Agreement <br />and the mutual agreement of the Redeveloper and the City. <br /> <br />ARTICLE VI <br /> <br />DEVELOPMENT AGREEMENTS <br /> <br />Section 6.1 Redevelopment Contract(s) Criteria. The City and the Redeveloper have <br />entered into this Agreement with the understandmg that they anticipate executing a contract for <br />private redevelopment for the Redevelopment Property. The City agrees that as an inducement <br />to the Redeveloper to enter into this Agreement and.as part of the consideration for the services <br />provided by Redeveloper to the City prior to this Agreement and pursuant to this Agreement, the <br />City agrees that during the term of this Agreement, Redeveloper shall have the exclusive right to <br />enter into a redevelopment agreement with the City for the redevelopment of the Redevelopment <br />Property. During the term of this Agreement the City shall not negotiate with any other party for <br />the redevelopment of a]1 or any portion of the Redevelopment Property. If the Redeveloper and <br />the City determine that they want to enter into separate redevelopment agreements for certain <br />phases of the redevelopment of the Redevelopment Property, then the redevelopment agreement <br />entered into between the City and the Redeveloper, to the extent it excludes a portion of the <br />Redevelopment Property (the "Excluded Redevelopment Property"), shall include a provision <br />extending the Redeveloper's exclusive right to enter into redevelopment agreement(s) with the <br />City for the Excluded Redevelopment Property. The redevelopment agreement(s) will include <br />all of the terms and conditions for the redevelopment of the Redevelopment Property and it will <br />be necessary for the Redeveloper and the City to address, among others, the following issues: <br /> <br />(a) Type, quantity and quality of the minimum improvements to the Redevelopment <br />Property. <br /> <br />6 <br />