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. Redeveloper agrees to donate a portion of the redevelopment property for the construction of a sub-regional stormwater pond for use by the redeveloper and the northern portion of the Elmwood neighborhood. It will be the Redeveloper's responsibility to construct the pond per city and watershed district specifications and requirements, install landscaping approved by the city, and maintain both on an ongoing basis. It will be the city's responsibility to dredge the pond as necessary on a periodic basis and in cooperation with the Redeveloper. The Redeveloper is responsible for its proportionate share of the construction cost of the sub-regional pond. Since the pond is to serve an area of approximately 40 acres and the redeveloper's property is approximately 10 acres the redeveloper's proportionate share ofthe construction cost is 25%. The city agrees to pay upfront for the remaining 75% of the pond's construction cost through its Development Fund. The City expects to recoup its costs through a stormwater management fee charged to properties that redevelop within the northern portion of the Elmwood neighborhood. . Redeveloper agrees to complete construction on: . Phase I - mixed use bldg consisting of approximately 25,000 SF of retail space and 54 condominiums by June 30, 2007. . Phase 11-74 condominiums by Dec. 31,2008. . Phase III - 22 townhomes by Dec. 31, 2008. . Phase N -220 aparlments by Dec. 31,2009. . Upon satisfactory completion of the project, the EDA will furnish the Redeveloper with a Certificate of Completion. . Redeveloper agrees to provide the EDA with proof of proper insurance. . If Redeveloper requires mortgage financing for the development of the Project, the EDA agrees to subordinate its rights under the Agreement to the Holder of any Mortgage securing construction or permanent financing, in accordance with the terms of a mutually-approved subordination agreement. . Redeveloper agrees not to transfer the agreement or the redevelopment property (except to an affiliate) prior to receiving a Certificate of Occupancy for each phase without the prior written consent ofthe EDA. . Redeveloper agrees that the EDA and the City will not be held liable for any loss or damage to property or any injury to or death of any person occurring at or about or resulting from any defect in the Redevelopment Property or the Minimum Improvements.