02-12-07 Item 7B, Preliminary Development AGreement for Funding and Guaranty for TCAAP

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(i) preliminary (and periodically updated) site plans for the Development Property, and (ii) preliminary (and periodically updated) development schedules for the Development, including preliminary phasing and staging plan (2) Within 30 days after the City and GSA (with Developer's consent) have entered into a written agreement regarding the amount of remediation credit and the credit mechanism under the OTP, Developer shall submit a preliminary project proforma with estimated costs of the Development and possible sources and uses of all funds to finance such costs; and (3) Within 30 days after the draft of the AUAR is submitted for review and connnent in accordance with Minnesota Rules, Chapter 4410, Developer shall submit a preliminary report on the market feasibility ofland uses designated in the AUAK (b) Developer shall cooperate and participate with the City in negotiations with GSA regarding any necessary amendments and clarifications to the OTP; obtaining access to the Development Property; obtaining from GSA and U.S. Army all environmental reports and information regarding the Development Property; identifying the nature, extent and cost of remediation; determining the mechanism for applying remediation costs as a credit against the purchase price and the amount of such credit; determining the terms and conditions of the Memorandum of Agreement (as defined in Section 28 of the OTP); obtaining changes to the FOST and FOSET (as defined in Section 5 of the OTP); obtaining acceptable terms for the Covenant Deferral Request process for early transfer under Section 24 of the OTP and the timing thereof; all other matters under the OTP; the terms and conditions relating to the conveyance and remediation of the Wildlife Area and the Athletic Field Area; and the matters set forth in this Section 3 and in Section 5(a) through 5(t) and Section 7 below, As used in this Agreement, the "Wildlife Area" and the "Athletic Field Area" shall mean the portions of the Development Property designated on Exhibit C. (c) Developer shall provide, upon the reasonable request of the City staff from time to time, reports as to the Developer's progress in assembling the information necessary to comply with the terms of this Agreement. (d) Guaranty. Developer agrees to fund the earnest money as provided in Section 3,OB of the (e) Developer agrees to assume the obligations of the City as provided in Section 3.0C ofthe Guaranty. The costs of all undertakings by the Developer under this Section 3 shall be born solely by the Developer unless and to the extent any such costs are Developer Reimbursable Costs as defined in Section 5 (t). All of the information and materials described in this Section 3 shall be the property of the Developer. 4