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<br />. <br /> <br />independent appraisal performed for the City. An Environmental Impact <br /> <br /> <br />Phase I Study has been completed and win be made available. <br /> <br />V. PERFORMANCE GUARANfEE <br /> <br />A development agreement win require to be entered into by the successful <br /> <br />developer and the City with adequate guarantees and security for the <br /> <br />planned development of The Oaks. The contract will require evidence of <br /> <br />financial commitment in the form of financial commitments from equity <br /> <br />sources and lenders prior to the sale <br /> <br />of the property to the developer and before the City provides public <br />improvements to the site. <br /> <br />VI. SELEGrION PROCESS <br />1. The developers that met the Request for Qualifications are <br />subsequently, moved foreword to the proposal stage. <br />2. The Advisory Committee meets to be apprised of which developers <br />met the qualifications. <br />3. The developers that met the qualifications win be asked to develop a <br />comprehensive proposal. This will include items ranging from the <br />site plan to the expected financing scenario. <br /> <br /> <br />4. The Advisory Committee reviews and subsequently, ranks the <br /> <br /> <br />proposals. The City Council win than approve the ranking. <br /> <br />7 <br />