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ARTICLE m ACQUIsmON, FINANCING AND CONSTRUCTION PLANS Section 3.1. Development Proposal Generally. The City selected the Developer as the exclusive developer to work with the City to implement the concepts contained in the Master Plan for the revitalization and redevelopment of the Project Area. The Project Area property, encompassed by the Master Plan, is the Development Property and consists .of the City Property and the Acquisition Property. The City owns the City Property. Multiple parties own the Acquisition Property. The City determined that the Developer's proposal for the redevelopment. of the Development Property is in the best interests of the City and the City's residents and that, therefore, the City is willing to sell the City Property to the Developer for the sum of $420,000, and assist the Developer by using its best efforts to acquire the Acquisition Property, if requested by the Developer. Furthermore, the City agrees to use its best efforts to obtain and provide certain funding, including but not limited to Tax Increment generated by the Minimum Improvements, to offset a portion of the Developer's costs, all as provided for in this Agreement. Due to the high cost of acquiring and redeveloping the Development Property, the City has determined that the Minimum Improvements would not be constructed without the financial participation of the City as proposed by the Developer. Generally, the City and Developer intend that during the term of this Agreement they will endeavor to do the following: (a) Phases; Further refine the plans for the development of the various Phases and Sub- (b) Attempt on a voluntary basis to secure control of the Development Property through the negotiation of options or purchase agreements with the owners thereof; (c) Identify those Parcels of the Development Property that they will be unable to acquire on a voluntary basis; (d) Analyze the financial feasibility of the development of the Minimum Improvements and Public Improvements, including the amount of any necessary public financial assistance; and (e) Identify the sources of available funds to be used to provide the identified necessary public financial assistance. (t) Analyze the applicability of the Minnesota Business Subsidy Law, Minnesota Statutes, sections 116J.993 to 116J.995. Section 3.2. Development Proposal Specifically. The Developer and City have analyzed the Developer's proposed development of Phase I and, subject to Section 3.2(d), the Developer has committed to undertake the development of that Phase, subject to the terms of this Agreement. The City ;and Developer intend that during the term of this Agreement they will endeavor to reach a final agreement on the following for each Sub-Phase of each applicable Phase, prior to proceeding with the next Phase: 10