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11 <br />Wood,b wanted, the cit � to subordinate 1007, of '*ts land. <br />• I <br />A*i City will only subordinate 25%, <br />2,. Wolodb wanted to taxes no development schedule. (The city <br />could not fully collect taxes because ol' <br />$181 Million in debt service) f IRS laws thus exposing Roseville to <br />A* Cl"ty can, delclare a default "if the taxes are not present to pay debt <br />and/or we cannot, Collect the guarantee to pay our debt, <br />Bo Two, -2) years In I <br />at a a I <br />i advance, City looks taxes nd csh, 'f not enough <br />to pay bonids.0, Woodbridge must develop 'in July to ensure taxes., Failure to <br />do so is a, default, <br />C. Woodbridge must have 6259000 square feet at the end of fifteen (15) <br />years. If niot, a default, can be de,cliaried. <br />(In, effect, the city can force Construction 'if taxes and cash are not <br />available,,. ) <br />3, -4QQ)AdhbKrji,1d kield city to acicept two 1(2) year indemn-f-cat- Garrett <br />ge, as 1, <br />"hotspoit'l., ..... ion on <br />The city will agree to this as the pesticides have been removed from the <br />"i <br />In addition the development agreement provIdes general <br /># '.I <br />i nd emn 1 f i c,a t *1 on, <br />4v W'oodbri delayschedule for one ye 0 <br />This is acceptable as condemnation has delayed the processl <br />5 Vi All, cash . aldvaniced, •X.NWNLI will have to be used on this site. <br />The above, represents a much better deal f or the city in that Roseville <br />gets NWNL into the deal ($,7 million, to immediately leverage Construction) <br />hoiw,e,veri, the city is not, exposed f or, add itif onal debt service, construction <br />can be forced and <br />2 vOOO square feet must still be constructed, <br />