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<br />TERMS SHEET <br /> <br />June 23, 1997 <br /> <br />DEVELOPMENT AGREEMENT <br /> <br />between <br /> <br />CITY OF ROSEVILLE <br /> <br />and <br /> <br />OPUS NORTHWEST, L.L.C. <br /> <br />regarding <br /> <br />135/HIGHWAY 36 GATEWAY PROJECT <br /> <br />The basic terms of the Development Agreement are as follows: <br /> <br />1. Land. The Developer is entitled to purcha:se the land from the City. The <br />City will assemble the land; it owns some now, has options on other <br />parcels, and may need to condemn a final parcel. The City will retain <br />ownership of the ponding site and street. The Developer will buy the <br />remaining land in three parts, Part I in 1997, Part II in 1998, and Part III in <br />1999. <br /> <br />2. Land Prices. Significant soil correction costs have caused the City to <br />reduce the initial sale price of the land from values contemplated earlier. <br />Part I land will be sold at 50¢/square foot. Part II and Part III land will be <br />sold at 25¢/square foot. <br /> <br />3. Land Sale Price Sharing. If undeveloped land is sold by the Developer <br />to an unrelated party, the City will receive half the sale price (minus sale <br />costs) over $2.17 per square foot. If developed land is sold to an <br />unrelated party, the City will receive nothing for Part I and 20¢/square <br />foot for Part II or Part III land. <br /> <br />4. Pay as You Go TIF Component. Due to the high costs of the <br />unexpected soil correction, the City will reimburse the Developer up to <br />$550,672 represented by a Reimbursement Note payable without <br />interest. The $550,672 will be reduced dollar for dollar by the amount <br />that soil correction costs are less than $1,586,389. <br /> <br />341972.3 <br />