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<br />357534.2 <br /> <br />TERMS SHEET <br /> <br />July 10, 1997 <br /> <br />DEVELOPMENT AGREEMENT <br /> <br />between <br /> <br />CITY OF ROSEVILLE <br /> <br />and <br /> <br />FAIRVIEW H.A. ASSOCIATES, L.L.C. <br /> <br />regarding <br /> <br />TIF DISTRICT NO. 15 PROJECT <br /> <br />The basic terms of the Development Agreement are as follows: <br /> <br />1. Land. The Developer has acquired the land and the cost thereof will be <br />reimbursed by the City under the Pay as You Go TIF Reimbursement <br />Note. <br /> <br />2. Developer. The Developer is Fairview H.A. Associates, L.L.C, Mr. John <br />Allen is the City's contact with the Developer. <br /> <br />3. Pay as You Go TIF Component. The City will reimburse the Developer <br />up to $567,660 represented by a Reimbursement Note. Total payments <br />on the Reimbursement Note, whether for principal or for interest at 7~~, <br />cannot exceed $567,660. Reimbursable costs are for land acquisition, <br />site preparation, grading, retaining walls, demolition of prior <br />improvements, heavy duty joint driveways, to the extent not covered by a <br />$373,000 grant soil contamination testing and cleanup, and any other <br />cost permitted by law for a redevelopment district. <br /> <br />This will be payable annually from 90% of the tax increments <br />received from the redevelopment property. The City retains the other <br />10% of tax increments. <br /> <br />4. <br /> <br />Required Amount and Tvpe of Development. The Developer is required <br />to develop a 40,000-45,000 square foot industrial/business building on <br />the redevelopment property. <br /> <br />1 <br />