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2. On past projects we have signed Development Agreements where we have guaranteed completion dates, assessed values, and real estate tax levels. We would contemplate similar arrangements in Roseville. The best guarantee you can receive is a solid track record of performance. MSP has a 100% success ratio in completing projects we have committed to undertake. In every community in which we have developed, we have delivered the project that we promised, at the quality level to which we committed, and at the price point that we projected. And in each case, the properties were leased ahead of projections. 3. Our expectations from the City of Roseville as Upartne.... are as follows: 1. The city would enter into a long-term, subordinated land lease with MSP for the southern portion of the site (approximately 7 acres). In return, MSP would provide the City annual payments of $200,000 from cash flow for a period of 25 years. 2. The City would enter into a pay-as-you-go TIF Agreement with MSP for 15 years. This TIF Agreement would state that 75% of the tax increment generated from the 242 units of senior housing would be rebated to the project to help provide affordable rents. The level of TI F assistance would remain flat for 15 years, however real estate taxes would be allowed to increase with inflation. 3. The City would issue tax-exempt bonds for the 242 units of senior rental housing. 4. The City would sell the northern portion of the site to MSP for approximately $220,000 cash. 4. Once MSP is selected as designated developer, we would undertake the following steps to build and occupy the first building(s): (Many of these activities can occur concurrently) . 1. Establish timelines with City staff to co-ordinate various approvals (ie. subdivision, re-zoning, TIF agreement, land lease, assessment agreement, tax-exempt bonding authority, etc.) - (90 days). 2. Conduct Pre-development studies (ie. soil reports, wetland reports, environmental studies, civil engineering, surveys, landscape plans, etc.) - (30-60 days). 3. Update market study (60-90 days).