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<br />Environmental <br />Studies: <br /> <br />The Redevelopers will each be responsible for reviewing the <br />requirements for triggering the need for an environmental <br />assessment worksheet in connection with the proposed <br />development on their separate parcels. The review must <br />specifically address issues relating to environmental impacts based <br />upon the proposal. Each Redeveloper separately must prove, to the <br />City's satisfaction, that their projects do not create any negative <br />environmental impacts that would necessitate the need for an <br />environmental assessment worksheet or (eventually) an <br />environmental impact statement. <br /> <br />Existing Improvements: <br /> <br />Existing improvements on the site shall not be removed until <br />approval is granted by the City in order to preserve the parcel's <br />eligibility for inclusion in a tax increment district if needed and/or <br />requested by either Redeveloper. <br /> <br />Timing: <br /> <br />The City and the Redevelopers will develop a project schedule. <br />Substantial completion of Construction of Minimum <br />Improvements shall include: <br /> <br />SuperTarget (initial phase) up to 175,000 s.f. by December 31, <br />2004 <br /> <br />Commercial Outlots (second phase), 50% of buildings complete by <br />December 31, 2005. <br /> <br />Private Financing: As necessary, the Redevelopers will each separately obtain the <br />necessary private financing for their developments. <br /> <br />Tax Increment Financing: The City will review the use of tax increment financing only after <br />receiving a completed Tax Increment Application. The use of tax <br />increment financing will be evaluated for eligible uses associated <br />with the Development Property as are authorized under the <br />relevant statutes and City ordinances. The Redevelopers agree that <br />tax increment generated from the private improvements on the <br />Development Properties may be used for the eligible purposes as <br />agreed upon by the City Council and consistent with City TIF <br />guidelines and Minnesota Statutes. <br /> <br />Minimum Valuation: For Tax Increment Financing purposes - if requested by either <br />Redeveloper, the City may require that Redeveloper execute or <br />cause to be executed an assessment agreement for each building, <br />guaranteeing minimum values. Based upon recent tax assessment <br />appeals that affect even pav as vou flO aflreements. the discussion <br />and evaluation for the need of minimum assessment aflreement <br />will be reQuired <br /> <br />3 <br />