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Attachment B <br />undertake all other obligations described herein. <br />NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and <br />obligations set forth herein, the parties agree as follows: <br />1. Negotiations between the parties shall proceed in an attempt to formulate a definitive <br />purchase and redevelopment contract ("Contract") based on the following: <br />(a) the Developer's Proposal, which shows the scope of the proposed <br />Development in its latest form as of the date of this Agreement, together with any changes <br />or modifications required by the City; <br />(b) a mutually satisfactory Contract to be negotiated and agreed upon in <br />accordance with negotiations contemplated by this Agreement; <br />(c) such documentation regarding economic feasibility of the Project as the City <br />may wish to undertake during the term of this Agreement; and <br />(d) other terms and conditions of this Agreement. <br />2. It is the intention of the parties that this Agreement: (a) documents the present <br />understanding and corninitments of the parties; and (b) will lead to negotiation and execution of a <br />mutually satisfactory Contract for the Development prior to the termination date of this Agreement. <br />The Contract (together with any other agreements entered into between the parties hereto <br />contemporaneously therewith) when executed, will supersede all obligations of the parties <br />hereunder. <br />3. During the term of this Agreement, the Developer shall: <br />(a) No later than thirty (30) days after the effective date of this Agreement, <br />submit to the City a design proposal to be approved by the City and Authority showing the <br />location, size, and nature of the proposed Development, including floor layouts, renderings, <br />elevations, and other graphic or written explanations of the Development. <br />(b) No later than thirty (30) days after the effective date of this Agreement, <br />submit an overall cost estimate for the design and construction of the Development. <br />(c) No later than thirty (30) days after the effective date of this Agreement, <br />submit a time schedule for all phases of the Development. <br />(d) Undertake and obtain such other preliminary economic feasibility studies, <br />income and expense projections, and such other economic information as the City may <br />reasonably desire to further confirm the economic feasibility and soundness of the <br />Development. <br />� <br />