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��#� � � <br />approved Development Response Action Plan ("DRAP") or if one t�r <br />more parcels of the Redevelopment Property cannot be acquired by <br />eminent domain. <br />Phasing: Areas 1(East), 2, 3 and 4: <br />Public Improvements and Site Improvements will begin within 12Q <br />days after receipt of all final approvals, expiration of any appeal <br />period related to creation of the TIF District or any eminent domain <br />proceeding, acquisition of all parcels and issuance of building <br />permits, and shall be completed within ___ days t�ereafter. <br />Construction of Minimum Improvements shall begin within 30 days <br />of completion of Public and Site Improvements. <br />[Linkage of commercial construction to housing is under discussionJ <br />Area 1(West�: <br />If market conditions do not �er-��it commencement of construction of <br />at least 180,000 sq. ft of corporate office within three (3) years of <br />creation of the TIF District, the City and Redeveloper will agree upon <br />the quantity, type and timing of housing to be built on that site. <br />Areas 5 and 8: <br />[Under discussionJ <br />Quality of Minimum <br />Improvements: The Redeveloper will not be required to execute assessment <br />agreements. To ensure quality of the Minimum Improvements, the <br />Redeveloper will provide the City with a description of the housing <br />products or other Minimum Improvements to be constructed and <br />specifications of construction materials, fixtures and available <br />upgrades. Both parties acknowledge that it is in their mutual interest <br />to maximize land sales proceeds and the value of the completed <br />Minimum Improvements. <br />The City will have the right to decline to approve the Minimum <br />Improvements if in the City's reasonable discretion it appears that the <br />total market value of the Minimum Improvements will be more than <br />% less than the market value projected in the Redeveloper's pro <br />forma unless the Redeveloper can demonstrate to the City's <br />reasonable satisfaction that the market will not support the product set <br />forth in the Redeveloper's pro �oi��. <br />Capitalized Interest: Capitalized interest during the construction period and costs o�� <br />issuance of any City public improvement or special assessment bonds <br />and TI Revenue Bonds will be tax increment eligible expenses. <br />� <br />