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it is currently defined, contains appro�mately 108 acres, or appro�mately 60% of the total Twin Lakes RedevelopmentArea. (Refer to Ryan DevelopmentArea Map). The City must provide a notice of the intent to pursue development of the property within the subdistt`ict and is required by its e�sting agreement with Ryan Companies to provide Ryan witll tlle right of first offer to enter into a development agreement for the property. This applies to any development witllin the Twin Lakes Development Subdistrict where 10% or more of the new development is proposed to be office, medical, showroom or otller light industrial developmen� If the City receives an offer for development from any other developer, the City, before accepting that offer, must offer the same agreement to Ryan Companies for development of the same property � no less favorable terms and conditions tl�an 1��ose contained in the agreement with anotllerparty. Ryan Companies then has 20 business days to accept the agreement (if tlley l�ave secur�ed control or ownership of the property). If Ryan fails to exercise its first right witllin 20 days, its rights are deemed waived and the City can pursue developmentwith the other developer. The fixst offer rights in the agreement nm until November 24,2003 . If the City fails to notify the developer m writing 60 days prior to that date of expiration, tllen the expiration date is automatically extended to November 24,2008. Actual development which has occurred to date includes the construction of a 48,000-square-foot office-flex building, a 74,500 s.f. office-flex building, a 66,000 s.£ medical office buildiig, a 35,000 s.f. office-flex building and a 105,000 s.f, office-flex buildiig. It is estimated tl�t these developments have generated over 1,150 jobs with an annual payroll of appro�mately $27 million and $850,000 in ar�al property taxes. In the future, and based on the new development to date, when the redevelopmentof the Twin Lakes RedevelopmentArea i s complete, the hucking and outdoor storage gradually will be replaced by a more contemporary miY of high quality office, medical facilities, limited light industrial and office/showroom buildings, complementary commercial businesses and multiple housing witll a focus on the natural environmental amenities adj acent to the area. The'Iinr�n Lakes RedevelopmentArea Renewal St�tegy includes up to 3.0 million square feet of new or refurbished buildings. This additional square footage �m the tota12.1 million outlined 'm the 1996 plan is due to the added parcels and proposal for multiple-level developments. The implementation is expected to be at market-drivenrateswith developmentbeginningas early as 2002 until fUll development is reached around 2020. (Several parrcels that lie within the project bounda�ies have �r�dy been redeveloped or are being const�ucted, with all governmental decisions »urde for those project�) The proj ect also includes the use of tax increment financing when available to aid in construction of the Twin Lakes Parkway, a twalane road with landscapedmedians, left and right turning lanes, and landscaped boulevards. Direct access from Twin Lakes Parkway to and from northbound I-35W will be provided Through staging, this street will connect to and provide right-in, right-out access to Snel�ing Avenue on the east side of the proj ectarea cflnsistent witll the original transportation plan of 1988. The Parkway is needed to provide proper access to interior parcels, to accommodate future traffic generatedwithin the site, and to improve levels of service and capacity restraints on e�sting local and regional roadways around tlle proj ect area, including County Road C, Cleveland Avenue and Fairview Avenue. fL