next page  ERA Page 5

main economic page  Back To The Economic Development Page


c. If the DEVELOPER withdraws voluntarily and requests in writing the return of the Deposit, the AGENCY may, upon authorization by its Director, return the Deposit to the DEVELOPER for good cause shown. The burden shall be on the DEVELOPER to demonstrate, to the reasonable satisfaction of the AGENCY, that the DEVELOPER has proceeded diligently and in good faith, and in accordance with the terms of this AGREEMENT. Evidence of diligence and good faith shall include, but not be limited to, a demonstration that the DEVELOPER was unable to secure financing, including government financing, despite all reasonable efforts, the existence of unfavorable site conditions such as environmental hazards, the inability to obtain proposed zoning modification(s) including Board of Zoning Adjustment approvals, alley closings, and/or urban renewal plan modification(s) deemed necessary and agreed to by the AGENCY in accordance with this AGREEMENT, and/or the existence of circumstances beyond the control of the DEVELOPER that prevent performance.

d. Upon receipt of the Deposit, the AGENCY will provide DEVELOPER a site survey and permit DEVELOPER access to the site to complete geotechnical subsurface and environmental evaluations.

2. EXCLUSIVE RIGHT PERIOD

Unless otherwise provided in this AGREEMENT, the DEVELOPER'S exclusive right period with regard to the Property shall be a maximum of two (2) years, which period shall automatically be extended for up to an additional one (1) year period upon the request of the DEVELOPER to complete certain zoning, and/or urban renewal plan approvals, or other applicable governmental approvals, as further described in Section 7, and subject to the provisions of Section 11.

3. PRELIMINARY SUBMISSION

Within one hundred and eighty (180) days, not to exceed two hundred and seventy (270) days if requested by the DEVELOPER, of the date of this AGREEMENT, and the ability of the AGENCY to provide site access to all of Parcel 27 or such longer period as may be mutually agreed upon, the DEVELOPER shall make a preliminary submission to the AGENCY including the following materials:

a. Development Summary
A narrative description presenting a scope of development which DEVELOPER believes to be feasible and in compliance with District policies concerning (i)traffic mitigation, (ii)sources of financing, including Tax Increment Financing ("TIF"), that DEVELOPER intends to request from the District and (iii) and the obligation to start construction within the exclusive right period described in Section 2, subject to the extensions provided in Section 11. The Development Summary should also set forth the terms, conditions, processes and formulas regarding the general business terms and establishment of the proposed price or leasing terms for the acquisition or lease, and development of the Property by the DEVELOPER, which terms will be subject to further negotiation between

(4)