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12. Contemplated Development Schedule. The contemplated schedule for the <br />Redevelopment Projects is as follows: <br />Redeveloper Application: HOME Funds <br />City Application: Livable Communities Funds <br />Redeveloper Application: Soils Remediation <br />Development Agreement Execution <br />Creation of Housing TIF District <br />Demolition of Venetian Inn <br />Closing, Any Necessary Amendment to <br />Development Agreement and Latest <br />Construction Start <br />Construction Completion Date <br />Rental Component <br />For Sale Component <br />Southeast Property <br />March 2002 <br />May 2002 <br />May 2002 <br />July 2002 <br />September 2002 <br />September 2002 <br />May 2003 <br />September 2004 <br />September 2005 <br />Northeast Property <br />July 2002 <br />May 2003 <br />May 2004 (First Building) <br />13. Demolition of Venetian Inn. Redeveloper acknowledges City's desire to <br />have the Venetian Inn demolished as soon as practical and without incurring additional <br />costs to the Southeast Redevelopment Project due to filling of the foundation area. <br />Redeveloper agrees to work with the City to minimize such expense with the goal of <br />demolishing the Venetian Inn building as soon as possible after execution of the <br />Development Agreements. <br />14. Legislative Judgment. The Developer understands that many of the <br />actions which the City may be called upon to take require its reasonable discretion, and in <br />some instances, its legislative judgment. Such actions may only be made following <br />established procedures, and the City cannot agree, in advance, to any specific decision in <br />such matters. <br />15. Notices. All communications shall be directed to the Redeveloper or the <br />City as follows: <br />If to Redeveloper: <br />Sherman Associates, Inc. <br />233 Park Avenue South, #201 <br />Minneapolis, MN 55415 <br />Attention: George Sherman <br />If to the City: City of Little Canada <br />515 East Little Canada Road <br />Little Canada, MN 55117 <br />Attention: Joel R. Hanson <br />16. Termination. Except as herein provided, this Agreement will terminate <br />upon expiration of the Predevelopment Period or upon execution of final Development <br />Agreements, whichever occurs first. The parties may extend the term by mutual <br />agreement. If the Redeveloper fails to perform the defined tasks set forth in Section 12 <br />6 <br />