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FROM LHRK111 HOFFFIHH HHiH.N <br />COUNTRY DRIVE REDEVELOPMENT SITE <br />June 26, 1989 <br />Page 4 <br />12:04 <br />LETTER OF INTENT <br />The following items are recommended to be included, as <br />applicable, in the Letter of Intent: <br />R. 4 <br />1. PROPERTY ASSEMBLY. <br />It shall be the developer's responsibility to assemble <br />the <br />property is developed incphases,f the tdevelopertshall use atoleast <br />3.5 acres for each phase of the project. Before the <br />first phase of the project is approved, the developer <br />shall furnish evidence to the City of purchase, purchase <br />agreements, or options on at least 60 percent of the <br />total project site. The second phase of the project <br />will require proof of property control on the remaining <br />land. <br />2. SITE PLAN REVIEW. <br />A preliminary site plan of the entire site shall be <br />prepared by the developer and furnished to the City for <br />review within 90 days of the signing of the Letter of <br />Intent. Upon approval of the overall site plan, a <br />preliminary plan of the first phase of the proj ect shall <br />be submitted within 120 days of the approval. An overall <br />ratio of no less than 10,000 square feet of building per <br />acre shall be required on the site. <br />3. TIF ASSISTANCE. <br />The City shall financially assist the project with Tax <br />Increment Financing. The level of assistance shall be <br />determined for the project depending upon projected <br />assessed values of new structures and other con- <br />siderations. It is the intent of the City of Little <br />Canada to make a reasonable amount of TIF funds available <br />in order to enhance the developability of the site and to <br />create a quality development that will be compatible with <br />the adjoining neighborhood. <br />Page 32 <br />