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FROM LARK HiOFFMAN IfIOKH 7.10.1999 14:54 <br />LETTER OF INTENT <br />Page 2 <br />4. The developer will agree to participate with the Little <br />Canada Economic Development Commission to "write down" <br />acquisition, redevelopment and public improvement costs such <br />that the developer's net Cost shall be $58,800 per acre, <br />after the City has provided its Tax Increment Financing <br />assistance. <br />5. The developer will agree to provide a preliminary site plan <br />of the overall site and a detailed site plan on phase I <br />within 45 days after the acceptance of this Letter of Intent. <br />The developer will agree to complete the development con- <br />sistent with this preliminary site plan subject to review by <br />the Little Canada Planning Commission and the Little Canada <br />Economic Development Commission. <br />6 The developer represents that the initiation of each phase <br />of the project will be contingent upon the appropriate pre - <br />leasing and project financing. Upon completion of the <br />leasing and financing arrangements, the developer would agree <br />to enter into a Development and Assessment Agreement with the <br />City based upon the planned project. The developer will <br />agree to post a Letter of Credit equal to one year's pro- <br />perty taxes for each phase of the project. <br />CITY OF LITTLE CANADA REPRESENTATIONS <br />1. The Little Canada City Council will agree to participate <br />in the redevelopment by proposing to create a Tax Increment <br />Financing District on the development site. The establish- <br />ment of this Tax Increment Financing District shall be <br />contingent upon the developer proceeding with leasing and <br />financing for phase I of the project. <br />2 The Little Canada City Council will agree, subject to the <br />verification of cost and each phase's financial feasibility, <br />to provide a project cost "write down" for each phase which <br />will reduce the acquisition and redevelopment cost to the <br />developer to a fixed price of $58,800 per acre. <br />3. The Little Canada City Council and the Little Canada Economic <br />Development Commission will agree to provide overall ongoing <br />guidance concerning the financial feasibility of the project. <br />Page 7 <br />