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Home Buy Out Along Country Drive <br />Page Three <br />For the City to acquire the property, I would recommend the <br />following conditions: <br />1. Acquisition will be contingent on the construction of <br />the Phase III project. Construction should be at least <br />50% complete prior to acquisition. <br />2. Acquisition should be contingent upon a guaranteed <br />minimum tax for Phases II and III, or some other type <br />of clause in the development agreement to ensure <br />adequate cash flow which will be necessary to finance <br />these acquisitions. <br />3. The City should gain control of all parcels in question <br />under a voluntary acquisition basis. If all parcels <br />cannot be acquired on this basis, the City should not be <br />involved. <br />4. Phase IV development must occur on the site in question <br />in order to prevent the City from holding title to this <br />property. Also, should Phase IV occur on this site, <br />additional cash flow would be generated by the sale of <br />the property to the developer and future tax increment <br />collections. <br />5. Any commitments to acquire the property must be <br />contingent upon City compliance with State laws <br />governing tax increment financing and acquisition of <br />real property. It should be noted that at this point <br />in time, these factors cannot be fully evaluated until <br />we have a specific proposal in hand. <br />All in all, it appears that the City may have the ability to <br />acquire the property without assuming unreasonable risk. This <br />is not a decision to take lightly as there are many policy <br />implications involved with this decision. It is an issue that <br />requires sensitivity on the part of the City relative to the <br />effected property owners as well as a thorough evaluation of <br />economic factors that will dictate the project's feasibility <br />Page 3 <br />