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FINAL APPROVED 1.25.16 <br /> 3. Term; Duties. <br /> (a) During the term of this Agreement,EDA agrees to: <br /> (i) Proceed to seek all necessary information with regard to the <br /> anticipated public costs, if any, associated with the Development. <br /> (ii) Should negotiations be successful, enter into a development <br /> agreement with the Developer for the Development. <br /> (b) During the term of this Agreement,Developer agrees to: <br /> (i) Develop and submit its detailed proposal, including the plans and <br /> specifications, for purchase and development of the Development. <br /> (ii) Conduct a due diligence review of the portion of the Property <br /> included in the Development, including without limitation, which must be acceptable to <br /> the Developer in its sole discretion: title, survey, environmental (Phase I & Phase II <br /> reports), soils, and market studies. <br /> (iii) Obtain approval by the EDA, City (including its Engineer, <br /> Planning and Inspection Department, and any other governing authority) for approval of <br /> the site plan, exterior elevations and finishes,PUD approval. <br /> (iv) Obtain any other necessary governmental approval from any <br /> governing authority. <br /> (v) Obtain financing on terms acceptable to Developer, including but <br /> not limited to public subsidies (such as pay-as-you-go TIF in a mutually agreeable <br /> amount),private loans and equity investment. <br /> (vi) Should negotiations be successful, enter into a development <br /> agreement with the EDA for the Development. <br /> 4. Business Subsidies; TIF. <br /> (a) EDA understands that the Developer is seeking business subsidy <br /> assistance from the City or the EDA. During the term of this Agreement, Developer <br /> shall: <br /> (i) Submit to EDA a design proposal to be reviewed by EDA showing <br /> the location, size, and nature of the proposed Development, including layouts, renderings, <br /> elevations, and other graphic or written explanations of the Development. The design <br /> proposal shall be accompanied by a proposed schedule for the starting and completion of <br /> the Development. <br /> (ii) Submit an over-all cost estimate for the design and construction of <br /> the Development. <br /> 3 <br /> 469964v9 SJR MU205-46 <br />