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11.23.2022 <br />other agreements entered into between the parties hereto contemporaneously therewith) will <br />supersede all obligations of the parties hereunder. <br />3. Term; Duties. <br />(a) During the term of this Agreement, the 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; and <br />Should negotiations be successful, enter into a development agreement <br />and/or contract for private development, satisfactory to the EDA in its sole discretion, with <br />the Developer for the Development. <br />(b) During the term of this Agreement, the Developer agrees to: <br />(i) Develop and submit its detailed proposal, including the plans and <br />specifications, for purchase and development of the Property; <br />Conduct a due diligence review of the portion of the Property included in <br />the Development, including without limitation, which must be acceptable to the Developer <br />in its sole discretion: title, survey, environmental (Phase I & Phase II reports), soils, and <br />market studies; <br />(ii) Obtain approval by the EDA and the 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, and zoning approval; <br />Obtain any other necessary governmental approval from any governing <br />authority; <br />(iii) 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 amount, <br />and housing tax credits), grants, private loans, or equity investment(s); and <br />Should negotiations be successful, enter into a development agreement <br />and/or contract for private development with the EDA for the Development. <br />4. Developer Submissions; Business Subsidies; TIF; Housing Tax Credits. <br />(a) The EDA understands that the Developer may be seeking business subsidy <br />assistance from the City and/or the EDA. During the term of this Agreement, Developer <br />shall: <br />(i) Submit to the EDA a design proposal to be reviewed by the EDA <br />showing the location, size, and nature of the proposed Development, including layouts, <br />renderings, elevations, and other graphic or written explanations of the Development. The <br />3 <br />MU205\59\835592.v10 <br />