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• Property and the City agrees to provide public assistance as described in Section 5, <br /> below. <br /> 3. Term. The exclusive rights described in Section 2 shall continue, unless earlier <br /> terminated as provided herein, for a period of six (6) months from the date of this <br /> Agreement, or until such later date as the parties may mutually agree. <br /> 4. The Minimum Improvements. The Minimum Improvements will include, but not be <br /> limited to, demolition of existing structures and the development of approximately <br /> 26,500 sq/ft of retail. The Minimum Improvements will be constructed pursuant to <br /> construction plans acceptable to and approved by the City. <br /> 5. Public Participation. In order to achieve the foregoing multi-use redevelopment, it is <br /> anticipated that the Redevelopment Agreement will contain provisions addressing public <br /> participation, which may be necessary in order to accomplish the redevelopment. Subject <br /> to agreement to all of the terms and conditions of the Redevelopment Agreement, the <br /> form of public assistance might include: <br /> (a) Infrastructure. All necessary public infrastructure may be constructed by and in <br /> cooperation with the City, or by the Redeveloper. Costs related thereto may be <br /> financed either through special assessments, bond proceeds or a combination <br /> thereof. <br /> • (b) Grants. The City, as well as other outside sources such as Hennepin County, <br /> might consider providing grant(s) to permit the Redeveloper to construct the <br /> Minimum Improvements. The City would agree to cooperate with the <br /> Redeveloper in efforts to secure grants or similar funding. The use of any grant(s) <br /> and the amount of such grant(s) will not be known until the exact scope of the <br /> Minimum Improvements is finally determined, and the availability of certain <br /> types of grants and a Minimum Improvement budget is established. The parties <br /> will agree on how to address these matters prior to or as a part of the <br /> Redevelopment Agreement. <br /> (c) Cash. The City may be asked to provide certain loans and/or cash contributions <br /> to the Redeveloper to support redevelopment and construction of the Minimum <br /> Improvements. <br /> Any agreement by the City to provide any of the public assistance described herein, as <br /> reflected in the Redevelopment Agreement, shall be at the absolute discretion of the City <br /> based upon availability of funding, appropriate security and its analysis of need. <br /> 6. Ownership. It is expected that the final redevelopment proposal will provide that the <br /> Redeveloper will act as the master developer of the Redevelopment Property. It is <br /> contemplated that the retail portions of the Minimum Improvements will be owned by the <br /> Redeveloper, or its successors or assignees. <br /> 2 PRE-REDEVELOPMENT AGREEMENT <br />