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4. Phased Development <br /> The CITY has granted Final Development Plan Approval for the PUD on September 23, <br /> 2003, which includes the development of the following land uses: <br /> A. Approximately 142,000 square feet discount retail <br /> B. Approximately 89,800 square feet retail <br /> The PUD (Phase I of the Project) consists of the following land area: <br /> Lots 1 and 2, Block 1 and Lots 1, 2 and 3, Block 2, Silver Lake Village, Outlots A and B, <br /> Silver Lake Village, OUTLOTS A and B, Silver Lake Center,Lot 1, Block 1, Silver Lake <br /> Center, and Lot 5,Block 1 Silver Lake Center. <br /> The DEVELOPER intends to develop or redevelop the Property in one or two <br /> construction seasons. Consequently,the entire site will be graded within that time period. <br /> 5. Compliance with Laws and Regulations. <br /> The DEVELOPER represents to the CITY that to the Developer's knowledge, the <br /> Commercial Element complies with all City, County, Metropolitan, State, and Federal <br /> laws and regulations, including but not limited to: Subdivision Ordinances, Zoning <br /> Ordinances and Environmental Regulations. The DEVELOPER agrees to comply and to <br /> cause any tenants of the Property to comply with such laws and regulations. <br /> The City agrees that the "no-build easements" created in the "Amended REA" (as defined <br /> in Section 7CC) are sufficient for the buildings and structures on the tracts benefiting <br /> from such "no-build easements" to meet all requirements for an "Unlimited Area Code" <br /> building classification. <br /> 6. Rezoning. <br /> The CITY conducted hearings (including the official rezoning public hearing before the <br /> City's Planning Commission on September 16, 2003) to consider the rezoning of the <br /> Subject Property from Commercial to PUD Planned Unit Development. The Planning <br /> Commission recommended rezoning on September 16, 2003 and the CITY, on November <br /> 25, 2003, rezoned the Property to PUD, subject to the DEVELOPER's compliance with <br /> the approved plans, and the terms and conditions of this agreement. (Minor variations <br /> from the approved plans may be approved by the City, under the direction of the City <br /> Manager). <br /> Substantial departures from the approved plans will require an amendment to the PUD, in <br /> accordance with Section 1655.07 of the City of St. Anthony Zoning Ordinance. Failure <br /> by the DEVELOPER to commence development activity, in accordance with the final <br /> development plan within one year following the date of this PUD Agreement, will <br />