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Mike Mornson Phase 11 Northwest Quadrant Redevelopment November 8, 2005 Page 2 The land payments for the high density housing in IIB and ITC is consistent with land prices paid in Phase 1. Based upon the above referenced development program, following is a listing of the proposed business terms for the final Development Agreement: 1. General a Parties, The Agreement is between the City, HI2A and Apache Redevelopment LLC, the Master Redeveloper for Phase I. The Redeveloper will subdivide the redevelopment area and sell various portions of the property to other entities (in which Pratt Ordway, its principals or affiliates will be participants). 2. Land Use And Development Controls a Development. The Developer is required to seek all customary City approvals prior to commencement of development of any element in Phase 1I. b. Strcc_-t Vacations Within Ucvcloprnent Property_ The City will vacate 38°i Avenue and any other public right-of-way located adjacent or within the Phase 11 development: property as required for the project t in accordance with the PUD Agreement and the final plans. 3. Property Acquisition Privately_ Owned Dev_elment Prouty The developer currently owns the Vacant Wirth parcel, Don's Carwash and Ed's Carwash. The developer shall use all efforts to acquire the remaining parcels in the Phase 11 development in a timeframe consistent with development. The Developer will consult with the City on appropriate efforts, prices and terms for the acquisitions and these terms are subject to City/HRA approval. b. Payment of Special Assessments. The Developer agrees to pay at closing on each property any and all pending special assessments for the public improvements completed in Phase I and assessed to properties located within the Phase II development area. 4. Tax increment. a. Amount „of Increment: Based upon the latest Sources and Uses from the Development Team, it is anticipated that the Phase 11 development will generate approximately $6.2 million in present value tax increment. Of this increment, it is anticipated that the Developer will require approximately $5.8 million to complete the redevelopment (see attached budget). b. Administration Expense Allocation. Currently all TIP calculations show 5% of available Tax Increment being available for administration. To the extent that the development will require more than 95% of the TIF for actual redevelopment costs or coverage of bonds, the City may elect to subordinate its 5% administration until the entire development comes on line (it is anticipated that this will not be required at this time). In the alternative, if there is excess increment, the City may increase its administration amount to the statutory limit of 10%.