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33 <br />Mike Mornson <br />Development Agreement — Phase III Silver Lake Village Redevelopment <br />August 10, 2010 <br />Page 5 <br />7. Payment of Special Assessments <br />a. Existing Assessments. Currently there are existing assessment payments due and owing on <br />the Phase IIIA parcels. The Redeveloper is required to become current in their tax <br />payments, including currently due installments assessments. It is anticipated that at the <br />time of sale of one or both portions of Phase IIIA, the outstanding special assessments will <br />be paid in full (currently $59,583.32 for each parcel for a total of approximately $120,000). <br />8. Development Timeframe <br />a. Commencement of Construction. The Redeveloper has until December 31, 2011 to <br />commence construction on any element in Phase III. The Agreement will automatically <br />terminate on December 31, 2011 as regards Phase III rights on any element not under <br />construction. The termination will not affect TIF payments on Phases IA and IIB as set <br />forth in section 2 <br />9. Reporting Requirements <br />a. Monthly Reports. The Redeveloper agrees to provide the City/HRA with monthly updates <br />on the progress of developing Phase III in a form acceptable to the City/HRA. Failure to <br />provide monthly updates shall be an Event of Default. <br />10. Events of Default <br />a. Development Dates. Failure to commence construction on any Phase III element by <br />December 31, 2011 is an event of default. If the Redeveloper fails to commence any <br />portion of Phase III, then their right to develop that particular phase terminates and their <br />right to any tax increment for Phase III terminates. <br />Please contact me at 651-697-8500 with any questions. <br />cc: File <br />