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1.9 <br />Mark Casey <br />Development Agreement - Dominium Senior Housing Project <br />May 8, 2012 <br />Page 3 <br />b. Park Dedication Fees. Dominium is required to pay customary park dedication fees. Based upon <br />the City's current fee schedule, it is estimated that the City will receive approximately $228,000 <br />($1,500/unit). <br />c. Storm Pond and Park Maintenance Agreements. We are still in the process of reviewing if they <br />will be required to become part of the existing agreements in place for The Landings, Silver Lake <br />Condos and Commercial elements. <br />d. Default. If Dominium does not commence construction by September 30, 2013 or finish <br />construction by December 31, 2014, then they shall be in default of the agreement. They will <br />have 30 days to cure the default. If the default is not cured, then the Development Agreement and <br />any TIF assistance will go away. <br />The elements of this transaction are within industry standards that Ehlers has seen within the <br />Metropolitan Area on these types of developments. At this time, we anticipate that a final <br />Development Agreement will be brought before the City Council and HRA in May for consideration <br />and approval. Please contact me at 651-697-8506 with any questions. <br />cc: Jay Lindgren -- Dorsey & Whitney <br />File <br />