2005.07.18 EDA Packet - Laserfiche WebLink

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If the Authority is able to acquire all of the remaining parcels quickly, the sale of Phase 11 could be moved up or even combined with Phase I. The four parcels on the corner of Winnetka and Bass Lake Road(5540, 5550, 7809 and 7801) can be delivered with either Phase I or Phase H, depending upon speed of acquisition by the Authority. • Ryland's feasibility period The Authority and Ryland are negotiating the redevelopment agreement and expect to execute the agreement or have reached substantial agreement on its terms by January 26. The agreement will be subject to the approval of Ryland's Land Committee at its meeting on February 20. Ryland will also have until April 15 to monitor the Authority's progress in acquiring the rest of the parcels in the site and relocating residents so that Ryland can satisfy itself that the Authority will be able to convey the site and construction can begin on schedule. This does not require the Authority to be in title to all remaining parcels by April 15. If Ryland is not satisfied with the Authority's progress as of April 15,it may terminate the agreement. • When Ryland pays for the land Ryland will pay the Authority$12,500 per housing unit for the land. The total land sale price, based on the number of units in the approved site plan,will be paid to the Authority in cash on the following schedule: June 1/July 1,2004(closing on Phase 1)....................10%of total land sale price September 1 2004(closing on Phase 10% " December 1, 2004.......................................................16% « March 1,2005 .............................................................16% « June 1,2005.................................................................16% « September 1,2005.......................................................16% « December 1,2005 16% " TOTAL......................................................................100% • Page 2