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(5) Subject to Force Majeure and any delays in obtaining City approvals and/ <br />or permits, within 100 days of City acceptance of the Public Improvements and prior to issuance <br />of the PID Bonds, Whisper MC agrees to obtain site development and building permits for, and <br />commence construction of, at least a 50,000 square foot speculative commercial building that <br />meets the following minimum standards: <br />a. The building shall have a minimum of 35% glazing on all primary <br />street facing facades and 20% on all secondary street facing facades. <br />b. A maximum of one row of parking (defined to include two sides of <br />parking) shall be permitted between the street and the front of the building. <br />C. Decorative awnings shall be provided over pedestrian entrances. <br />d. All street facing facades shall be a minimum of 50% decorative <br />masonry. <br />e. A landscape area of 15% shall be required and shall follow Section <br />6.1.1.4 of the City's Land Development Code. <br />f. No freestanding pole signs shall be permitted. <br />g. All utilities shall be underground (there shall be no overhead <br />utilities). <br />(6) Upon completion of the Public Improvements contemplated by the <br />Acquisition and Reimbursement Agreement and the City's receipt of a Bond Issuance Request <br />from Whisper MC, the City will issue the PID Bonds, subject to meeting the requirements and <br />conditions stated herein and State law, to reimburse Whisper MC for Actual Cost of the Public <br />Improvements less any amounts already reimbursed to Whisper MC pursuant to the Acquisition <br />and Reimbursement Agreement. The City may commence the documentation and preparation <br />for sale of the PID Bonds based on written notice by Whisper MC of the anticipated completion <br />date of the Public Improvements within 120 days and the City's receipt of a Bond Issuance <br />Request from Whisper MC. If Whisper MC does not make a Bond Issuance Request, the City <br />shall, nevertheless collect Special Assessments and reimburse Whisper MC for Actual Costs of <br />the Public Improvements pursuant to an applicable Acquisition and Reimbursement Agreement. <br />(b) To receive funds from the proceeds of the PID Bonds, if any, to pay the Actual <br />Cost of a given Public Improvement, the Owners shall deliver to the City (i) documentation <br />evidencing the Actual Cost, (ii) documentation evidencing the acceptance of the Public <br />Improvement by the City or Owners' execution of an easement granting the City and the public <br />the right of access to and use of such Public Irnprovement (as set forth in the PDD), and (iii) an <br />assignment of the warranties and guaranties, if applicable, for such Public Improvement, in form <br />reasonably acceptable to the City. Nothing herein shall prohibit Whisper MC from being <br />reimbursed for design costs associated with a Public Improvement. <br />10 <br />WHISPER PID FINANCING AGREEMENT <br />