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TERMS AND CONDITIONS <br /> I. No PID bonds will be issued without the approval by the City Council of a Service and <br /> Assessment Plan for the District. <br /> 2. No General Obligation or Certificate of Obligation bonds will be utilized by the City to <br /> fund the PID. <br /> 3. The Appraiser preparing the appraisal required in connection with the PID Bonds shall be <br /> selected by the City in consultation with the Developer and all reasonable fees shall be paid <br /> by the Developer. <br /> 4. The Developer agrees to obtain site development and building permits and, commence <br /> construction of a 50,000 square foot speculative commercial building (i) within 100 days <br /> of City acceptance of the Improvements, and (ii) before any PID Bonds are issued to <br /> reimburse the Developer for the costs of such Improvements. <br /> 5. The City and the Developer agree that the following will constitute the minimum building <br /> standards for the 50,000 square foot speculative building. <br /> a. The building shall have a minimum of 35% glazing on all primary street facing facades <br /> and 20% on all secondary street facing facades. <br /> b. A maximum of one row of parking (defined to include two sides of parking) shall be <br /> 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 masonry. <br /> e. A landscape area of 15% shall be required and shall follow Section 6.1.1.4 of the City's <br /> Land Development Code. <br /> f No freestanding pole signs shall be permitted. <br /> g. All utilities shall be underground (there shall be no overhead utilities). <br /> 6. It is the intent of the Developer to request the issuance of one PID bond to provide the <br /> agreed upon reimbursements. However, the Developer retains the right to request the <br /> agreed upon reimbursements through more than one PID Bond issue with the condition <br /> that the maximum construction costs to be reimbursed will not exceed the amount <br /> described in Financing Criteria#3 and the total amount of all Bond issues shall not exceed <br /> the amount described in Financing Criteria#1. <br /> 7. The Developer and the City agree that each PID bond issue will be subject to approval by <br /> the City Council but that the terms outlined in this term sheet will apply. <br /> 8. Special assessments on any given portion of the property may be adjusted in connection <br /> with subsequent bond issues as long as the maximum annual assessment rate as described <br /> in Financing Criteria #2 is not exceeded, and the special assessments are determined in <br /> accordance with the Service and Assessment Plan. Special assessments on any portion of <br />