Res 2020-080/approving a third amendment to the term sheet attached to Resolution 2014-143R regarding the advisability of the improvements in the Whisper Public Improvement District for the purpose of extending the date by which construction of the publi

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TERMS AND CONDITIONS No PID bonds will be issued without the approval by the City Council of a Service and Assessment Plan for the District. 2. No General Obligation or Certificate of Obligation bonds will be utilized by the City to fund the PID. 3. The Appraiser preparing the appraisal required in connection with the PID Bonds shall be selected by the City in consultation with the Developer and all reasonable fees shall be paid by the Developer. 4. The Developer agrees to obtain site development and building permits and, commence construction of a 50,000 square foot speculative commercial building (i) within 100 days of City acceptance of the Improvements, and (ii) before any PID Bonds are issued to reimburse the Developer for the costs of such Improvements. 5. The City and the Developer agree that the following will constitute the minimum building standards for the 50,000 square foot speculative building. a. The building shall have a minimum of 35% glazing on all primary street facing facades and 20% on all secondary street facing facades. b. A maximum of one row of parking (defined to include two sides of parking) shall be permitted between the street and the front of the building c. Decorative awnings shall be provided over pedestrian entrances. d. All street facing facades shall be a minimum of 50% decorative masonry. e. A landscape area of 15% shall be required and shall follow Section 6.1.1.4 of the City's Land Development Code. f. No freestanding pole signs shall be permitted. g. All utilities shall be underground (there shall be no overhead utilities). 6. It is the intent of the Developer to request the issuance of one PID bond to provide the agreed upon reimbursements. However, the Developer retains the right to request the agreed upon reimbursements through more than one PID Bond issue with the condition that the maximum construction costs to be reimbursed will not exceed the amount described in Financing Criteria #3 and the total amount of all Bond issues shall not exceed the amount described in Financing Criteria #l. 7. The Developer and the City agree that each PID bond issue will be subject to approval by the City Council but that the terms outlined in this term sheet will apply, until an Amended and Restated Whisper PID Financing Agreement (the "PID Financing Agreement") is approved by the City Council. Upon approval of the PID Financing Agreement, the terms and conditions thereof, shall replace and supersede this term sheet, and this term sheet shall be of no further force or effect.