Res 2025-208 approving a Conceptual Planning Agreement with Upward Communities for redevelopment in downtown San Marcos known as the Hopkins Redevelopment Project, including a new City Hall

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(i) Summarize the outcomes of all feasibility and due diligence work; (ii) Include a site plan and conceptual designs, specifications and renderings for Phase One; (iii) Propose principal real estate, business and legal terms for the Definitive Agreements (the "Deal Terms"); and (iv) Include a high-level project budget estimate for the design and construction of Phase One, inclusive of all hard costs and soft costs; and (v) Financing options. The purpose of the Final Development Proposal is to ensure that the Parties principally agree on the scope of Phase One and the feasibility of the Project and the Deal Terms prior to continuing in earnest with the negotiation and execution of the Definitive Agreements. (e) Predevelopment Phase. The Predevelopment Phase will commence upon the City's approval of the Final Development Proposal, and conclude upon the Parties' execution of the Definitive Agreements. During the Predevelopment Phase, the Parties will proceed with the preparation, execution and delivery of the Definitive Agreements. During the Predevelopment Phase, the Developer will perform the following Preliminary Development Activities: (i) Preparation of a preliminary conceptual master plan and preliminary conceptual Development Site infrastructure design informed by the market, financial, technical, construction cost, and schedule studies relating to the Project; (ii) Program verification for the new City Hall and other City-owned facilities comprising Phase One for cost estimating purposes; (iii) To the extent deemed necessary by the Developer, commissioning any additional Diligence Reports relating to the Project or the Development Site, including but not limited to boundary/topographical surveys, soil borings and geotechnical testing, landscape peer review, flood plain, transportation, egress, ingress, parking, water analysis, civil engineering analysis, and/or environmental site assessments; (iv) Taking any commercially reasonable actions necessary to address any due diligence issues identified as a result of the Diligence Reports; (v) Preparation of a detailed development and construction schedule for Phase One; (vi) Prepare contracts with all professionals, consultants, and contractors for the performance of all design, construction, and related services necessary for the delivery of Phase One; (vii) Prepare the preliminary plans and specifications, preliminary construction pricing, and a preliminary schedule of values for Phase One as needed for the Developer to deliver a guaranteed maximum price (GMP) for Phase One; and (viii) Develop a preliminary financial model and plan of finance demonstrating the financial feasibility of the various components of the entire Project, and working with the City to C ONCEPTUAL P LANNING A GREEMENT (H OPKINS R EDEVELOPMENT P ROJECT) P AGE 5