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CASE # <br />CONSIDER DEVELOPMENT MANAGEMENT COMPENSATION FOR SUITE <br />LIVING <br />By: Darren Lazan, Development Manager <br />BACKGROUND: <br />Under the terms of the Development Management contract, the DM team is required to submit <br />the proposed Incentive Compensation schedule for each deal that is contemplated to include <br />Incentive Compensation. <br />On September 15, 2010, the HRA and Toti Development entered into a contract for the sale of <br />land and the development of a 86 unit Assisted Living project on the proposed Lot 3, Block 1, <br />COR ONE. <br />Attached is a worksheet outlining the Incentive Compensation for this project. Under the terms <br />of the agreement a portion of the total compensation is due upon the execution of the contract, <br />another portion due at closing, and the remainder due at Certificate of Occupancy. <br />With this Item, the DM team requests approval for the structure of the compensation ONLY, the <br />schedule under which the payments are made are yet to be determined as they are triggered by <br />events that are not certain at this time. <br />It should be noted that the proposed compensation under the initial payment due at execution of <br />the contract is less than the current advanced Incentive Compensation, so no payments would be <br />due until the closing on the project. <br />DEVELOPMENT TEAM RECOMMENDATION: <br />The Development Team recommends the HRA review the proposed compensation schedule for <br />the Suite Living project and approve under the terms of our agreement. <br />HRA ACTION: <br />Approve the proposed Incentive Compensation structure for the Suite Living project to be <br />located on Lot 3, Block 1, COR ONE. <br />ATTACHMENTS: <br />■ Proposed Incentive Compensation Schedule <br />REVIEWE <br />ecutiv4Duector <br />HRA: 10.12.10 <br />