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It is anticipated that the cost of the arterial infrastructure for phases two and three <br />will be split between the City and the Owners, with the City providing 60% of the <br />funding and the Owners or developers providing the remaining 40%. <br />3. Notice of Improvements. Prior to commencing arterial infrastructure projects, the <br />City will consult with the Owners about the nature, extent and cost of the proposed <br />projects. <br />4. Assessments. It is anticipated that the Owners' portion of the cost of arterial <br />infrastructure improvements will be assessed against the Owners' properties. The <br />assessments will be imposed on an area basis, calculated per acre as set forth in the <br />Bolton & Menk Assessment Map and Base Data Report dated February 19, 2016. <br />5. Marketing. Consistent with its statutory economic development powers, the City <br />and its Economic Development Authority intend to actively promote development <br />of the future business park. While the City is not Owners' broker or agent and <br />will not represent them in any land transaction in any capacity, the City may <br />convey current, known land pricing data to potential buyers. The Owners hereby <br />state that, as of the date of this Memorandum, the following parcels are available <br />at the stated prices: <br />Parcel 8 <br />Parcel 7 <br />Parcel 2 <br />$2.00 / sq. ft. (seller to pay all existing assessments) <br />$2.00 / sq. ft. (seller to pay all existing assessments) <br />$1.50 / sq. ft. (there are no known assessments) <br />These prices are subject to change at Owners' sole discretion. The Owners are <br />responsible for informing the City of any changes. Final sale prices and all terms <br />of sale are determined solely by the Owners. Any pricing relayed by the City to <br />prospective buyers is subject to approval by the Owners. <br />6. Site Design. The Owners understand and acknowledge that the City seeks a <br />classic business park environment in the future business park. The desired <br />aesthetics likely preclude businesses with unsightly outside storage or other <br />similar exterior elements. To the extent economically feasible, the Owners and the <br />City will work to attract businesses that are consistent with the desired business <br />park design. <br />2 <br />