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Lot/phase closing. The Developer will enter into a Right of Re-Entry Agreement <br /> with minimum building square footage requirements for Lots 1, 2, 3 and 5, <br /> which will establish the time period to close and construct the minimum <br /> improvements for each lot. The City may exercise the Right of Re-Entry if <br /> performance requirement is not met. <br /> Minimum SF for each lot: <br /> Lot 1 6,000 <br /> Lot 2 550 <br /> Lot 3 9,000 <br /> Lot 4 3,000 <br /> Lot 5 20,000 <br /> Assignment Requires city approval if not same owners/company. <br /> Contingencies None at this time <br /> Review EDA (Sean): Land Transaction/ Purchase Agreement/ Right of Re-Entry <br /> Planning Commission (4-u TBD): Land Use, Development Agreement, Site Plan, <br /> Plat <br /> City Council: Final Approval on both items <br />