4.1. SR 06-30-1997 - Laserfiche WebLink

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and containing not less than three stories for each building. The office buildings may contain some ancillary space for service retail that is needed to promote and develop a Class A corporate office park. m o For the Commercial Tract it includes any use described for the Office Tract and further includes commercial uses such as restaurants, banks, day care centers, hotels, medical clinic, convention center and service retail but not general retail. "Party" means a party to this Agreement. "Purchase Price" means the amount no be paid by the Redeveloper for the Redevelopment Property. The Purchase Price for the Office Tract shall be an amount equal to fifty percent (50%) of the market value established by an independent appraiser selected by mutual agreement of the Authority and the Redeveloper, provided that the appraiser shall have determined the value within nine (9) months of the date of closing. Only the first building in the Office Tract will be eligible, provided that the building does not exceed 80,000 square feet, for the Purchase Price described above. Since subsequent buildings in the Office Tract will have structured parking, the Purchase Price shall be ten dollars ($!0.00) for each parcel. The Purchase Price for parcels in the Commercial Tract shall be an amount equal to seventy-five percent (75%) of the market value established by an independent appraiser selected by mutual agreement of the Authority and the Redeveloper, provided that the appraiser shall have determined the value within nine (9) months of the date of closing. "Purchase Price Payments" means payments received by the Authority for the Purchase Price. "Redeveloper" means a corporation organized and existing under the laws of the State of Delaware. "Redevelopment Contract" means the Contract for Private Redevelopment described in Section 4 of this Agreement. "Redevelopment Project" means the Redevelopment Properny and the Minimum Improvements. "Redevelopment Property" means the real property described in Schedule A of this Agreement. Than portion to the west compromising approximately 24.56 acres shall be referred to as the Office Tract. That ~ornion to the East comprising approximane!y 8.21 acres shall be referred to as the Commercial Tract.