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APR. 30. 2004 9:40AM METRO. PLAINS NO. 167 P. 5 <br /> 6. Purchase of Bluff Block properties. <br /> The City will not finance the acquisition of the Bluff Block properties. If the actual cost <br /> of acquiring and carrying the Bluff Block properties is greater than the costs contained in the <br /> financial analysis prepared by Ehlers &Associates, it is agreed that the financial analysis will be <br /> recalculated and the City is willing to consider the reduction of SAC and WAC fees and the cost <br /> of the Jackson Block in order to make the Bluff project feasible. <br /> 7. Type of Bluff Block Project. <br /> MetroPlains is willing to proceed with the Jackson and Bluff Blocks linked. If efforts to <br /> finance and market the Bluff Block show that financing and marketing thresholds cannot be <br /> achieved and if MetroPlains has by that time expended substantial amounts of money and time <br /> on design,marketing and approvals,the Development Agreement will state that the HRA and <br /> MetroPlains will explore the feasibility of other types of projects on the Bluff Block, including a <br /> combination of commercial and rental (if market rate)and/or for-sale housing. <br /> Accepted by MetroPlains this act Y14day of , 2004. <br /> METROPLAINS DEVELOPMENT, LLC <br /> • <br /> tfy <br /> 40 <br /> 4 <br /> 1643076v1 <br />