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FROM GRAY PLANT MOOT? MOOT? & BENNETT (#3) (FRI) 7. 9' 99 9:35/ST. 9:28/NO, 4261218754 P 15 <br /> this goal is met, reimbursement by Authority of the Reimbursable Redevelopment Costs will be <br /> • dependent on development of the Business Park Project,as provided in this Agreement. <br /> (h) In addition to this Agreement: <br /> (i) Associated Investors has entered into the Shopping Center PUD <br /> Agreement with the City governing development of the Shopping Center Project; <br /> (ii) Associated Investors has entered into the Shopping Center Developer <br /> Agreement with the City providing for the installation of and payment for public <br /> improvements necessary for development of the Shopping Center Project; and <br /> (iii) Fischer Sand & Aggregate and Elk River Business Park have entered into <br /> the Business Park Developer Agreement with the City providing for the installation of <br /> and payment for public improvements necessary for development of the Business Park <br /> Project. <br /> (i) Development Schedule. It is imperative to Authority that the entire Development <br /> be developed in a timely manner as a condition precedent to reimbursement by Authority to <br /> Associated Investors for Reimbursable Redevelopment Costs for the Shopping Center Project. <br /> The turning requirements shall be as follows: <br /> (1) Initial Improvements - Development of the Initial Improvements shall <br /> • proceed immediately,and a Certificate of Occupancy for all Initial Improvements shall be <br /> obtained by Redeveloper no later than December 31,2000. <br /> (2) Minimum Improvements - Development of the balance of the Minimum <br /> Improvements, as defined by this Agreement, shall proceed according to the following <br /> schedule: <br /> • Certificates of occupancy for a total of at least 75,000 square feet <br /> of building space in the Business Park Project shall be issued by <br /> December 31,2002. <br /> • Certificates of occupancy for a total of at least 125,000 square feet <br /> of building space in the Business Park Project shall be issued by <br /> December 31,2004. <br /> • Certificates of occupancy for a total of at least 175,000 square feet <br /> of building space in the Business Park Project shall be issued by <br /> December 31,2006. <br /> • Certificates of occupancy for a total of at least 200,000 square feet <br /> of building space in the Business Park Project shall be issued by <br /> December 31,2008. <br /> • <br /> -11- <br />