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_ q �- �-� <br /> millioa The Dereloper's Shate latec becomes the Developer's payment to the <br /> Agency to purchase the air rights parcel on Block 1. <br /> M <br /> 2. Relocate all tenants on the Acquisition Parcels in accordance with legal <br /> requaemenu. <br /> 3. Fund the cost of the underground pazking gazage, providing approximately 590 <br /> spaces. The gacage will be consuvcted as pazt of the overall Project improvemenu <br /> by the Developer but will be owned by the Agency. <br /> 4. After completion of the gazage, convey sir rights parcel to the Developer for the <br /> constiuction of the Project <br /> 5. Prior to commencement of Project cons�uction, enter into a Parking Facilities <br /> Agreement with the Developer for ongoing maintenance service of the Project after <br /> iu completion <br /> 6. Provide approximately 300 off-site public parldng spaces with as many as possible <br /> on Block 2. <br /> C. DeveloperResponsibilities <br /> As a condition precedent to the Agency/Ciry conveyance of the air rights to the Developer, the <br /> Developer's responsibilities under the proposed DDA include the following: <br /> ]. Complete the design review process for the Project. <br /> 2. Contribute to the Agency $7.5 million (the Developer Share) to pay for costs <br /> related to the acquisition, relocation, purchase of fixtures and equipment, and <br /> payment for goodwill. The Developer Share is also the purchase price to be paid <br /> for the air rights pazcel on Block 1 that will be conveyed by the Agency to the <br /> Developer. <br /> 3. Provide a copy of a signed lease with a theater operator appmved by the Agency, <br /> which lease will have a term of not less than fifteen (15) years and will provide for <br /> the operation of a 20-screen, 4,20aseat theater with stadium seating and Dolby, <br /> THX, or comparable sound system, and wlilch will be open for business seven days <br /> per week and will show primarily first-iun movies. <br /> 4. Secure all necessary peimits and approvals from the City and Agency and from third <br /> pazty jurisdicrions for the Project and the pazking garage. <br /> Keyser Marston Associates, Inc. <br /> '18610.001\017•022.doc, 1 1 2 5120 0 2 Page4 <br />