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° . � �. 5. Prior to commencement of cons�uction of the public gazage, complete the following tasks: (Sa) Submit binding commimienu without conditions to finance the Project. � (Sb) Submit executed constiuction loan documents to build the Project. (Sc) Plan check is completed and building permits are ready to be issued. (Sd) Pazking Facilities Ageement is executed Presuming that the above conditions are met, and subject to the specific tem�s and conditions stated in the DDA, the Developer will accept wnveyance of air rights and diligenfly conshvct the Project. III. COST OF THE AGREEMENT This section presents the estimated cost of the DDA to the Agency, as well as the "net cosY' of the Project after consideration of the Project revenues. The net costs can either be an actuai cost, when expenditures exceed receipts, or a net gain, when revenues created by the implementation of the DDA exceed expenditures. A. Estimated Gross Agency Cost For this DDA, the wsts are as follows: Estimate Purchase of Way-to-Go Parcet�� $2,600,000 Purchase Balance of Block ], incl. Relocation 9,75Q000 Fund Conshvction of Pazking Garage 20,000,000 Contingency 1,250,000 Adminishative Costs and Materials 250.000 Total $33,850,000 �o�es (1) Nuchascd by the Agrnry in Decmiber 1996. Ciry cost is 52.6 millian plus eddiuonel SI mil6on considcetlon peid m sc}wol dismc4 totaling 53.6 million As shown above, the estunated gross cost to the Agency is $33,SSQ000. The Agency has already purchased the Way-to-Go pazcel. The Developer Share of the Gross Agency Cost is $7.5 million. Therefore, the Agency will be fmancing approximately �23.75 million. Interest cost on the S23.?50,000 over 30 yeazs at an average interest cost of 5% results is approximately $22.6 million of additional costs. On a present value basis, this interest cost is nominal. Keyser MersWn Associates, Inc. 18610.001\017-022.doc, 11252002 PageS