Agdapkt 2010-12-06 clsd and regular

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ATTAC�-INfENT 3 h' age 44 Construction and Acquisition of the Improvements and Payment of Fees In connection with the issuance of the Bonds, the City and the Developer will enter into an Acquisition Agreement (the "Acquisition Agreement") which provides that the Developer will construct (or cause to be constructed or funded) the portion of the Improvements consisting of roadways and related facilities, and the City, upon completion of construction and acceptance by the City, will purchase the Improvements upon completion of discrete elements of the Improvements. Proceeds of the Bonds and Parity Bonds will be used to pay all or a portion of the purchase price of the Improvements pursuant to the terms of the Acquisition Agreement. Similarly, the Acquisition Agreement will provide for release of payment of fees authorized to be financed by the District. The Developer will be responsible for the portion of the cost of construction of the Improvements not paid with bond proceeds, which may, to a limited extent and for a limited time, be reimbursed to the Developer from Special Taxes collected as the pay-as-you-go portion of the levy, as described above. OWNERSHIP OF PROPERTY WITHIN THE DISTRICT Unpaid Special Taxes do not constitute a personal indebtedness of the owner of the parcels within the Disfrict. There is no assurance that the present property owner or any subsequent owners will have the ability to pay the Special Taxes or that, even if they have the ability, they will choose to pay the Special Taxes. An owner may elect to not pay the Special Taxes when due and cannof be legally compelled to do so. Neither the City nor any Bondowner will have the ability at any time to seek payment directly from fhe owners of property within the District of the Special Tax or of the principal or interest on the Bonds, nor will they have the ability to control who becomes a subsequent owner of any property within the District. The Developer has provided the information set forth in this section entitled "OWNERSHIP OF PROPERTY WITHIN THE DISTRICT." No assurance can be given that all information is complete. In addition, any Infernet addresses included below are for reference only, and the information on those Internet sites is not a part of this Official Statement or incorporated by reference into fhis Official Sfatement. No assurance can be given that development of the property will be completed, or that it will be completed in a timely manner. The Special Taxes are not personal obligations of the Developer or of any subsequent landowners; the Bonds are secured only by the Special Taxes and moneys available under the Fiscal Agent Agreement. See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS" and "SPECIAL RISK FACTORS" herein. The Developer All of the land within the District is currently owned by the Developer, R.C. Peninsula Park, LLC, a Delaware limited liability company. The Developer entity was formed for the purpose of owning and developing the property and has owned the land since November 2000. Developer Ownership and Financing Structure. The Developer is owned 50% by its managing member, Pauls Real Estate Investments LLC, a wholly owned subsidiary of The Pauls Corporation. The remaining 50% ownership of the Developer is held by a pension fund. -30-