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1 <br />L <br />a) Level of Private Investment: A minimum of Twenty -five Million Dollars ($25,000,000) <br />will be invested in the development of the Project, whether through equity, debt, and <br />third -party investment, with the final amount to depend on its ultimate square footage. <br />b) Type of Private Investment: The type of private investment includes, but is not limited to, <br />acquisition, construction, tenant improvements, soft costs, and closing expenses. <br />12) FAILURE TO PERFORM. Both parties recognize that the Project requires a strong <br />- private - public partnership in order that all Project goals can be achieved. The City has <br />committed to a series of large -scale public investments in land acquisition and public <br />improvements. Should Developer fall short on the investment targets, the City will require <br />that Developer reimburse the City on a basis to be agreed upon in the Development <br />Agreement. <br />13) AGREEMENT TO DATE. This non - binding MOU represents the basic agreement to date. <br />Both the City and Developer agree that the above items that have been identified as "agreed <br />to" by one or both parties will serve as the basis for the Development Agreement, which both <br />parties agree to diligently work towards being executed by the 2nd day of April, 2004. <br />[SIGNATURE PAGE ATTACHED] <br />E <br />F:\ HOME\ CGREENE \WPData\Projects\SSDA\Anchor Project\MOU \Ver12.040312.doc <br />