08-1874 City Center Memorandum of Understanding - Century Retail

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all land use reviews will follow their proper course, including all necessary public hearings. This MOU does not constitute a land use approval of any kind. e) Identify economic development incentives to the DEVELOPER, (i.e., Special Tax Districts, Tax Increment Funds, Green Building Incentives, Seminole Economic Enhancement District, etc.), contingent upon the DEVELOPER complying with certain performance benchmarks or requirements. f) Commit the CITY to providing assistance to the DEVELOPER to include possibly providing a specialty consultant to assist with public presentations and public relations regarding the PROJECT. g) Commit the parties, (CITY, CRA, and DEVELOPER), to providing vital input as to the programming and design of the PROJECT, and providing leadership and oversight of the DEVELOPER's design and construction team in the construction and completion of the PROJECT, which is consistent with the desires of the CITY. This shall include the monitoring of all pre-development and entitlement activities, including zoning, permitting, licensing, pre-construction evaluation, and addressing any land-use issues, zoning issues, and density issues in order to consider providing increased densities, in accordance with all legal requirements. h) Commit the parties to a fortv-eiaht (48) month enaineerina/desian/construction cvcle in three phases: PHASE I. PHASE II. and PHASE III. i. PHASE I: 12 month completion of deliverables from the effective date of said AGREEMENT bv the DEVELOPER (to include preliminarv enaineerina/desian/permittintl and 100% construction document deliverables). ii. PHASE II: 30 month construction completion from PHASE I start date, (construction consists of residential. retail. aaratle(s), surface parkina. and stormwater ponds). Includes issuance of CO's for 60% of PROJECT, in accordance with letlal reauirements. iii. PHASE III: 48 month construction completion from PHASE I start date, (construction consists of other residential components. restaurants, movie/dinner theater, boutiaue hotel. and remainina retail & commercial). Includes issuance of CO's for the remainina 40% of PROJECT, in accordance with leaal reauirements. i) Commit the DEVELOPER to providina "Performance Bonds" or an escrowed cash deposit for each separate Phase of construction for the PROJECT. to Quarantee both public and private improvements. in a form and an amount deemed mutuallv acceptable to the CITY and Developer. j) Establish the milestones/timeline and monetary value for conveyance of the City Center - Area One site, (approximately 15 acres), from the CITY to the DEVELOPER. 3) Time is of the essence in the performance of this MOU. 4) All parties are authorized to enter into this MOU, and the signatories are authorized to sign on behalf of the parties. This MOU is binding on all parties. The CITY is authorized to execute ~//),d I ~... ~/I._::;:r"~/'" ......