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private financing has been repaid in its entirety <br />(c) If the City utilizes City Funds to finance the construction of the City <br />Funded hnprovements then Developer shall pay City for all costs, including staff time <br />associated with the City Self Financing, in addition to interest charged at Local Agency <br />Investment Fund (LAIF) rate, said rate shall readjust July I' of each year. The maximum <br />term of the repayment shall be thirty (30) years. <br />(d) Developer shall personally guarantee the City Financing and said <br />guarantee shall be recorded against the Property. Said guarantee shall prohibit the <br />subdivision of the property until such time as the City Funded Improvements have been <br />paid in their entirety. Should Developer fail to make a monthly payment, City shall be <br />entitled to Foreclose upon the Property. City shall be entitled to recover the unpaid portion <br />of the City Funded Improvements and any costs associated with the Funding and <br />Foreclosure including but not limited to the time and expenses of the City Attorney's <br />Office, other City staff, any Consultants or experts retained in connection with the Third <br />Party Challenge, attorney's fees of City's selected outside counsel, and litigation costs shall <br />be fully reimbursed to City by the funds obtained in the Foreclosure. <br />5.11 Mixed Use Project <br />5.11.1 Upon satisfaction of the terms of Section 3.1, the City shall convey the <br />parcels for the Mixed Use Project and Hotel Project to Developer as specifically described in <br />Exhibit "C" attached hereto and incorporated herein by reference in compliance with the terms of <br />this Agreement. <br />5.11.2 Developer shall construct the Mixed Use Project which shall contain: <br />(a) An apartment complex containing 171 residential units. <br />(b) 18,824 square feet of commercial space (including 3,449 square feet <br />of office, 11,066 square feet retail, 4,309 square feet food and beverage) <br />(c) The Parking Structure containing 444 parking spaces which includes <br />196 residential parking spaces within the Public Parking Structure. <br />5.12 Hotel Project. <br />5.12.1 Developer will design and construct a hotel consistent with the Automobile <br />Association of America (AAA) minimum acceptable conditions to be considered a AAA Hotel, <br />containing seventy-five (75) rooms with eighty-three (83) parking spaces which includes forty- <br />two (42) mechanical stacker spaces. <br />5.12.2 The Developer shall provide the following minimum amenities: <br />(a) Fitness Room <br />(b) Community Meeting Space <br />33 <br />55394.00049\33239203.12 <br />