NS-3071 -Approving Development Agreement No. 2023-02 for Related Bristol

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6.1.1. The City shall review this Agreement annually, on or before July 1, 2025, and annually thereafter until the expiration of this Agreement, in order to ascertain the compliance by Owner with the terms of this Agreement ("Annual Review"). Owner shall timely submit an Annual Monitoring Report, in a form acceptable to the City Manager on or before the first anniversary of the Effective Date and annually thereafter until the expiration of this Agreement. If the Annual Review is not submitted within thirty (30) days after written notice from the City Manager, then Owner shall be in breach of this Agreement. The failure of the City to conduct the Annual Review shall not constitute a default by Owner. The Annual Monitoring Report shall be accompanied by an "Annual Review and Administration Fee" sufficient to defray the estimated costs of review and administration of the Agreement during the succeeding year. The amount of the Annual Review and Administration Fee" shall be set annually by resolution of the City Council. 6.1.2. The Annual Review shall include a progress report on the status of the implementation of the Project and the new tax revenue generated by the Project, including, but not limited to, the following: (a) Development and construction progress of the following uses and Project components: (i) Site development (ii) Public infrastructure, (iii) Project design features, (iv) Community benefits, (v) Plaza, (vi) Hotel, (vii) Residential, (viii) Commercial, (ix) Office (x) Parking (xi) Philanthropic activities (education, culture, arts) (b) Reporting for items listed in Section 6.1.2(a) shall be include a table substantially similar to the following: An example of a compliance report for site development and can be applied to other above criteria and metrics. Reporting Period: 2025 -1st Report Year 1 of 20 of Agreement Exhibit 4 Ordinance No. NS-3071