25C - AGMT - NEGOTIATING AGMT YMCA

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7.3 Project Implementation Schedule and Scope of Development. Not later than ninety (90) days after the Effective Date, DEVELOPER shall use its best efforts to submit to the CITY a Project implementation schedule for the Project which shall include without limitation, a concept plan and detailed scope of development identifying all major activities and required entitlements such as preliminary construction drawings, final construction drawing and projected commencement and completion of construction dates. 7.4 Financial Plan. Not later than ninety (90) days after the Effective Date, DEVELOPER use its best efforts to submit to the CITY a financial plan which shall include the following: (a) a detailed proforma illustrating the estimated cost of the Project , and (b) an outline of DEVELOPER's proposed methods to finance and complete the Project, including the proposed sources of funding for the Project and the terms and conditions of such funding. 7.5 Entitlements. Not later ninety (90) days after the Effective Date, DEVELOPER shall use its best efforts to apply to the CITY for any necessary entitlement renewals or modifications required for the construction of the Project on the Property. 7.6 Environmental Review. Not later ninety (90) days after the Effective Date, DEVELOPER shall use its best efforts to identify all environmental reviews and permits required for the construction of the Project on the Property. 7.7 Development Agreement, ement, DEVELOPER will review and comment on drafts of a proposed Development Agreement prepared by the CITY's legal counsel and will meet and negotiate diligently and in good faith with the CITY regarding the Development Agreement. 8. CITY Tasks During Negotiation Period. During the Negotiation Period, the CITY shall undertake the following tasks subject to reimbursement as provided in Section 6.3: 8.1 Review of Developer's Documents and Submittals. The CITY staff will diligently review all plans and documents submitted by DEVELOPER and promptly provide DEVELOPER with a written response outlining relevant comments, but in no event less than thirty (30) days after submitted by DEVELOPER. 8,2 Acquisition/Assignment of Parking for Property, CITY staff will diligently pursue, the acquisition or assignment of sufficient parking spaces to serve the Property for DEVELOPER's intended use and to meet all applicable govermnental requirements, subject to the Development Agreement, as described below. 8.3 Development Agreement. The CITY will cause the CITY's legal counsel to prepare a Development Agreement and will meet and negotiate diligently and in good faith with DEVELOPER regarding the Development Agreement. 8.4 �jp_pjes, of Documents. Within five (5) days of the Effective Date, the CITY shall provide to DEVELOPER copies of all studies, reports, inspections, surveys, and other materials relating to the Property that is in the CITY'S control or possession, for DEVELOPER'S review and use in connection with its investigation of the Property and the Proj ect. 48677228.1 25C -11