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Conditions listed to satisfy agreement

August 31, 2018

The economic development agreement for the Electric Works development at the former General Electric campus south of downtown includes the following conditions.

These must be met by Dec. 31:

• The city must review and approve the environmental conditions found on the site.

• The city must review and approve the remediation for any environmental conditions found on the site.

• The city must review and approve commitments to lease a minimum of 100,000 square feet within the project. At least 25,000 square feet of those commitments must be from tenants that are new to Allen County or that are bringing jobs that are new to Allen County. The tenants must occupy and conduct business within the leased premises and the terms, and conditions of the leases must be reviewed and approved by an independent consultant.

• The city must review and approve the strategic marketing analysis and supplemental report prepared by the developer’s consultant, RCLCO Inc.

• The developer must provide a strategic parking plan showing that there will be sufficient parking for the project.

The following conditions must be met by June 30, 2019:

• City shall have obtained all necessary final approvals for the issuance of bonds to provide the funds for investment in the Electric Works project.

• The developer shall have obtained all approvals for construction.

• The developer must provide evidence that the project can be constructed at the anticipated cost.

• The city shall have approved the final construction plans.

• The city must review and approve commitments to lease a minimum of 250,000 square feet within the project. At least 150,000 square feet of those commitments must be from tenants that are new to Allen County or that are bringing jobs that are new to Allen County. The tenants must occupy and conduct business within the leased premises and the terms, and conditions of the leases must be reviewed and approved by an independent consultant.

• The developer shall be prepared to close on all of its funding sources.

• The city shall be prepared to close on the financing necessary for the public investment in the project.

• The city and the developer will have executed all other necessary closing documents to consummate the financing of the project.

If any of the conditions aren’t met by their deadlines, the city or developer may terminate the economic development agreement.

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