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Biltmore Elementary School (the "School"). The School is currently used for special education purposes. The School System supports the concept of improving and re-opening the School, but only if the improvements are approved by the School System, and only if doing so would achieve the School System's overall strategic goals, without also irnposing financial or other constraints on other aspects of public education. The City will issue General Obligation bond financing for the school irnprovements, as discussed below. The City supports the strategic goals of the Developer and the School System. The Developer has determined that the most efficient way to achieve the goals is to finance certain capital infrastructure improvements through a Community Development Authority (a "CDA"), as authorized by Va. Code 915.2-5152 et seq. Debt service on financing issued by the CDA will be paid by property owners in the Plarmed Community in the form of assessments pro rated and payable at the same time real estate taxes are due over the length of the bonds. The Developer is not requesting the City or its taxpayers to pay for infrastructure improvements. Infrastructure improvements financed by the CDA will supplement the infrastructure costs paid for by the Developer. The Developer agrees with and supports a CDA, as set forth herein. G. The City concurs in representations made by the Developer that advance financing of infrastructure costs through the CDA will accelerate development of the Planned Community and thereby improve benefits for the city. In short, the City has concluded . E. . F. D. that a CDA for the Planned Community will ultimately benefit all citizens. H. The document sets forth a particular CDA to be created and used toward these ends. . Draft 8B -2-