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. . . INTENT OF THE PARTIES Infrastructure Imorovernents and Oualitv Enhancements The Developer will proceed with development of the Plarmed Community according to the schedule set forth in Exhibit A. The Developer will use best efforts to develop the Plarmed Community on a more accelerated basis, if supported by the market, with assistance of the CDA. On or about August 23,2005, or as soon thereafter as final official action can be reasonably taken, the City will create a CDA pursuant to Va. Code ~15.2-5152 et seq. The CDA will have all powers set forth in Va. Code ~ 15.2-5158, (including those powers set forth in Article 3 (~15.2-511O et seq of Chapter 51 of Title 15.2) as appropriate or necessary to fulfill the purposes of the CDA) plus all other powers reasonably inferred therein and reasonably needed to fulfill its purposes. The Developer will provide all assurances needed to consent to the CDA and will support the imposition of a special assessment on taxable real estate in the Plarmed Comrnunity for the purposes set forth herein. 3. The CDA will encompass the entire Plarmed Development. The Developer will make full I. 2. prior disclosure of the CDA to purchasers of property in the Plarmed Development. 4. The CDA will authorize the issuance of Revenue Bonds pursuant to Va. Code ~15.2-5125 in the approximate amount of $15,000,000 (the "Bonds") on or about the week of September 12,2005, or as soon thereafter as official action can be reasonably taken. The Bonds will be for a period not to exceed thirty years plus a capitalized interest period not to exceed two years, as per Va. Code ~15.2-2413. The Bonds will be the long-term debt Draft 8B -3-