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<br />authorized representatives. <br /> <br />INTENT OF THE PARTIES <br />1, Requisite Assurances from Maryview. It is the goal of the parties to develop the <br />Project for the purpose of facilitating and ensuring the expansion of Maryview Hospital. Upon <br />receipt of a satisfactory firm commitment from Maryview that said expansion will occur of a <br />scope, and according to a schedule acceptable to the parties, then it is the intent of the parties to <br />proceed with development. <br />2, Phases of Development. Developer will develop the Project in multiple phases, <br />which shall be specifically described, agreed to, and set forth in the Development Agreement. <br />3. Criteria for Proposed Development. In order to qualify for City participation, the City <br />must first determine, after the exercise of due diligence, that: <br />A. The Master Plan, site plan, and elevations will contribute to the quality of life in <br />adjacent neighborhoods and the City as a whole, and are of an acceptable overall standard <br />of quality, <br />B, While Maryview itself shall remain tax-exempt, the Project shall be privately owned <br />and fully subject to real estate and other taxes as normally collected by the City. <br />C, Any financial participation by the City will fall within the City's debt policy and debt <br />limit, will be adequately supported by new tax revenues and land sales, and will result in <br />a return on investment acceptable to the City. <br />4, City Financial Participation. The City's financial participation in development of the <br />Project will consist of the following categories of assistance: <br />A. Making publicly owned land on the development site available to the Developer at a <br />purchase price which shall be as set forth in the Development Agreement and to be <br />conveyed as and when needed, with all existing structures demolished and removed prior <br />to conveyance. The purchase price of land may be adjusted in consideration of the cost <br />of public infrastructure and site costs to be constructed by the Developer, to include a <br />portion of the cost of structured parking, All site conditions, including site grading and <br />drainage/retention, shall be the responsibility of Developer. <br />B, Participation in the cost of structured parking, as more fully discussed in Section 5, <br />below. <br /> <br />-2- <br />