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<br />stipulated, the parties agree as follows: <br /> <br />AGREEMENT <br />1. Exclusive right to prepare development proposal. Lincoln shall have the exclusive <br /> <br />right to prepare a development proposal for the Property during the period of this agreement <br /> <br />subject to Section 4 below. Lincoln acknowledges that in order to be accepted as a basis for <br /> <br />further negotiations, the development that is proposed must be acceptable to the City Entities, <br /> <br />and it must provide for development of the Property within a time frame that is acceptable to the <br /> <br />City Entities. <br />2. Description of "acceptable development." In general terms, an acceptable <br /> <br />development must be one involving high density and high quality, e.g. some combination of: <br /> <br />A Class A office building of at least ten stories <br /> <br />High quality apartments or condominiums of substantial density, unit size, value, and <br /> <br />quality, with all commensurate amenities <br /> <br />A professional club <br />A large, "destination" restaurant - - either national chain or locally owned <br /> <br />A hotel with a high-end flag that will provide overflow capacity to the Renaissance <br /> <br />Adequate parking structures to be developed at the developer's cost <br /> <br />In addition, in order to be acceptable the proposed development must provide an acceptable <br /> <br />return on any investment the City Entities will be called upon to make, whether through <br /> <br />infrastructure costs or development incentives. <br /> <br />3. Description of "acceptable time frame." An "acceptable time frame" will ideally call <br /> <br />for development of the entire site within a three-year period; but at the very least it will permit <br /> <br />-2- <br />