R2005-49 AUTHORIZING DEVELOPMENT AGREEMENT Near North

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requirements related to its development. This Phase III Infrastructure Component shall further be divided into Private Infrastructure Improvements,Public Infiastructure Improvements,Public Street Infrastructure Improvements,and Public L,andscape Improvements as defined in Exhibit C hereto. It is anticipated that the primary source of cash funding for the Phase III Infrastructure Component will be provided by the City("Phase III Infrastructure Funds"). The City will provide up to Three Million Two Hundred Ninety-Three Thousand Three Hundred Fifty-Four pollars ($3,293,354). DHA and the City shall commit to a coordinated review process. The Phase III Infrastructure Funds aze to be used as set forth on Exhibit N attached hereto. A condition precedent to the performance of the Phase III Infrastructure Component shall be DHA's and the City's prior approval of all such work and DHA's and the City's prior approval of the plans for such work. The City's additional obligations regarding the Phase III Infrastructure Component are further described in Section 3.2 of this Agreement. The Phase III Infrastructure Funds(less One Hundred Fifty Thousand Dollars($150,000)to be used for reimbursement/payment of the City's third party costs/expenses) will be loaned to the Developer or Owner Entities on such financing terms as Developer and the City shall determine,as set forth in Section 3.11 of this Agreement. DHA will loan the Developer up to seventy-five percent (75%) of third party Phase III Infrastructure Component predevelopment expenses incurred by the Developer,provided the total loan amount does not exceed Two Hundred Fifty Thousand Dollars ($250,000), and the City executes a loan guarantee agreement with DHA, with collateral perfected by source of funds identified(the"Phase III Infrastructure Predevelopment Loan"). DHA will have a call position on City sources of funds identified as collateral in the event that closing or construction aze not achieved in accordance with the Revitalization. Otherwise, the full amount of loaned predevelopment expenses advanced by DHA will be repaid to DHA from City funds listed above,in cash at the time of closing. The City is only obligated to guarantee such pre-development loan to the extent City has funds available from Section 108 or the Near North Redevelopment Project Area TIF District(dedicated to this Project)which can be used to pay if the guarantee is called. At the time of dedication of the Phase III Infrastructure Component to the City, or earlier if the closing does not occur, Developer shall deliver to the City all work product and other deliverables paid for with the proceeds of the Phase III Infrastructure Predevelopment Loan. The City shall approve all uses of the Phase III Infrastructure Predevelopment Loan,and the City and Developer shall follow substantially the same draw process as described in Sections 7.3 and 7.3.1 pertaining to the predevelopment funds to be provided by DHA to the Developer. 2.3.3 Phase III Homeownership Component. The Revitalization Plan contemplates development of a total of 123 homeownership units within Wabash Crossing. Phase I included 43 homeownership units, and the parties agree to the goal of developing an additiona180 homeownership units in Phases II and III. The parties agree to incorporate in the Final Phase II Site Plan and the Final Phase III Site Plan land in sufficient quantities for development of 80 homeownership units. Notwithstanding the foregoing,Developer makes no guarantee of completion upon the date hereof for the development of any homeownership units in Phase II and/or Phase III. If 14 INDY 1566592v.2