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Developer will undertake development of homeownership units in this Phase,before the closing of <br /> such Phase,the parties will agree on an income mix for the homeownership units in this Phase,with <br /> a goal of maximizing mazket rate development and in consideration of alternative development <br /> strategies such as Nehemiah-like programs. If Developer undertakes development of <br /> homeownership units, with respect to each Phase(s) homeownership component Developer will <br /> submit to DHA and the City for review and approval a homeownership plan consistent with HUD <br /> requirements and the requirements set forth herein. Once approved by DHA and the City,DHA will <br /> submit such plan to HLJD for approval. DHA shall be responsible for making and prosecuting such <br /> submittal to HLJD as provided for in Section 4.7 hereof. The homeownership plan may replicate a <br /> Nehemiah-like homeownership program serving up to one hundred fifteen percent(115%)of azea <br /> median income,if HLJD allows. Notwithstanding the foregoing,if Developer does not proceed with <br /> the homeownership component of either Phase as defined herein,but subsequently Developer and/or <br /> DHA undertake homeownership development,they shall include the City in such homeownership <br /> initiative in accordance with the terms of this Agreement. Excluding any land or funding to be <br /> provided by the City for a Homeownership Component for which HUD has approved a <br /> Homeownership Plan or a closing has occurred,the City,at any time,can develop homeownership <br /> units on its own or with the assistance of other parties,and the City can use any of the City Land,and <br /> its funds set aside for homeownership in Phase II or Phase III for such purposes. If the City <br /> undertakes such development of homeownership units, it will include DHA as part of such <br /> homeownership initiative in accordance with the terms of this Agreement. <br /> 2.4 CommerciaV Retail Obligations. Within thirty (30) days after the Date of this <br /> Agreement, Developer shall hold a meeting with critical stakeholders of the Impact Area to <br /> determine the need,expectations of,and possible approaches to developing commercial and retail <br /> space in the Impact Area. Within sixty(60)days after such meeting,the Developer shall submit to <br /> the DHA, City and the Working Group a plan with recommendations for commercial and retail <br /> development. <br /> 2.5 Architectural and Engineering Services. Developer shall conduct a competitive <br /> selection procedure for an entity to perform architectural and engineering services for the Phase II <br /> Rental Component,the Phase III Rental Component,the Phase II Homeownership Component,and <br /> the Phase III Homeownership Component. <br /> ARTICLE 3. REVITALIZATION RESPONSIBILITIES OF THE CITY <br /> In addition to its other obligations hereunder, the City shall have the following <br /> responsibilities with respect to the Revitalization. The Parties intend that any amendments regarding <br /> additional phases of the Revitalization shall be generally consistent with the following provisions. <br /> 3.1 City Parcels. The City either currently owns or is cunently in the process of <br /> acquiring the land described on Exhibit H ("City Parcels"). If, due to reasons beyond the City's <br /> control, the City is unable to acquire all of the City Parcels which the City is in the process of <br /> acquiring as of the Effective Date, and,notwithstanding the City's reasonable efforts to do so,the <br /> failure by the City to acquire any such portion of the City Parcels shall not be a default on the City's <br /> part under this Agreement. The City shall convey to Developer,or any Owner Entity the Developer <br /> shall designate for the Phase II Rental Component or Phase III Rental Component a long-term <br /> 15 <br /> INDY 1566592v.2 <br />