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. � <br /> � . � . <br /> � � , <br /> . ' <br /> Section 2. That the expenditure described in Section 1 hereof will occur in three (3) <br /> phases, with the first phase beginning in April of 2003 and resulting in the construction of Two <br /> Hundred Forty Nine (249) new residential units. The intent of the Council is to commit to the <br /> expenditure of Two Million Six Hundred Thousand Dollars ($2,600,000.00) for the first phase, <br /> Four Million Four Hundred Forty Five Thousand Eight Hundred and Sixty Four pollars <br /> ($4,445,864.00) for the second phase and Three Million Three Hundred Eight Thousand Five <br /> Hundred and Fifty Dollars ($3,308,550.00) for phase three. <br /> Section 3. T'hat the intent of the Council as set out in this Resolution is subject to <br /> approval by this Council of the Master Development Agreement between the CITY, DI�A and <br /> EASTLAKE for the redevelopment of the Near North in substantial compliance with the terms <br /> and conditions hereof, and the CITY hereby agrees to negotiate and consider said agreement in <br /> good faith. <br /> PRESENTED and ADOPTED this 17th day of June, 2002. <br /> �,, <br /> TERRY . WL MAYOR <br /> ATTEST: <br /> „r <br /> �-_ ���\\� , <br /> �� �f/���i� <br /> CITY CLERK <br />