DRAFT SCHEDULE FOR NEGOTIATING

 DEVELOPMENT AGREEMENT

June 15, 2005

Date Task

June 15, 2005                          Council consideration of resolution authorizing Manager to begin development agreement negotiations, and to enter into an Exclusive Right to Negotiate with the selected developer; Council consideration of SPPRE contract amendment

June 20, 2005                          Council meeting with Ram Development Company to discuss design and building program issues

June 27, 2005                          Council consideration of authorizing Exclusive Right to Negotiate between developer and Town

July, 2005                                Developer to review and refine proposed building program,                                           including potential participation of RBC Centura

                                                SPPRE to identify “deal points”

Late July, 2005                         Initiation of work of Negotiating Team – work to continue through August

Week of August 29, 2005        Meeting of Council Committee to review proposed building program, including financial deal points

September, 2005                      Negotiating Team to meet intensively to complete a proposed Development Agreement

Late September, 2005              Meeting of Council Committee to review draft Development Agreement

October 10, 2005                    Town Council consideration of Development Agreement