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Redline of Louisville 11 -22-04 Draft <br />NOW THEREFORE, in consideration of the foregoing recitals and the <br />mutual covenants and agreements contained herein, the Parties agree as <br />follows: <br />A. Subparagraphs a and b of Paragraph 3 of the Agreement are amended to <br />read in full as follows: <br />3. Annexation of South Property. If the South Property is annexed <br />to Superior, then the following shall apply: <br />a. No more than eight acres of the South Property may be <br />developed for residential retirement/senior housing in one <br />or more buildings not exceeding the height limitation <br />applicable to commercial buildings on the South <br />Property. The balance of the South Property may be <br />developed as a "mixed use" area to include residential <br />dwelling units, office, retail and other uses, subject to <br />provisions hereof. <br />b. There shall be a minimum of 250,000 square feet of <br />retail, sales -tax generating development on the South <br />Property. ,Superior shall require construction of a <br />minimum of 250,000 square feet of retail, sales -tax <br />generating development on the South Property as part of <br />any land use approval for development on the South <br />Property. With its land use approval for development on <br />the South Property, Superior shall fix the total number of <br />permitted residential dwelling units (exclusive of <br />retirement/senior housing) to be developed on the South <br />Property. With such land use approval, Superior shall <br />also require a phasing plan requiring that (i) at least <br />125,000 square feet, of the retail, sales -tax generating <br />development is constructed before certificates of <br />occupancy are issued for more than 50 percent of the <br />total number of permitted residential dwelling units <br />(exclusive of retirement/senior housing); and that (ii) at <br />least ,187,500 square feet, of the retail, sales -tax <br />generating development is constructed before certificates <br />of occupancy are issued for more than 75 percent of the <br />total number of permitted residential dwelling units <br />(exclusive of retirement/senior housing). Provided <br />however, Superior may adjust any of the percentages <br />and numbers in this paragraph up to 15% provided that in <br />no event shall certificates of occupancy be issued for 100 <br />percent of the total number of permitted residential <br />dwelling units (exclusive of retirement/senior housing) <br />2 <br />12/10/2004, 2:53 PM, <br />G: \COUNCIL \Council Communication \2004 \Dec 14 Biella Menkick IGA Redline.doc, <br />Deleted: Superior shall make all <br />amendments to its comprehensive <br />plan and land use regulations to <br />provide for such minimum amount of <br />retail, sales -tax generating <br />development, and Superior shall not <br />permit or approve development on <br />the South Property of less than <br />250,000 square feet of retail, sales - <br />tax generating development. <br />{ Deleted: 50 percent, or <br />{ Deleted: 75 percent, or <br />Deleted: 12/3/2004 <br />Deleted: 11/23/2004 <br />l Deleted: 5:06 PM <br />Deleted: G: \4\sup4550 \LOUISVILLE <br />KEh 11 -23 to Light 11- 22.doc <br />Deleted: F: \Company\ Louisville\Agre <br />ement \Superior- Lville IGA 1st <br />Amendment - Land Use (sjl rev. 11- <br />22- 04).doc <br />