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Ordinance No. 2282 <br />Page 7 of 9 <br />2.2 Term. The term of this Agreement and Developer's rights and <br />obligations hereunder shall terminate on January 1, 2025, unless <br />the termination date is extended pursuant to Section 19.14 below. <br />2. Section 19.14 is added as follows. <br />19.14. Initial 6th Amendment Funding and Extension Upon <br />Additional Funding. <br />(a) Within 10 business days of the date of recordation of this <br />Agreement, Developer shall deposit the sum of $50,000 with City <br />to be used by City for its costs associated with developing and <br />processing a Master Plan (as defined in subsection (i) below) for <br />the Stoneridge Mall (“Initial City Master Plan Costs”). <br />(b) Between July 1, 2024 and December 31, 2024, City and <br />Developer agree to cooperate and coordinate towards making <br />progress on the master planning anticipated in the Stoneridge Mall <br />Framework Components (as defined in subsection (i) below), <br />including, but not limited to: (i) developing a scope of work, <br />schedule and budget for the next phase of planning work, <br />including commencing the process to select urban <br />design/architectural professionals to develop design and <br />placemaking elements of the Framework Components; (ii) <br />initiating collaboration between Developer and Other Owners (as <br />defined in subsection (i) below) regarding desired land uses, <br />potential development scenarios for various properties, and <br />addressing issues of shared concern, such as parking <br />requirements and parking management, interface of new or <br />expanded uses with the existing shopping center, and shared <br />infrastructure; and (iii) seeking qualified consultants to begin <br />development of development standards or other master planning <br />documents for the Stoneridge Mall. <br />(c) If, prior to December 1, 2024, City receives additional deposits <br />totaling $150,000 from one or more of the Other Owners to <br />supplement the Initial City Master Plan Costs (“Supplemental <br />Master Plan Costs”), then the termination date of this Agreement <br />shall be extended an additional 18 months to July 1, 2026, with <br />this period to be used to further advance the efforts initiated during <br />the initial six-month period. The City may, at its sole discretion, <br />reduce this amount by up to $50,000, provided that so doing <br />would, in the City’s determination, allow the planning to continue <br />to proceed towards the development of the Master Plan. <br />(d) If City does not receive deposits for the Supplemental Master <br />Plan Costs from the Other Owners by December 1, 2024, then <br />Developer may elect thereafter to deposit with City, prior to <br />December 31, 2024, the greater of (i) $100,000 or (2) the <br />unfunded Supplemental Master Plan Costs (not to exceed <br />$150,000), in which case this Agreement shall be extended an <br />Page 28 of 248