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Option One : Touchstone Extension <br /> Proposal <br /> • This means that, if Touchstone purchases all four extensions, <br /> Touchstone will pay extension fees totaling $150,000 <br /> • If Touchstone gets its financing complete and is ready to start <br /> construction, it is not required to purchase all of the <br /> extensions <br /> • Unlike the $500,000, these extension fees are never returned <br /> to Touchstone <br /> • City continues to hold the $500,000 <br /> • If Touchstone misses any extended deadline, City may <br /> terminate relationship, keep the $500,000, and get property <br /> back <br /> • Assuming Touchstone purchases all four three-month <br /> extensions, this means project completion by October 31, <br /> 2016. <br />