Resolution 5871 - Laserfiche WebLink

calculation any retail space to be leased to an Existing Prospective Tenant) will be occupied by Off-Price Tenants; (v) a deadline date by which the central gathering place shall have been completed and the Anchor tenant will be open and operating and the Small Shop Space and other retail spaces will be completed; and (vi) assurances reasonably acceptable to the City that OM has or will have financing resources sufficient to complete the proposed retail development (excluding tenant improvements); or (B) (i) a schematic design for the proposed retail development on the Landfill Site, which design includes a design for a "central gathering place" of at least 1.5 acres; (ii)written commitments from at least seven (7) Lifestyle Center tenants to operate retail stores on the Landfill Site; (iii)plans for at least 100,000 rentable square feet of Small Shop retail space on the Landfill Site, together with reasonable indications that such tenants are interested in leasing the Small Shop Space, for a total,with the Lifestyle Tenants, Small Shop Space and other retail tenants, of at least 250,000 rentable square feet; (iv)reasonable assurances that at least fifty percent (50%) of the total retail space (excluding for purposes of the foregoing calculation any retail space to be leased to an Existing Prospective Tenant) will be leased to tenants who are New to the Everett Market Area and that no more than ten percent (10%) of the retail space (excluding for purposes of the foregoing calculation any retail space to be leased to an Existing Prospective Tenant) will be occupied by Off-Price Tenants; (v) a deadline date by which the central gathering place shall have been completed and a certain minimum number of Lifestyle, Small Shop and other retail spaces tenants shall be open and operating; and (vi) assurances reasonably acceptable to the City that OM has or will have financing resources sufficient to complete the proposed retail development (excluding tenant improvements). For the avoidance of doubt, if OM submits a retail development proposal with more than 250,000 rentable square feet then OM may include Off-Price Tenants exceeding fifteen percent (15%) of the total retail space on the Landfill Site provided the portion of the retail development proposal intended to qualify under this provision must comply with the foregoing requirements. 16.3.2 Defined Terms As used herein (including all Exhibits attached hereto): (A) an "Anchor" shall mean and refer to (i) a single retail tenant and user operating under a single trade mark occupying at least 40,000 contiguous square feet of rentable area, or (ii) a collection of not less than three (3) "Mini-anchor" retail tenants and users each operating under a single trademark occupying not less than 15,000 square feet of rentable area; (B) a"Small Shop Tenant" shall mean and refer to a retail or restaurant tenant and user operating under a single trademark occupying no more than 15,000 contiguous square feet of rentable area; (C) "Lifestyle Tenants" shall mean and refer to tenants typically recognized as such (including, by way of example, those retailers identified in Exhibit H attached hereto) and that are new to the Everett Market Area; (D) "New to the Everett Market Area" shall mean and refer to fact that a proposed tenant, or an affiliate or franchisee, is not at the time constructing or operating a store using substantially the same trade name within the city limits of the City of Everett; (E)"Off-Price Tenant" shall mean and include any retailer generally regarded as being an off price retailer(such as T.J. Maxx, Linens 'n Things, Marshalls, Ross, Burlington Coat Factory, The Men's Wearhouse, although, without limiting the foregoing, because of the status of current negotiations an Off-Price Tenant for purposes of this Agreement would NOT include an Existing Prospective Tenant), or any factory -29- 06107-0063/LEGAL 13023969.1