Purchase and Sale Agreement

Agreement is made April 21, 2014 (“Effective Date”) between Downtown 1826, LLC and Downtown 56, LLC (”the Owner”), who paid $8.2 Million for the membership interests. The Owner will be fully responsible for all required payments as per the Construction Agreement
On August 7th, 2013 the MPA approved the development agreement for the joint development of the property.

Development Agreement

Awarded and approved designed plans to build 440 residential units on top of a 170 parking space garage pedestal that will be owned and operated by MPA. The garage will be connected to the existing MPA structure and the residential project will enjoy the use of the MPA parking spaces at a discounted rate. Upon completion of the Project, MPA shall own the condominium components containing the parking garage structure (both existing structure and proposed structure) and the proposed MPA office space.
Developer must commence construction in no later than 30 months and complete construction within 54 months of Effective Date. Failure to comply will provide MPA the sole discretion to terminate agreement or liquidated damages of $500/Day.
In addition to the 170 parking garage, the Owner is required to contribute $1.5 million in capital expenditures to the existing garage in order to upgrade systems and consolidate structures. Any excess amount will be covered by MPA.

Zyscovich Architects has been retained as the architect of record for the Project.
Upon the initial execution of the architectural agreement, Zyscovich is to receive $30,000. This is applied to Design development if project doesn’t move past stage.