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x Agency Responsibilities The Agency will convey the Agency Assemblage to the Auto Dealer under terms and conditions acceptable to the Agency that will be documented in a DDA Specific terms and conditions stated in the Agreement include: 1. The Agency has purchased 1066-1072 Marina Boulevard from its current owners for $450,000. 2. The Agency will purchase 1152 Marina Boulevard. The price for this property is under negotiation. For the purposes of the Section 33433 report, $740,000, the Agency's current offer to purchase, is used. The Agency will incur costs for environmental remediation that will be reimbursed by the Auto Dealer. The Agency has received a bid for $57,000 for environmental remediation of 1066 Marina Boulevard. This bid includes costs to remove underground storage tanks and pump islands, installation and monitoring of wells, soil aeration, and all other environmental remediation actions. There are no additional clean-up costs for the 1072 and 1152 Marina Boulevard properties. 4. The Agency funded the costs for the Environmental Site Assessment Phase 1 audit for 1152 Marina Boulevard as well as a Lead Paint and Asbestos Survey for 1066-1072 and 1152 Marina Boulevard. Total costs of $8,569 are expected fo► these items. The Agency also will incur costs for environmental review, noise analysis, and a traffic study. These costs will total $31,310. The Agency is considering these combined total costs of $39,879 ($40,000 rounded) to be predevelopment costs that will not be passed on to the Auto Dealer. The Agency is also expected to incur project management expenses of $300,000 that will not be passed on to the Auto Dealer. 6. Agency funds the $10,000 cost for removal of asbestos containing material and lead - based paint at 1066-1072 Marina Boulevard prior to demolition by the Auto Dealer. 7. In the sale of 1066-1072 Marina Boulevard to the Agency, closing costs are to be shared by the Agency and the seller. Agency costs included recording costs, escrow fees and title insurance premiums. The seller of the properties paid transfer taxes for the sale of the properties to the Agency, and paid off any bond assessments. 8. In the sale of 1152 Marina Boulevard to the Agency, the Agency will pay all closing costs. KEYSER MARSTON ASSOCIATES INC. 19096\0014-002.doc Page 4