Community Redevelopment Agency Board Meeting

SUMMARY OF ACTIONS BRADENTON COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING 2:00 p.m. Wednesday, August 12, 2026 COUNCIL CHAMBERS - 101 OLD MAIN STREET The meeting was called to order by Chair Schuessler at 2:00 p.m. 1. CONSENT AGENDA a) Community Redevelopment Agency: July 22, 2026, Community Redevelopment Agency Board Meeting Minutes b) Community Redevelopment Agency: Third Amendment to PSA with PHBGF Venture LLC MOTION TO APPROVE THE CONSENT AGENDA was made by Board Member Kocher and seconded by Board Member Barnebey. The motion passed unanimously. ITEMS 6 AND 7 WERE MOVED UP ON THE AGENDA. 6. CENTRAL/TAMIAMI TRAIL CRA DISTRICTS a) Community Redevelopment Agency: Public Works Interdepartmental Application: Private Lateral Replacement Program MOTION TO APPROVE THE INTERDEPARTMENTAL APPLICATION FOR PUBLIC WORKS PRIVATE LATERAL REPLACEMENT PROGRAM IN THE AMOUNT UP TO $105,000 was made by Vice Chair Gonzalez Moore and seconded by Board Member Coachman. The motion passed unanimously. 7. DOWNTOWN CRA a) Community Redevelopment Agency: Public Works Interdepartmental Funding Application - Downtown Infrastructure Development Project Phase 2 MOTION TO APPROVE THE INTERDEPARTMENTAL APPLICATION FROM PUBLIC WORKS FOR THE DOWNTOWN INFRASTRUCTURE DEVELOPMENT PROJECT PHASE 2 IN THE AMOUNT UP TO $1,600,000 was made by Chair Schuessler and seconded by Board Member Barnebey. The motion passed unanimously. 5. ALL CRA DISTRICTS

a) Community Redevelopment Agency: Proposed Modifications to the CRA Sustainable Redevelopment Incentives Program MOTION TO APPROVE THE MODIFICATIONS TO THE CRA REDEVELOPMENT INCENTIVES PROGRAM was made by Board Member Kocher and seconded by Board Member Barnebey. The motion passed unanimously. 8. CENTRAL CRA a) Community Redevelopment Agency: Unsolicited offer to purchase CRA Owned Property located at 214-228 9th Avenue East & 916 & 918 3rd Street East. MOTION TO DIRECT CRA STAFF TO NEGOTIATE THE TERMS OF A PURCHASE AND SALE CONTRACT WITH THE HIGHEST RANKED OFFER, TO BE BROUGHT BACK TO THE CRA BOARD FOR REVIEW AND CONSIDERATION was made by Board Member Coachman and seconded by Board Member Barnebey. The motion passed unanimously. The meeting was adjourned by Chair Schuessler at 3:20 p.m.

Agenda

AGENDA

BRADENTON COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING

2:00 p.m. Wednesday, August 12, 2026

COUNCIL CHAMBERS - 101 OLD MAIN STREET

REViSED AGENDA

Addition to Agenda is highlighted below

1.

MEETING CALLED TO ORDER

2.

PLEDGE OF ALLEGIANCE

3.

CITIZEN COMMENTS

Citizen comment will be accepted during the Citizen Comment portion of the meeting on any non-agenda item, agenda item, future agenda item or topic of relevance to the Community Redevelopment Agency of the City of Bradenton. Comments will be accepted on the public hearings at the appropriate time.

4.

CONSENT AGENDA

a)

Community Redevelopment Agency :

July 22, 2026, Community Redevelopment Agency Board Meeting Minutes

7-22-2026 CRA Board Meeting Minutes.pdf

b)

Community Redevelopment Agency :

Third Amendment to the PSA with PHGBF Ventures, LLC

Third Amendment to PSA with PHBGF Venture LLC.pdf

5.

ALL CRA DISTRICTS

a)

Community Redevelopment Agency :

Proposed Modifications to the CRA Sustainable Redevelopment Incentives Program

CRA Redevelopment Incentives CM (BW rev)(5622594.1).pdf

6.

CENTRAL/TAMIAMI TRAIL CRA DISCTRICTS

a)

Community Redevelopment Agency :

Public Works Interdepartmental Application: Private Lateral Replacement Program

PW Interdepartmental Application - Private Lateral Funding.PDF

7.

DOWNTOWN CRA

a)

Community Redevelopment Agency :

AGENDA BRADENTON COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING 2:00 p.m. Wednesday, August 12, 2026 COUNCIL CHAMBERS - 101 OLD MAIN STREET REViSED AGENDA Addition to Agenda is highlighted below 1. MEETING CALLED TO ORDER 2. PLEDGE OF ALLEGIANCE 3. CITIZEN COMMENTS Citizen comment will be accepted during the Citizen Comment portion of the meeting on any non-agenda item, agenda item, future agenda item or topic of relevance to the Community Redevelopment Agency of the City of Bradenton. Comments will be accepted on the public hearings at the appropriate time. 4. CONSENT AGENDA a) Community Redevelopment Agency: July 22, 2026, Community Redevelopment Agency Board Meeting Minutes 7-22-2026 CRA Board Meeting Minutes.pdf b) Community Redevelopment Agency: Third Amendment to the PSA with PHGBF Ventures, LLC Third Amendment to PSA with PHBGF Venture LLC.pdf 5. ALL CRA DISTRICTS a) Community Redevelopment Agency: Proposed Modifications to the CRA Sustainable Redevelopment Incentives Program CRA Redevelopment Incentives CM (BW rev)(5622594.1).pdf 6. CENTRAL/TAMIAMI TRAIL CRA DISCTRICTS a) Community Redevelopment Agency: Public Works Interdepartmental Application: Private Lateral Replacement Program PW Interdepartmental Application - Private Lateral Funding.PDF 7. DOWNTOWN CRA 1

a) Community Redevelopment Agency: Public Works Interdepartmental Funding Application - Downtown Infrastructure Development Project Phase 2 Public Works Interdepartmental Application - Downtown Infastructure Phase 2.pdf 8. CENTRAL CRA a) Community Redevelopment Agency: Unsolicited offer to purchase CRA Owned Property located at 214-228 9th Avenue East & 916 & 918 3rd Street East. Bryant Commons Appraisal.pdf Bryant Commons Map.jpg 9. OTHER DISCUSSION / NEW BUSINESS 10. ADJOURN RULES OF PROCEDURE FOR AGENDA AND PUBLIC APPEARANCES BEFORE THE CRA BOARD Please place cell phones on silent mode! Non-Discrimination Statement: The City of Bradenton prohibits discrimination in all of its services, programs or activities on the basis of race, color, age, disability, sex, national origin, religion, genetic information or marital status. Persons with a disability needing a reasonable accommodation to participate in, or who require assistance or an alternative means for communication of program information, should contact: City of Bradenton ADA/Title VI Coordinator 101 Old Main Street Bradenton, FL 34205 ADACoordinator@cityofbradenton.com 941-932-9400 TTY: 7-1-1 or 1-800-955-8771 La ciudad de Bradenton proveera servicio de interprete a las personas quienes su primer lenguage no es el ingles. Si necesita estos servicios, usted o su representante puede comunicar al ADA/Title VI Coordinator, 101 Old Main Street, Bradenton, FL 34205. También, puede llamar al (941) 932-9470 o enviar correo electrónico a ADACoordinator@cityofbradenton.com. 2

AT COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING: Citizen comment will be accepted during the Citizen Comment portion of the meeting on any non-agenda item, agenda item, future agenda item or topic of relevance to the CRA. Citizen comment related to any public hearing item shall be provided during the duly noticed public hearing in order to maintain an accurate record of the proceedings. All citizen comments related to quasi-judicial items are required to be under oath and such comments will be invited to be presented during the duly noticed public hearing for such items. If an individual (or agent) wishes to address the CRA Board, they should complete a comment card available at the back of the Chamber and submit such card to the CRA Program Administrator. At the appropriate time during the meeting, the Chair will call speakers to come forward. After being recognized by the Chair, the individual should come to the podium and, for the public record, state their name and address, and then provide any relevant comments or testimony related to the item they wish to address. In the case of an agent, they shall identify themselves and the party they represent. The speaker should then proceed to state their position or present their information. An individual appearance for citizen comment will be limited to three (3) minutes unless additional time is permitted by the Chair or consensus of the CRA Board. Additional time will be allowed (up to 10 minutes at the discretion of the Chair or consensus of the CRA Board) for public hearing items if the speaker is officially representing a group of five or more people, provided that written authorization is provided that the person is authorized to speak on behalf of the group. Note: If handouts are being distributed, please provide a minimum of ten (10) copies to the Program Administrator. If you wish to display a drawing or rendering, contact Karen Kyser, as indicated above, prior to the meeting. Any submissions commented on, photographs, letters, renderings, etc. will be kept by the CRA for the official record. 3

AGENDA ITEM NO. 4.a Item Cover Page DATE: August 12, 2026 SUBMITTED BY: Todd Campbell, Community Redevelopment Agency ITEM TYPE: Minutes AGENDA SECTION: CONSENT AGENDA SUBJECT: July 22, 2026, Community Redevelopment Agency Board Meeting Minutes SUGGESTED ACTION: Approve COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING AGENDA ITEM REPORT Is this item Quasi-Judicial? No Does this item require a public hearing? No EXPLANATION: July 22, 2026, Community Redevelopment Agency Board Meeting Minutes. FINANCIAL IMPACT: N/A ATTORNEY REVIEW/RECOMMENDATION: N/A SUGGESTED MOTION: Approve ATTACHMENTS: 7-22-2026 CRA Board Meeting Minutes.pdf 4

7-22-2026 CRA Board Meeting Minutes Page 1 of 4 CITY OF BRADENTON COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING MINUTES July 22, 2026 2:00 p.m. The Community Redevelopment Agency (CRA) Board met in the City Hall Council Chamber, 101 Old Main Street, Bradenton, Florida, at 2:00 p.m. on Wednesday, July 22, 2026. Present: Chair Kemp Schuessler, Vice Chair Lisa Gonzalez Moore, Board Member Pam Coachman, Board Member Marianne Barnebey, and Board Member Jayne Kocher. CRA Staff: Jeff Burton, CRA Executive Director; Chris Munyon, CRA Assistant Director; Todd Campbell, CRA Coordinator; and Scott Rudacille, CRA Attorney. The meeting was called to order by Chair Schuessler at 2:00 p.m. CITIZEN COMMENTS: None. CONSENT AGENDA: a) Community Redevelopment Agency: Adjustments to the CRA Sustainable Redevelopment Grant Program b) Community Redevelopment Agency: City Administration Accounting Department Interdepartmental Funding Application FY 2026-2027 c) Community Redevelopment Agency: June 10, 2026, Community Redevelopment Agency Board Meeting Minutes d) Community Redevelopment Agency: Residential Redevelopment Grant Application for a property located 1217 11th Avenue West. e) Community Redevelopment Agency: Residential Redevelopment Grant Application for a property located 1006 12th Avenue West. f) Community Redevelopment Agency: Residential Redevelopment Grant Application for a property located 1223 12th Avenue West. Board Member Kocher requested that Items D, E, and F be pulled from the consent agenda for further discussion. Vice Chair Gonzalez Moore requested that Item A be pulled from the consent agenda for further discussion. MOTION TO APPROVE THE CONSENT AGENDA WITH THE EXCEPTION OF ITEMS A, D, E AND F was made by Board Member Kocher and seconded by Board Member Barnebey. The motion passed unanimously. 5

7-22-2026 CRA Board Meeting Minutes Page 2 of 4 Todd Campbell, CRA Coordinator, displayed a document that provided details about the exterior only improvements included in the CRA Sustainable Redevelopment Grant Programs. He explained the adjustments to the grant program. MOTION TO APPROVE THE ADJUSTMENTS TO THE CRA SUSTAINABLE REDEVELOPMENT GRANT PROGRAM WITH AMENDMENT TO REQUIRE BOARD APPROVAL FOR NONCONFORMING GRANTS was made by Board Member Kocher and seconded by Vice Chair Gonzalez Moore. The motion passed unanimously. Board Member Kocher questioned if there was a conflict with awarding multiple grants to one person. Jeff Burton, CRA Executive Director, explained that grants were based off parcel ids and each parcel within the CRA was eligible for a grant regardless of ownership. MOTION TO APPROVE ITEMS D, E, AND F ON THE CONSENT AGENDA was made by Board Member Kocher and seconded by Board Member Barnebey. The motion passed unanimously. ALL CRA DISTRICTS: a) Community Redevelopment Agency: Bradenton Police Department Interdepartmental Funding Application for FY 2026-2027 Lieutenant Robert Bordin, Bradenton Police Department(BPD), gave a presentation that provided information on the services that BPD provided to the CRA areas. He submitted an interdepartmental funding application to help fund training and personnel costs for the CRA officers for Fiscal Year 2026-2027. MOTION TO APPROVE THE INTERDEPARTMENTAL FUNDING REQUEST FROM THE BRADENTON POLICE DEPARTMENT FOR COMMUNITY POLICING FOR FISCAL YEAR 2026-2027 IN THE AMOUNT UP TO $928,618.80 was made by Board Member Barnebey and seconded by Board Member Coachman. The motion passed unanimously. b) Community Redevelopment Agency: City's Code Enforcement Division Interdepartmental Funding Application FY 2026-2027 Volker Reiss, Compliance Manager, gave a presentation that highlighted Code Enforcement’s work within all three CRA areas. He stated that the code enforcement department was starting a new pilot program in 2027 to assist homeowners with cosmetic property maintenance and removal of dangerous trees. He submitted an interdepartmental funding application to help fund code enforcement services and the costs associated with the proposed pilot program within the CRA areas. 6

7-22-2026 CRA Board Meeting Minutes Page 3 of 4 MOTION TO APPROVE THE INTERDEPARTMENTAL FUNDING APPLICATION FROM CODE ENFORCEMENT IN THE AMOUNT NOT TO EXCEED $90,000.00 FOR FISCAL YEAR 2026-2027 was made by Board Member Coachman and seconded by Board Member Barnebey. The motion passed unanimously. DOWNTOWN CRA: a) Community Redevelopment Agency: Public Works Downtown Maintenance Initiative Interdepartmental Funding Application FY 2026-2027 James Mora, Division Manager for Solid Waste and Downtown Action Team (DAT) Manager, gave a presentation that showed projects that the DAT completed and ideas for proposed projects in the Downtown CRA area. He submitted an interdepartmental funding application to fund the Public Works Downtown Maintenance Initiative that includes new beautification projects in the downtown area. MOTION TO APPROVE THE INTERDEPARTMENTAL FUNDING APPLICATION FOR THE PUBLIC WORKS DOWNTOWN MAINTENANCE INITIATIVE FY 2026-2027, IN AN AMOUNT UP TO $451,235.68 was made by Board Member Barnebey and seconded by Board Member Kocher. The motion passed unanimously. b) Community Redevelopment Agency: Historic Preservation Grant Request for a Property Located at 530 13th Street West Mr. Campbell summarized details of the project at 530 13 th Street West. He stated that the JEM Collective Group was seeking a historic redevelopment grant to help fund the project. He added that the terms of this grant were different than the usual grant request and the funds would be reimbursed over four years. Cecilia Haag, JEM Collective Group, introduced the members of her team and gave a presentation that included details and concept pictures of the Gather 242 project located at 530 13 th Street West. MOTION TO APPROVE THE REQUEST BY JEM COLLECTIVE 530 LLC FOR A HISTORIC REDEVELOPMENT GRANT PREAPPROVAL FOR THE PROPERTY LOCATED AT 530 13TH STREET WEST, IN A CUMULATIVE AMOUNT NOT TO EXCEED $600,000 SUBJECT TO STANDARD ANNUAL FUNDING CYCLES AND COMPLIANCE WITH ALL CRA PROGRAM REQUIREMENTS AND REIMBURSEMENT OBLIGATIONS was made by Chair Schuessler and seconded by Board Member Kocher. The motion passed unanimously. TAMIAMI TRAIL CRA: c) Community Redevelopment Agency: Amended Redevelopment Grant Request for AJA Business Holdings, LLC. for a property located at 2514 9th Street West. 7

7-22-2026 CRA Board Meeting Minutes Page 4 of 4 Mr. Campbell summarized the details associated with the Redevelopment Grant for AJA Business Holdings, LLC. He stated that AJA Business Holdings was seeking additional funds to complete the project located at 2514 9 th Street West. Josh Warnock, AJA Business Holdings LLC, spoke about the building’s purpose at 2514 9 th Street West. He displayed before and after photographs to show proposed improvements. MOTION TO APPROVE THE REQUEST BY AJA BUSINESS HOLDINGS LLC FOR A PHASED REDEVELOPMENT GRANT PREAPPROVAL FOR THE PROPERTY LOCATED AT 2514 9TH STREET WEST, IN A CUMULATIVE AMOUNT NOT TO EXCEED $195,000.00 SUBJECT TO STANDARD ANNUAL FUNDING CYCLES AND COMPLIANCE WITH ALL CRA PROGRAM REQUIREMENTS AND REIMBURSEMENT OBLIGATIONS was made by Board Member Coachman and seconded by Board Member Kocher. The motion passed unanimously. OTHER DISCUSSION/ NEW BUSINESS: Mr. Burton informed the Board that the CRA plans to present a slum and blight study to City Council regarding the creation of a new CRA. He mentioned a potential project at the old City Hall site to assist in improving local traffic flow and discussed potential investment and development opportunities for the downtown GTE Building. The meeting was adjourned by Chair Schuessler at 3:38 p.m. NOTE: This is not a verbatim record. An audio recording of the meeting is available upon request. 8

AGENDA ITEM NO. 4.b Item Cover Page DATE: August 12, 2026 SUBMITTED BY: Christopher Munyon, Community Redevelopment Agency ITEM TYPE: Agreement AGENDA SECTION: CONSENT AGENDA SUBJECT: Third Amendment to the PSA with PHGBF Ventures, LLC SUGGESTED ACTION: Approve COMMUNITY REDEVELOPMENT AGENCY BOARD MEETING AGENDA ITEM REPORT Is this item Quasi-Judicial? No Does this item require a public hearing? No EXPLANATION: The proposed Third Amendment to the Purchase and Sale Agreement between the CRA and PHBGF Ventures, LLC (Purchaser) introduces two primary modifications to the existing contract: Closing Extension: Extends the final closing date to on or before January 8, 2027. Increased Deposit: Requires the Purchaser to increase the earnest money deposit by $135,000. The extension of the closing date requires corresponding updates to the project milestones outlined in Section 2.5 of Exhibit C-1, the Land Use Restriction Agreement (LURA). The revised deadlines are as follows: Construction Commencement: Adjusted from December 31, 2026, to 9

February 5, 2027. Certificate of Occupancy / Project Completion: Adjusted from on or before December 31, 2028, to on or before February 5, 2029. ATTORNEY REVIEW/RECOMMENDATION: Yes, CRA Attorney has reviewed the Third Amendment and supporting Documents. SUGGESTED MOTION: Move to approve the Third Amendment to the PSA with PHGBF Ventures, LLC. ATTACHMENTS: Third Amendment to PSA with PHBGF Venture LLC.pdf 10

THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made as of the ____ day of August, 2026 (“Amendment Effective Date”), by and between, THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF BRADENTON successor in interest to THE BRADENTON DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF BRADENTON, a public body of the State of Florida (“Seller”), and PHBGF Ventures, LLC, a Florida limited liability company (“Purchaser”). RECITALS WHEREAS, Seller and Purchaser have entered into that certain Purchase and Sale Agreement, with an Effective Date of October 30, 2024, as amended by that certain First Amendment to Purchase and Sale Agreement, dated May 14, 2025, and as further amended by that certain Second Amendment to Purchase and Sale Agreement, dated June 24, 2026 (collectively, the “Agreement”), with respect to certain real property located in Manatee County, Florida; and WHEREAS, Seller and Purchaser have agreed to modify certain terms of the Agreement, as well as the form of the LURA as originally attached to the Agreement; and WHEREAS, Seller and Purchaser desire to amend the Agreement in the manner set forth herein. AGREEMENT NOW, THEREFORE, for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Purchaser hereby agree as follows: 1. Recitals; Capitalized Terms. The foregoing recitals are true and correct. All capitalized terms not otherwise defined in this Amendment shall have the meanings ascribed to them in the Agreement. 2. Closing Date. Notwithstanding anything to the contrary in the Agreement, Seller and Purchaser agree that the Closing Date shall be January 8, 2027. As a result of the foregoing extension, Seller and Purchaser each hereby waive its respective right under Section 7(b) of the Agreement to terminate the Agreement based upon the failure of the applicable conditions precedent to have been satisfied by the previously applicable Contingency Deadline. 3. SIP. As of the Amendment Effective Date, Purchaser has not yet obtained the City of Bradenton’s approval of Purchaser’s SIP. Such approval shall remain a condition precedent to both Seller’s and Purchaser’s obligation to close. If such approval has not been obtained on or before January 8, 2027, either party may terminate the Agreement by written notice 11

to the other party. Purchaser shall continue in good faith to pursue approval of the SIP. Following Purchaser’s receipt of approval by the City of Bradenton of the SIP, the Deposit and the Additional Deposit (as defined below) shall be deemed non-refundable to Purchaser, subject only to an event of default by Seller. For the avoidance of doubt, the Extension Deposits shall remain nonrefundable in accordance with Section 7(b) of the Agreement. 4. Additional Deposit. In consideration of the foregoing extension of the Closing Date, within five (5) business days after the Amendment Effective Date, Purchaser shall deposit with Escrow Agent an additional deposit in the amount of One Hundred Thirty-Five Thousand and 00/100 Dollars ($135,000.00) (the “Additional Deposit”). The Additional Deposit shall be credited towards the Purchase Price and, except in the event of Seller default, or Purchaser’s inability to obtain approval of the SIP as set forth in Section 3 above, shall be non-refundable to Purchaser. 5. LURA. The agreed upon form of the LURA, originally attached as Exhibit “C” to the Agreement, is hereby replaced in its entirety with an updated form attached hereto as Exhibit “C-1”. Changes made from the initial form of the LURA are shown in tracked changes for purposes of this Amendment; however, at Closing, a clean copy of the LURA shall be executed. 6. Ratification. Except as expressly modified herein, all other terms, covenants and provisions of the Agreement shall remain in full force and effect. 7. Miscellaneous. In the event of a conflict between the terms and provisions of the Agreement and the terms and provisions of this Amendment, the terms and provisions of this Amendment shall control. This Amendment may be executed in one or more counterparts, the signature pages of which may be combined to constitute one instrument. Signatures transmitted by facsimile or e-mail, through scanned or electronically transmitted .pdf, .jpg or .tif files, or electronically signed documents, shall have the same effect as the delivery of original signatures and shall be binding upon and enforceable against the parties hereto as if such facsimile or scanned documents or electronically signed documents were an original executed counterpart. [Signatures appear on the following pages] 12

IN WITNESS WHEREOF, the parties hereto, intending legally to be bound hereby, have executed this Amendment as of the date first above written. PURCHASER: PHBGF VENTURES LLC, a Florida limited liability company By: PEARL HOMES HOLDINGS, LLC, a Delaware limited liability company, its Member By: ________________________ Marshall S. Gobuty, as Manager Date of Execution: _______________________ By: BG FRAMEWORK, LLC, a Florida limited liability company, its Member By: Framework Development, LLC, a Florida limited liability company, as Manager By:________________________ Phillip A. Smith, as Manager Date of Execution: _______________________ SELLER: THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF BRADENTON, a public body of the state of Florida By: Print Name: Title: Date of Execution: 13

Exhibit C-1 LURA LAND USE RESTRICTION AGREEMENT FOR: PHBGF VENTURES, LLC THIS LAND USE RESTRICTION AGREEMENT (hereinafter “Agreement”) is made and entered into as of the ____ day of ______________, 20___, by and between the Community Redevelopment Agency of the City of Bradenton, a dependent special district of the City of Bradenton (hereinafter referred to as the “CRA”), and PHBGF Ventures, LLC, a Florida limited liability company (hereinafter referred to as the “Owner”). RECITALS WHEREAS, the Owner has acquired from the CRA the land legally described in Exhibit A (hereinafter, the “Land”) for the purpose of constructing a Project (as defined herein) inclusive of workforce multifamily rental housing for low- to moderate-income households, as defined herein; and WHEREAS, Owner submitted a proposal and presented information to the CRA (collectively the “Proposal”), and was selected for purchase of the Land for the specific purpose of constructing and operating the Project, inclusive of workforce multifamily rental housing, consistent with the terms of such Proposal; and WHEREAS, the Owner requested, as part of the Proposal, financial incentives from the CRA in order to construct the Land with workforce multifamily rental housing, and the CRA has agreed to provide these financial incentives for this purpose, subject to the provisions of this Agreement; and WHEREAS, the Owner has requested, as part of the Project, a waiver of certain impact fees from the City in order to construct the Project with workforce housing, and the CRA has agreed to reimburse a portion of the impact fees paid for this purpose; and WHEREAS, the Owner agreed to comply with certain use restrictions as provided in this Agreement. NOW, THEREFORE, in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: SECTION 1 DEFINITIONS 1.1 Definitions and Interpretations. Unless otherwise expressly provided herein or unless the context clearly requires otherwise, the following terms shall have the respective meanings set forth below for purpose of this Agreement. (a) Project: the improvements to be constructed on the Land, which include approximately 114 units of multifamily rental housing, with a minimum of 70% of the units being workforce housing, and the Land and all moveable property and fixtures from time to time attached thereto. 14

(b) Rental Housing: housing units made available for rental, and not ownership, each of which units shall contain complete living facilities that are to be used other than on a transient basis and facilities that are functionally related and subordinate to the living facilities. The housing units shall at all times be constructed or substantially rehabilitated and maintained in substantial accordance with applicable building code standards of the City in which they are located. (c) Workforce Housing: housing for low- to -moderate income households, with rents based on the rent limits applicable to 80 to 120 percent of Area Median Income (“AMI”), as posted annually by the Florida Housing Finance Corporation (“FHFC”) and adjusted based on revised local data for Manatee County. SECTION 2 REPRESENTATIONS, COVENANTS AND COMMITMENTS 2.1 Residential Workforce Housing Rental Project. The Owner shall develop and maintain during the Term of this Agreement the Project as a multifamily Rental Housing development consisting of approximately one hundred and fourteen (114) dwelling units, with a minimum of 70% of the units being designated and set aside for