Item A: West Broadway Memoranda of Understanding

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UNDERSTANDINGS OF THE PARTIES Developer and URA mutually acknowledge their understandings, as follows: 1. Non-binding Memorandum; Final Documentation. The Parties acknowledge that it is in their best interest and conducive to the project proposed by Developer to document in this Memorandum the process by which they will negotiate the terms and conditions of the Agreement and the manner in which the public will participate in the beginning planning stages of the project. The Parties further acknowledge that although this Memorandum is fully intended to accurately capture and establish all of the key points relating to such processes, this Memorandum shall not be of any binding force and effect upon the Parties; rather, this Memorandum shall be of a non-binding nature and effect. Upon completion and execution of this Memorandum, the Parties will proceed toward the negotiation, approval and execution of formal and binding documents relating to the project, including the Agreement. The Agreement will include conditions relating to the transfer of the URA Property, the uses associated with the project buildings, the Parties’ respective rights and obligations relating to the design, construction and funding of the project, a schedule and a budget, sustainability requirements and allocations of risk. The Parties shall have no binding rights or obligations nor will either party be bound to any course of action, unless and until such formal documents have been negotiated, approved, executed and delivered by and between the Parties hereto in mutually acceptable form and content. 2. Agreement – Negotiation Period. Commencing on the date of this Memorandum and continuing for a period of ninety (90) days, the Developer and the URA will enter into exclusive negotiations relating to terms and conditions of the Agreement and any other documentation necessary to provide for the redevelopment of West Broadway. The Parties wish to diligently and in good faith negotiate the terms and conditions of the Agreement and such other documentation, if any. In the event the Parties have not completed their negotiations within the period identified above, they may, by consensus, elect to extend the negotiation timeframe. 3. Agreement – Negotiation Teams. The Parties have authorized the following representatives to negotiate on their behalf: URA: Dennis Taylor, Agency Director Angel Jones, City Manager Pro Tem Susan Muir, Planning & Development Director Mike Sullivan, Community Development Division Manager Denny Braud, Senior Development Analyst Developer: __________________________________ __________________________________ Memorandum of Understanding -2-