CCP 07-16-2001 - Laserfiche WebLink

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\ Mayor Dennis Probst l'age 2 June 22, 2001 . Accordingly, except as noted herein, this letter is intended only to provide a framework for negotiation purposes of an Exclusive Option Agreement. It is the intention of the parties that if an agreement in principle can be reached, an option agreement ("Agreement") with respect to the Land would be negotiated prior to the expiration of the Initial Period as hereinafter defined. Accordingly, as it relates to the assemblage ofthe Entire Site and the master planning process with respect to the Entire Site, Land and Retained Parcel, the parties are in agreement on the following concepts subject to the terms of this letter of intent: A. Study Period. MLP and City agree that the Study Period shall commence upon execution of this letter and extend for l20-days after the Agreement is executed, During the initial60-days of the Study Period ("Initial Period"), the parties shall endeavor in good faith and use their commercial best efforts to structure a program (and identify a source of funding for costs related thereto) which includes but is not limited to the following: . securing the right to acquire and develop the Entire Site by working with the state and federal legislative body, as well as the Army; . identifying highest and best uses for the Entire Site including but not limited to commercial, retail, and residential; . masterplanning the Entire Site and developing design standards; . . evaluating traffic impacts and conceptualizing the improvements that development of the base would necessitate; . monitoring the cleanup of the Entire Site to insure that future development is possible; . any other teclmical assistance required to understand the restrictions, limitations and potentials uses for the Entire Site; . a market analysis, The Mills acknowledges that the City shall have the primary responsibility and Mills will provide assistance to the City, to negotiate for the acquisition of the base necessary to assemble the Entire Site. In addition to the assemblage, during the Initial Period the parties shall agree on a process, budget, consultant team and respective roles of responsibility with respect to jointly master planning and defining the infrastructure necessary for the development of the Entire Parcel and with an attitude that is consistent with and complimentary to the potential of developing the Land that will include a retail and entertairunent project ("Project"). As part of this initial planning process during the Initial Period, MLP and the City shall initiate a due diligence program related to envirorunental, transportation, infrastructure, utility, approval and entitlements issues. It is the intention of the parties that once mutually agreed-to as reflected in an initial strategy and budget, the parties would each be responsible for 50% of the cost of . the budgeted items. The parties shall endeavor in good faith and use their reasonable efforts to agree on a mutually acceptable schedule and list oftask to be undertaken during the Initial Period. Upon expiration of the Initial Period, the parties shall enter into the second phase of the negotiations with respect to the