CCP 07-16-2001 - Laserfiche WebLink

Home Browse Search

/ , . - e e Mayor Dennis Probst Page 3 JUlie 22, 2001 Land and work together to negotiate a mutually acceptable Agreement prior to expiration of 60-days from the expiration of the Initial Period ("Negotiation Period"). Ifthe parties are unable to mutually agree during the Negotiation Period on the final form of an Agreement, either party shall have the right to tern1inate this letter; provided, however, that each party would remain liable for and be required to make arrangements for the payment of all amounts due pursuant to the agreed-upon budget expended to that point in time. The Purchaser shall endeavor in good faith to cause an initial draft of the Agreement to be delivered to the Seller within thirty days ofthe expiration of the Initial Period, B. Master Planning Process. The intention of the parties is that the master planning of the Entire Site shall be pursued "jointly". During the Initial Period, the parties shall agree on the responsibilities of each party as it relates to the master planning process. A preliminary list of responsibilities shall include environmental, zoning, entitlements, approvals, site planning, subdivision, utilities, storm water management, surveys, public finance assistance, development agreements, road improvement approvals, and cost contributions related thereto. A final approved schedule of each parties' obligations and when these are expected to be performed shall be finalized during the Negotiation Period and attached to the Agreement. C. Confidentiality. Except as may be required by law, Seller and Purchaser agree to keep the terms of this transaction confidential and not disclose the names of the parties or the terms of this Letter of intent or the contract to any person who is not representing or assisting respective party in this transaction, who must also keep such information confidential. D. Exclusivity. During the Initial Period and the Negotiation Period hereinabove described, the City shall not solicit any offers to purchase or develop all or any portion of the Land or enter into an agreement with any other party for the development, sale of any part of the Land or any property adjacent to or contiguous to the Land (for retail or entertainment purposes) until expiration of the Initial Period and Negotiation Period, during which period of time Seller agrees to negotiate in good faith exclusively with Purchaser to enter into a mutually acceptable Agreement that incorporates the terms summarized in this letter of intent. E. No Contract. Except for the agreements of Seller in Paragraphs C and D, Seller and Purchaser understand there is no binding legal agreement between them concerning the Land until they execute a mutually acceptable Agreement. For your convenience, I have enclosed two (2) originals ofthis letter of intent. If the foregoing meets with Seller's approval, please have the enclosed executed by or on behalf of the Seller and return one original to me no later than 5:00 p.m, on July 15,2001. If! have not received one fully executed original by such date, this letter of intent shall automatically expire.