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e . e . , MAR-19-2002 13:37 6129242663 P.18 COMMUc< ITY DEU (ail_apt \fie pertien ae6igRateEl for e'."Rer e_eUJ'lied lleusiflg) Park Commons East during the term of this Agreement; NOW, THEREFORE, in consideration of the covenants and obligations of the parties hereto, the Authority and the Developer hereby agree as follows: Section 1. Negotiation of Contract. The Authority and the Developer will proceed to negotiate in good faith regarding a definitive development contract regarding tile Phase I Area Park ComMons East based on the terms and conditions outlined in this Agreement. Jt is the intention of the parties that this Agreement documents their present underslanding and commitments and that if the conditions described in this Agreement can be fulfilled to the salisfaction of the Authority and the Developer, the parties will enter into a Contract. The Contract (together with anyotha agreements enll:red into between the parties hereto contmJporaneously therewith) when executed, will supersede all obligations of the parties hereunder. Notwithstanding anything to the oonmny herein, the Authority's obligation to provide any financial assistance to the Developer, and the Developer's obligation to construct any improvement<;, are sill:!ject to execution of a Contract approved by the parties' respective govaning bodies. Tbe nmes mtifv tbe tindiJu! set forth in the First Amendment to Amended and RestatEd Prelimiruuv Development A2reement dated December 6. 1999. that this .A2reement constitu/eli a "letter of intent" within the meaninl! 0[1999 Minnesota LllM. Chanter 243.. Article 10. Section 29 (the "Act''). The Authority's undet1akinl!.'l for the nU!'DOSES of the Act include without limitation use of tax increments to finance: stJ'eelscaJ)e imnrovements that serve a decorative or aesthetic nul1lO5e within Pad<. Commons East, in the Excebior Boulevard rieht ofwav betwem Monterey Drive and Quentin Avenue. and in the ril!bts 01' wav of Montorev Drive and Quentin Avenue within and adiacent to Park Commons East: acouisition and deveJonment of the tuwn l!I'ee!I: and nark and reaeation imnrovements within or servin~ Pllrl< Commons East. Section 2. Authority Agreements and Undertakinl!s. (a) The Authority accepts and approves the master site plan attached at Exhibit B, iRshHl.i.Rg as the conceptual framework for redevelopment of !he Phase I :.rea Park Commons East, subject to modifications mutually agreed by the parties. - (b) The Authority will continue its best efforts to acquire by negotiation or condemnation clear title to all remaining parcels within tile Phase I .\,rea Park Commons East, in a timely fashion to permit commencement of construction by the Developer in 2001. The Authority will conveyor otherwise make available the property in the Pkilue I Afea Park Commons East to the Developer at an agreed upon price reflecting estimated market value, except any portions designated for owner-occupied housing, and except any portions retained by the Authority for town green and public right of way purposes. (c) The Authority will continue its best efforts to identify any environmental contamination of parcels within tile PRase I Area Park Commons East; SUH132172vl SAliS-40 2