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<br />NOW, THEREFORE, in consideration of the covenants and obligations of the parties <br />hereto, the City and the Developer hereby agree as follows: <br /> <br />Section I. Preliminary Nature of Agreement. The City and the Developer agree that <br />this Agreement is intended to be preliminary in nature. Before the City and the Developer can make <br />a decision on whether to proceed with the implementation of the Developer's development proposal <br />for the Development Property, it will be necessary to assemble and consider information relative to <br />the design, financial feasibility and other aspects of redevelopment of the Development Property. <br />The purpose of this Agreement is to allow the Developer an opportunity to assemble such necessary <br />information, and to negotiate with the City concerning the execution of an MDA which, if executed, <br />will set forth the rights and responsibilities of the City and the Developer with respect to the <br />Development Property. <br /> <br />Section 2. Present Intent of Parties. It is the intention of the parties that this Agreement <br />documents their present understanding and commitments, and that the parties will proceed to use <br />their best efforts to negotiate a mutually satisfactory MDA, which MDA will (i) include conveyance <br />of the Development Property to the Developer pursuant to all tenus of the OTP and MDA, and (ii) <br />will require fulfillment of the following conditions to the mutual satisfaction of the parties: <br /> <br />(a) the Developer demonstrates the market feasibility ofthe Development; <br /> <br />(b) the Developer demonstrates the ability to undertake the Development in a manner <br />consistent with the general land uses described in the Framework Vision; <br /> <br />(c) the Developer demonstrates that projected sources of financing for the Development <br />will be available to the Developer, and that if Developer requests financial assistance <br />from the City, such assistance is necessary to make Developer's redevelopment <br />proposal financially feasible and is consistent with the Public Financing Policy and <br />taking into account the unique needs of the Development; and <br /> <br />(d) if the City agrees to provide any financial assistance, the Developer and the City are <br />able to reach agreement on the Developer's provision of security adequate to <br />reasonably justify the City's investment. <br /> <br />(e) remediation of the Development Property as set forth in the Remedial Action Plan <br />approved by the MPCA in accordance with the Response Action Agreement; and <br /> <br />(f) the Developer and the City are able to reach agreement on the type and amount of <br />envirornnental and general liability insurance that the Developer will provide on the <br />Development Property to protect the interests ofthe City. <br /> <br />The MDA (together with any other agreements entered into between the parties hereto or <br />contemporaneously therewith) when executed will supersede all obligations of the parties <br />hereunder. <br /> <br />3 <br />