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MEMORANDUM OF UNDERSTANDING THIS MEMORANDUM OF UNDERSTANDING ("Menaorandum"), dated as of Hay 16 ,2000, is hereby entered into by and between the Redevelopment Agency of the City of Riverside, a public body, corporate and politic ("Agency") and Charles E. Fancher doing business as The Fanchef Companies ("TFC"). TFC is a developer who is currently evaluating and considering the feasibility of undertaking the development of a mixed-use project within Downtown Riverside. The Agency and TFC desire to undertake preliminary discussions concerning the potential development of Downtown Riverside and desire to set forth in this Memorandum certain understandings they have reached with regard to their preliminary discussions. The parties intend this Memorandum to encourage the evolution of the conceptual project into a specific development proposal which, subject to the outcome of the Agency's Owner Participation Process, will result in the parties entering into a right to negotiate agreement, an owner participation agreement, a disposition and development agreement, or such other agreement as may best suit the situation and the goal of achieving the redevelopment of the Site Area in conformance with the Redevelopment Plan. The Parties do hereby enter into this Memorandum setting forth their commitments, understandings and appropriate limiting conditions, as follows: 1. Site Area. "Site Area" shall mean those parcels of real property within the City bordered by Fifth Street on the north, Ninth Street on the south, Market Street on the west, and Orange Street on the east. The Site Area is generally depicted on the diagram, which is attached hereto and incorporated herein as "Exhibit A." 2. Commitments. The Agency and TFC hereby agree, subject to the terms and conditions of this Memorandum, to use their best efforts in good faith to accomplish the following actions by the dates indicated. 3. Project Concept. TFC has delivered the Agency with its detailed preliminary proposal for the development of a conceptual plan for the Project (defined below) within the Site Area, including one or more drafts of a master plan for the development of the Site Area (the "Project Concept"). In order to facilitate this process, the Agency and TFC agree to cooperate and discuss the Project Concept in order to evolve a detailed project description including the particular uses proposed, anticipated densities and intensities, as well as proposed project phasing ("Project"). TFC acknowledges that the Agency is a public entity and its records are public records subject to the Public Records Act (Government Code Sections 6250 et.seq.) Agency and TFC agree and acknowledge that the Project Concept is a "public record" within the meaning of the Public Records Act, but, pursuant thereto it is exempt from disclosure because, among other things: (i) the Project Concept is a preliminary draft within the meaning of