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ll-~l-M a3:55pm From-CITY ATTORNEY'S OFFICE BDBBZB554a T-B31 P.OZ F-Oll Memorandum of Understanding Redevelopment Agency for the City of Riverside and The Alan Mruvka Company (THE VILLAGGIO PROJECT) December, 2002, This Memorandum of Understanding ("MOU") is made this3rd day of , by and between the Redevelopment Agency for the City of Riverside ("Agency") and The Alan Mruvka Company ("Developm"'), stating the preliminary intentions of~he parties with respec~o a conceptual project proposed by Developer. 1. RECITALS 1.1 The project consists of two half blocks bounded by Fifth Street, Mission Inn Avenue, Market Stree~ and the Alley in the Merged Downtown/Airport Industrial Redevelopment Project Area C'Project Area"). The proposal suggests a mixed-use development including retail, office, housing and parking struetttres, fronting on Market Street. The conceptual project contemplates fl~e potential use of the "Stalder Building" and adjoining parcels ("Project"). A map indicating the location of the project area is attached hereto as Exhibit "A". The Project Area may be modified or expanded during the term of this MOU to include some or all of the remaining portions of parcels abutting Main Stree~ and the Project Area as depicted in Exhibit "B"_ Site Plan Elevations are attached hereto as Exhibit "C". Agency recognizes that redevelopment within the Project Area, including the proposed private development will increase the burden on existing public improvements which exist prim~ily for the public health, safety and well being. 1.2 Pursuant to the Redevelopment Plan, and in response to the Developer's conceptual project, the Agency initiated its "Owner Participation Process" pursuant to the California Redevelopment Law. As of the date of entering into this MOU, the Agency has not completed the Owner Participation Process. The Owner Participation Process requires the Agency to evaluate competing and alternative development proposals for owner participation and to select qualified owner participants if the Agency, in its sole discretion, deternaines that ovoaer participation should · he permitted. Based on the Agency's experience in other project areas, it is anticipated that the majority of owners and temmts may not wish to participate in the redevelopment project. Therefore, the Agency, in compliance with Health and Safety Code §33340 and in order to facilitate and expedite the redevelopment of the project area, desires to commence discussion~ with one or more developers (including Developer), one of who may serve as a master developer for the Project. 1.3 Except as otherwise provided in Sections 7.1-7.6 of this MOU, the parties acknowledge and agree that this MOU is not imended to be or to evidence any legally binding agreement or obligation on the part of either party. No further agreement will be entered into un tess and until the Agm]cy has completed its Owner Participation Process and Developer has been selected as one of the Project develo.pers; and further, unless and until each party has reviewed, approved (in its sole discretion), and executed, after review by counsel, a definitive written agreement. Each party acknowledges that it will not take action or refrain from taking action in reliance on the portions of this MOU, intended to be legally nonbonding, m~d that any such reliance will be at its own risk. The Villaggio · Memorandum of Understanding · Page1