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1 <br /> <br /> 2 <br /> <br /> 3 <br /> <br /> 4 <br /> <br /> 5 <br /> <br /> 6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br />10 <br /> <br />11 <br /> <br />12 <br /> <br />13 <br /> <br />14 <br /> <br />15 <br /> <br />16 <br /> <br />17 <br /> <br />18 <br /> <br />19 <br /> <br />20 <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 782-5567 <br /> <br /> MEMORANDUM OF UNDERSTANDING <br /> <br /> BETWEEN THE <br /> <br />REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE <br />AND <br /> <br /> THE HISTORIC MISSION INN CORPORATION <br /> <br /> THIS MEMORANDUM OF UNDERSTANDING CMOU") is made and effective this <br /> <br /> 19th day of November ,1998 by and between the Redevelopment Agency of the City <br /> <br />of Riverside, (hereinafter the "Agency"), a public body, corporate and politic, having its office at <br />3900 Main Street, Riverside, California, and the Historic Mission Inn Corporation, (hereinafter <br />"HMIC"), a California corporation, having its principal office located at 3400 Central Avenue, Suite <br />325, Riverside, California (collectively referred herein as "the parties"). <br /> <br /> WHEREAS, the parties <br />December 23, 1992 (the "DDA") <br /> <br /> RECITALS <br /> <br />entered into a Disposition and Development Agreement dated <br /> <br /> to effectuate the Redevelopment Plan for the Riverside Mall and <br /> <br />White Park Redevelopment Project, by providing assistance for the purchase and completion of the <br />restoration of the Mission Inn; and <br /> <br /> WHEREAS, the revitalization of the Mission Inn has stimulated significant development and <br />improvement in the downtown area of the City of Riverside; and <br /> <br /> WHEREAS, by the continued improvement and restoration of the Mission Inn and adjacent <br />areas, the City of Riverside would enjoy substantial benefits from the elimination of blight, expansion <br />of the property tax base and employment of its residents; and <br /> <br /> WHEREAS, HMIC has and is willing to commit to expend substantial sums of money, spend <br />substantial amounts of time and undertake substantial risks; and <br /> <br /> WHEREAS, the parties hereby agree that it is in their mutual best interests to further clarify, <br />amend and implement the various provisions of the DDA. <br />// <br /> <br /> <br />