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<br />City Center-Area One Memorandum of Understandina
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<br />This Memorandum of Understanding, dated this ~Of~, 2008, is intended to provide the
<br />understanding and basis for the development of a major mixed-use project on 15.3 acres of
<br />publicly owned land east of U.S. Highway 17-92 and south of Triplet Lake Drive, described in
<br />Exhibit "A", and hereinafter referred to as the CITY CENTER-AREA ONE site, and owned by
<br />the City of Casselberry (CITY). The below three signatories, (parties), to this Memorandum
<br />of Understanding, (MOU), are the CITY, a municipal corporation; the City of Casselberry
<br />Community Redevelopment Agency, (CRA), a dependent special district of the City of
<br />Casselberry; and the Century Retail, Inc., a Florida corporation, (DEVELOPER), which has
<br />submitted a response to the City's Request For Qualification for purchase and development
<br />of the CITY CENTER-AREA ONE site. This MOU sets forth in principle the understanding of
<br />the CITY, CRA and the DEVELOPER regarding the DEVELOPER's proposed development
<br />of the CITY CENTER - AREA ONE site as a mixed-use residential, office, restaurant,
<br />entertainment, and retail development, (the "PROJECT"). This MOU directs the CITY, CRA,
<br />and DEVELOPER to enter immediately into negotiations to finalize and execute a
<br />Development Agreement, (AGREEMENT).
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<br />1). This MOU, upon execution by all parties, will evidence our mutual good faith intent and
<br />legally binding obligation to use reasonable efforts, within ninety (90) calendar days after the
<br />date of execution of this MOU, to formalize and execute an AGREEMENT pursuant to which
<br />DEVELOPER will purchase from CITY the CITY CENTER-AREA ONE site, and which will
<br />provide for development of the PROJECT. Should the DEVELOPER fail to agree to the terms
<br />of the AGREEMENT within 90 calendar days, the CITY shall be under no obligation to
<br />negotiate exclusively with DEVELOPER for development of the CITY CENTER-AREA ONE
<br />site.
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<br />2). The AGREEMENT shall:
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<br />a) Set forth the financial commitments and obligations of all parties for the
<br />development and completion of the PROJECT.
<br />b) Commit the DEVELOPER to funding, developing, and delivering one hundred
<br />percent (100%) construction documents within a set time period after execution of
<br />the AGREEMENT.
<br />c) Provide for the final architectural aesthetics of the PROJECT, including the total
<br />percentage composition of the mixed-use elements, (i.e., residential, office, retail,
<br />commercial, entertainment), public spaces, storm water retention facilities,
<br />water/sewer infrastructure, and transportation components.
<br />d) Address the land-use issues, zoning issues, and density issues, including a
<br />consideration of establishing increased densities at the CITY CENTER-AREA ONE
<br />site, which match Of exceed the City's recently approved City Center Master Plan.
<br />and the increased Large Scale planning change for intensity and density changes.
<br />Any changes to the City's comprehensive plan and/or land development code will
<br />be duly considered as required by state law and the City Code. The City agrees to
<br />expedite review of all applications and to cooperate fully with the DEVELOPER, but
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