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<br />e <br /> <br />e <br /> <br />- <br /> <br />MEMORANDUM OF UNDERSTANDING: <br />COMMUNITY DEVELOPMENT AUTHORITY <br />FOR INFRASTRUCTURE AND EDUCATION IMPROVEMENTS <br /> <br />This document is a Memorandum of Understanding between the City of Portsmouth, <br /> <br />Virginia (the "City"), the Portsrnouth City Public School Board (the "School System"), and <br /> <br />Portsmouth Venture One, L.L.C., a Virginia limited liability company (the "Developer"). <br /> <br />RECITALS <br /> <br />A. This document states the good faith intentions of the parties concerning the various <br /> <br />undertakings described herein. It creates no legal rights or duties in any party and no <br /> <br />rights in any third party. It is the intention of the parties to negotiate in good faith and <br /> <br />enter into legally binding relationships consistent with this docurnent, but no party will <br /> <br />have any legal rights or duties against any other party unless and until written contracts <br /> <br />are executed by duly authorized representatives ofthe parties. <br /> <br />B. <br /> <br />The Developer intends to proceed with development of a high-quality plarmed residential <br /> <br />community in Portsmouth (the "Plarmed Community"). The Planned Community is <br /> <br />presently called "New Port." Upon completion, it will comprise approximately 1 ,600 <br /> <br />residential units. The Developer's commitment to high standards of quality for a Plarmed <br /> <br />Community is contained in a prior agreement with the City in the form oflegally binding <br /> <br />Development Guidelines. <br /> <br />C. The Developer has strategic goals of enhancing the quality of the Plarmed Community <br /> <br />and expediting the development and sale of residences therein. In addition, the <br /> <br />Developer desires to enhance the quality of public education available for future residents <br /> <br />of the Planned Community, particularly with regard to a school that is close by, Highland- <br /> <br />Draft 8B <br /> <br />-1- <br />