Laserfiche WebLink
<br />MEMORANDUM OF INTENT <br />for PORTSMOUTH CITY CENTER <br /> <br />This Memorandum of Intent is made this _ day of April, 2010, by and between THE <br />CITY OF PORTSMOUTH, VIRGINIA, a political subdivision of the Commonwealth of <br />Virginia (the "City") and PORTSMOUTH CITY CENTER, LLC, a Virginia limited liability <br />company (the "Developer") <br /> <br />RECITALS <br /> <br />A. Maryview Hospital, a distinguished Portsmouth hospital that is part of the Bon <br />Secours Health System, desires to proceed with a major expansion of its existing facilities. In <br />order to proceed with that expansion, it has asked for a commitment that certain support facilities <br />and amenities will be in place in the immediate vicinity. <br />B, The Developer has proposed a Master Plan, a copy of which is attached hereto as <br />Exhibit A, by which Developer will provide the needed support facilities and amenities, the bulk <br />of which will be constructed on land currently owned by the City. The development thus <br />contemplated is to be called "Portsmouth City Center," herein referred to as the "Project." It will <br />include medical office buildings, retail stores and restaurants, an entertainment complex, age- <br />restricted housing, and multi-family and single-family housing, all in a carefully planned and <br />coordinated development of high quality. <br />C, In order for the Developer to develop the Project, certain participation by the City will <br />be necessary, The City may provide that participation either directly or in whole or in part <br />indirectly (through an affiliated public entity). <br />D, Maryview's expansion, accompanied by the development of the Project, will enhance <br />the City's health care, employment opportunities, financial condition, and quality oflife in <br />significant and meaningful ways. Therefore, the City desires to work with the Developer toward <br />the common goal of facilitating the Maryview expansion by developing the Project. <br />E. This instrument is a Memorandum of Intent. It states the good faith intentions of the <br />parties on the subject matter hereof, but it does not create any legal rights or duties in either party <br />hereto, The parties intend to negotiate in good faith a legally binding agreement that is <br />consistent with this instrument (the "Development Agreement"), but neither party will be legally <br />bound until the Development Agreement has been approved and executed by the parties' duly <br /> <br />-1- <br />