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<br />MEMORANDUM OF INTENT <br />This MEMORANDUM OF INTENT between THE CITY OF PORTSMOUTH, <br />VIRGINIA, a political subdivision of the Commonwealth of Virginia (herein the "City") and <br />HALL'S CREEK PROPERTIES, LLC, a Virginia limited liability company (herein <br />"Purchaser"), provides as follows: <br /> <br />RECITALS <br />A. The City owns a former elementary school, commonly known as Port Norfolk <br /> <br /> <br />Elementary School, located on Detroit Avenue in the Port Norfolk area of the City (the <br /> <br /> <br />"Property"), as described in the deed attached hereto as Exhibit A. The City desires to have the <br /> <br /> <br />Property developed for a beneficial and taxable use that contributes to the quality of life in the <br /> <br /> <br />Port Norfolk neighborhood. <br /> <br /> <br />B. Purchaser is a development entity in which the Principals are Franciscus Homes and <br /> <br /> <br />Coastal Virginia Developers. Purchaser desires to develop the property in accordance with the <br /> <br />City's goals. The intended development would be as a residential subdivision containing some <br /> <br />combination of single-family residences and four-plex apartments. Preliminary possible <br /> <br />subdivision plats, provided for illustrative purposes only, are attached hereto as Exhibit Band <br />Exhibit C. <br /> <br />C. Because of legal requirements, the City may facilitate this transaction by transferring <br /> <br />the Property to the Portsmouth Economic Development Authority (the "EDA"). The EDA may <br /> <br />be substituted for the City in any provisions of this instrument that are applicable to the City. <br /> <br /> <br />D. The parties desire to state their general intentions in this instrument so that they may <br /> <br />then proceed to negotiate and execute a legally binding Sale and Development Agreement for the <br /> <br />-1- <br />