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<br /> <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 />CRADOCK PROPERTIES, LLC, a Virginia limited liability company (herein "Purchaser"), <br />provides as follows: <br /> <br />RECITALS <br />A. The City owns a former high school, commonly known as Cradock High School, <br />located at 4300 George Washington Highway in the Cradock area of the City and a portion of the <br />former Williams Court housing property (collectively, the "Property"), as shown in the exhibit <br />attached hereto as Exhibit A. The City desires to have the Property developed for a beneficial <br />and taxable use that contributes to the quality of life in the Cradock neighborhood. <br />B. Purchaser is a development entity in which the Principals are Franciscus Homes and <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 consisting of <br /> <br /> <br />single-family residences. A preliminary possible site plan, provided for illustrative purposes <br /> <br /> <br />only, is attached hereto as Exhibit B. <br /> <br /> <br />C. Because of legal requirements, the City may facilitate this transactions by transferring <br /> <br /> <br />the Property to the Portsmouth Redevelopment and Housing Authority (the "PRHA"). The <br /> <br /> <br />PRHA may be substituted for the City in any provisions of this instrument that are applicable to <br /> <br /> <br />the City. <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 />