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FROM LARKIH HOFFMAN GHOKA 7.19.1939 14:59 <br />LETTER OF INTENT <br />Page 3 <br />F.. 4 <br />4. This Letter of Intent shall serve as evidence of the <br />City's willingness to proceed with this project as proposed. <br />Nothing contained herein, however, shall serve as a binding <br />commitment or serve to limit the City from exercising its <br />statutory requirements. The parties shall be deemed to be <br />operating in good faith to complete the project. <br />5. The City will agree to consider the appropriate zoning for <br />the development site consistent with the approved site plan. <br />6. The City will agree not to seek alternate developers for this <br />site so long as the developer meets the proposed commitments <br />and time frames as outlined herein and is acting in good <br />faith. This representation, however, does not preclude <br />individual property owners from seeking alternate land <br />purchasers and /or developers. <br />PROJECT SCHEDULE <br />1. The developer, upon execution of this Letter of Intent, shall <br />initiate discussions with the affected property owners to <br />seek the acquisition of properties within the development <br />site. <br />2. The developer shall also, within 45 days of the execution of <br />this Letter of Intent, provide preliminary site plans for <br />review and approval by the City of the proposed development <br />site. <br />3. The developer shall have 90 days to complete negotiations <br />for site acquisitions, equalling at least 6.72 acres. <br />4. Upon the completion of negotiations for the site acquisitions <br />and the development of the site plan, the developer and the <br />City of Little Canada will agree to meet to prepare a draft <br />of the Development and Assessment Agreement. This <br />Development and Assessment Agreement will supercede this <br />Letter of Intent in terms of the project's schedule, proposed <br />financing and developer commitments for the project. <br />Page 8 <br />