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STATEMENT OF UNDERSTANDING <br />This Statement of Understanding describes the roles and <br />expectations of the City of Little Canada (the "City ") and Robert <br />Grootwassink (the "Developer ") in the acquisition and <br />rehabilitation of the Market Place Center. The City and the <br />Developer anticipate entering into a Development Agreement and <br />Plan for Redevelopment that formalizes the contents of this <br />Statement. <br />Intent <br />The Developer has obtained an option to acquire the Market Place <br />Center, consisting of the following parcels: <br />*06- 29 -22 -23 -0020 <br />*06- 29 -22 -23 -0011 <br />*06-29-22-23-0012 <br />*06- 29 -22 -32 -0003 <br />The Developer plans to renovate the facility and to lease to <br />existing and new businesses. <br />The City has recently prepared a Development Guide for the Rice <br />Street /Little Canada Road area, which includes the Market Place. <br />The proposed renovation of the Market Place can help to achieve <br />the objectives of the Development Guide, including; <br />*Providing businesses that provide necessary goods and <br />services to the community. <br />*Restore lost property valuation. <br />*Facilitate proposed parking and street improvements. <br />*Make exterior improvements that promote a positive identity <br />for the area. <br />*Create strategies for implementing proposed public <br />improvements. <br />City Actions <br />The City will undertake the following actions: <br />(1) Provide financing to the Developer for the acquisition of <br />the Market Place property (see above parcels) at a price net <br />to --eeee - , -e see of $1,400,000. <br />(2) Provide financing to the Developer for building <br />rehabilitation in an amount of $350,000 $300,000. <br />Rehabilitation shall include roof replacement, HVAC <br />-1- <br />