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9.A. - Page 9 <br /> XII RIGHT OF FIRST OFFER <br /> The City has right of first offer to purchase the existing YMCA facilities located at 1445 <br /> Hudson Street, Redwood City. The process to establish the price for the sale of the <br /> existing YMCA property will be determined by both parties and outlined in the definitive <br /> Agreement. <br /> XIII YMCA ENDOWMENT <br /> YMCA agrees to use net sales proceeds from the sale of its current facility to fund an <br /> endowment fund in which the interest will be used for operational costs and financial <br /> assistance for qualified low-income members and participants of the new YMCA <br /> facilities during the term of the lease and any lease option periods. <br /> XIV REPRESENTATIVES <br /> YMCA: The designated representatives for the YMCA for purposes of negotiating the <br /> Project agreements shall be: Kathy Riggins, President & CEO, YMCA of Silicon Valley <br /> and her designated consultant. <br /> City: The designated representatives for the City for purposes of negotiating the Project <br /> agreements shall be: Bob Bell, City Manager, and his designated consultant. <br /> This LOI is not intended to constitute a binding agreement but rather to serve as a basis for <br /> negotiation of a definitive Agreement containing additional terms and conditions that are <br /> customary for a transaction of the nature contemplated by this LOI, and neither party shall have <br /> any obligation to the other until the Agreement is executed and delivered by both parties between <br /> us. Neither party will rely on this LOI as binding on the other; any such reliance would not be <br /> reasonable. This LOI does not contain all of the essential terms that either YMCA or City <br /> expects will be part of an Agreement, and further negotiations are contemplated. The parties <br /> agree to negotiate in good faith from the execution of this LOI with the goal being to prepare and <br /> seek approval by the City Council of a definitive Agreement by June 30, 2015. <br /> Acknowledgement and Consent: <br /> Dr. Robert Bell, City Manager, City of Redwood City Date <br /> Kathy Riggins, President and CEO, YMCA of Silicon Valley Date <br /> ATTY/AGR/2014.248/RWC&YMCA SILICON VALLEY LOI <br /> REV: 11-20-14 PT <br /> Page 5 of 5 <br />