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FXS:dft ~/0/ '93 (003/35) <br /> <br /> RESOLUTION NO. P-1399 <br /> <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br /> OUTLINE OF TERMS FOR MEMORANDUM OF UNDERSTANDING <br /> - PACIFIC SHORES CENTER LIMITED PARTNERSHIP <br /> <br /> WHEREAS, there has been presented to and reviewed by this <br />Board a document entitled "Outline of Terms for Memorandum of <br />Understanding Between Port of Redwood City and Pacific Shores <br />Center Limited Partnership (Developer)", (hereinafter referred to <br />as the "Memorandum of Understanding") outlining the present intent <br />of the parties in connection with the possible future sale and/or <br />exchange of land by or between the Port of Redwood City and <br />Pacific Shores Center Limited Partnership; and <br /> <br /> WHEREAS, the Memorandum of Understanding pertains to the <br />exchange of land generally described in. the Memorandum of <br />Understanding as almost ten acres (the "10 acre parcel") at <br />Redwood Creek and West Point Slough west of Lonestar's rail <br />right-of-way and the Port's property bounded by Redwood Creek and <br />Deepwater Slough (the "Island Property"); and <br /> <br /> WHEREAS, the Outline of Terms for Memorandum of Understanding <br />reflects the present intent of the parties but does not constitute <br /> <br />a legal and/o'r binding agreement; and <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE BOARD OF PORT COMMISSIONERS OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br /> <br /> That certain Outline of Memorandum of Understanding entitled <br />"Outline of Terms for Memorandum of Understanding Between Port of <br /> <br /> <br />