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under the Community Redevelopment Law (Health and Safety Code §33000 et <br />seq.; the "CRL"), but no owner proposed to exercise such rights; and <br /> <br /> Whereas, in response to a request for proposals, Developers were <br />selected by Agency to propose development of the Project Site and to determine <br />the feasibility of entering into a disposition and development agreement ("DDA") <br />for such development pursuant to the CRL; and <br /> <br /> Whereas, the parties agree that conferring upon Developers the exclusive <br />right to negotiate a DDA with Agency for a limited period of time furthers their <br />respective interests; <br /> <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> <br /> 1. TERM/NEGOTIATION PERIOD. The term of this Agreement shall <br />commence upon the above date and expire February 29, 2000 (the "Negotiation <br />Period"); provided, that Agency's Executive Director, at his sole discretion, may <br />extend the Negotiation Period for a period not to exceed 90 days. <br /> <br /> 2. DEVELOPMENT CONCEPT. The parties acknowledge that the <br />general concept for development of the Project Site includes construction of a <br />multiple two-story motion picture theater complex comprised of approximately <br />75,000 square feet, first floor retail and restaurant usage comprised of a <br />combined area of approximately 40,200 square feet, a specialty food store and <br />related court area of approximately 7,800 square feet, second/third floor offices <br /> <br />of approximately 30,400 square feet and a parking structure with approximately <br /> <br />ERN-002 <br /> <br />F:Sh\Sh\Rw\ComDev 2 <br />DES: 5/17/99R <br />DES:mge 5/18/99R <br /> <br /> <br />