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i C-] MEMORANDUM OF UNDERSTANDING THIS Memorandum of Understanding, dated as ofJuly 24, 2000, shall be cffective as of the last signature date hereof, by and among Indian River County, Florida, a political subdivision of the State of Florida (the "County"), the City ofVcro Beach, Florida, a municipal corporation (the "City), Los Angeles Dodgers, Inc., a Delaware corporation, and Fox Baseball Holdings Incorporated, a Delaware corporation, the owner of record of the Land (collectively, the "Dodgers") and de Guardiola Development, Inc., a Florida corporation (the "Developer"). WITNESSETH WHEREAS, Dodgers own and control the land consisting of approximately 64.03 acres described in Exhibit "A" hereto (the "Land"); and WHEREAS, for over fifty years, the Dodgers have owned and operated the spring training and conference facility known as "Dodgertown," which is located on the Land and is comprised of Holman Stadium, an eighty-nine (89) unit hotel facility, a conference center with meeting and dining rooms, a clubhouse and weight room, in -door batting and pitching cages, four (4) full baseball practice fields, and two (2) half baseball practice fields (collectively, the "Existing Facilities"); and WHEREAS, the Dodgers desire to sell the Land and Existing Facilities to the County, and, in conjunction with fire Developer, to develop other land owned by the Dodgers within the municipal limits of the City into a mixed use town concept which will reflect the ambiance and tradition ofDodgertown; and WHEREAS, (lie County intends to finance its obligations tinder the Real Estate Contract (as defined in Section l (A), below) and the Development Agreement (as defined in Section 2(A), below), in pail, by means of one or more series of revenue bonds to be issued by the County (the "Bonds"); and WHEREAS, the parties now desire to identify the general tennis and conditions pursuant to which they shall negotiate in good faith to draft and execute the various agreements whereby (1) the County shall acquire the Land and Existing Facilities from the Dodgers, (2) the County shall lease the acquired Land and Existing Facilities to the Dodgers, and (3) the Dodgers shall, on behalf of the County and at the County's cost and expense (as described in Section 3(B), below), improve and/or repair die Existing Facilities andkir replace the Existing Facilities with new improvements (the "Improvements"). NOW THEREFORE, the parties hereto agree as follows: Page. I ❑C 12