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NOW THEREFORE, the parties hereto set forth the following terms of their <br />understanding: <br />1. That Nolim is the owner of a tract of real property slated for development <br />containing approximately 117.08 acres and being a part of The International Business <br />Park at Concord. <br />2. That Nolim desires to extend Fortune Avenue (a dedicated public street), <br />which presently terminates at a cul-de-sac in the International Business Park. <br />3. That Nolim',proposes to extend Fortune Avenue an additional nineteen hundred <br />feet from its present terminus point west of International Drive, and in so doing, <br />effectively opening the entire 117.08 acre tract for commercial development. This street <br />extension will be included and shown on a new platted subdivision as a dedicated public <br />street. <br />4. That attached to this Memorandum of Understanding and incorporated by <br />reference herein as Exhibit "A" is a preliminary budget of the projected cost of the <br />extension of Fortune Avenue, including all of the appurtenant infrastructure related to the <br />extension of the street. <br />5. At the time'of the execution of this Memorandum of Understanding, the total <br />costs for the extension project, including engineering fees, permitting fees, design fees, <br />management fees, surveys, legal and other associated costs incurred for the project, are <br />Two Million Eighty-T.wo Thousand Six Hundred Twenty Eight Dollars and 06/100, <br />exclusive of other contractual contingencies. (The labor and materials, or "hard" costs of <br />the project are ONE MILLION EIGHT HUNDRED THOUSAND DOLLARS <br />G-~. <br />