Common Contracts

MEMORANDUM OF UNDERSTANDING

October 6th, 2020

• Filed
  October 6th, 2020

THIS MEMORANDUM OF UNDERSTANDING (“Agreement”), executed on the day of October 2020, by and between THE COMMISSIONERS OF CAMBRIDGE, a body politic and political subdivision of the State of Maryland (“City”) and CAMBRIDGE WATERFRONT DEVELOPMENT, INC., a Maryland non-stock economic development corporation (“CWDI”), (collectively the “Parties”), formalizing the expectation of the City to be compensated for the City’s Deep Wharf and Promenade capital improvements to the Port Property and to be made whole for any contributions, appropriations, grants and/or loans made to or on behalf of CWDI by way of repayment, reimbursement, assumption of liabilities by CWDI and/or from increased property tax revenue attributable to assessable tax base growth, water and sewer fees, increased income tax revenues from business and job creation or otherwise (collectively “Compensation”), and the intention of CWDI to ensure through its best efforts and due diligence that the City realizes the Compensation def