The attached Memorandum of Terms (the "MOT") is an outline of proposed terms to serve as a precursor to a Development Agreement authorized by section 163.3221, Florida Statutes, which is intended to provide for the orderly development of large tracts of undeveloped land and create a master public/private arrangement known as Vista East 2.0, including the development of an improved regional road network in east and southeast Orlando.

The parties to the proposed development agreement would be Mockingbird Orlando, LLC, as the owner of the Vista Park Property, Carlsbad Orlando, LLC, as the owner of the property commonly known as the "Starwood Property," and Bal Bay Realty, Ltd., as owner of the property commonly known as the "Bal Bay Property," a to-be-formed limited liability company, and the City of Orlando.

The various road segments comprising the improved regional road network are depicted on maps attached to the MOT. Each road segment has been assigned a letter and a number that correlate with the various maps and with the Regional Roadway Network Schedule and Estimated Costs that is attached as Exhibit "A" to the MOT. This MOT is being considered by Council at the same time as the Council considers a petition for the annexation of the Starwood Property.