Memorandum of Understanding

What This Document Says

PITTSBURGH ARENA MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding is entered into on March __, 2007 among the Commonwealth of Pennsylvania (the “Commonwealth”), Allegheny County (the “County”), the City of Pittsburgh (the “City”), the Sports and Exhibition Authority of Pittsburgh and Allegheny County (“SEA”) and Lemieux Group LP (the “Penguins’’). The Commonwealth, the County, the City, and the SEA have reached a basic understanding as to a venture with the Penguins to build, operate and maintain a new arena in Pittsburgh adjacent to the current Mellon Arena. The parties are determined to proceed with this venture upon the mutual understandings contained in the attached Term Sheet setting forth the anticipated respective obligations and expectations of the Commonwealth, the County, the City, the SEA and the Penguins. The parties mutually acknowledge that they will work diligently to negotiate and execute a lease and other definitive agreements reflecting the understandings in the Term Sheet within thirty (30) days hereof. The parties intend that the lease and other definitive agreements will use a format and other general relationships utilized for the development, construction and occupancy of PNC Park and Heinz Field, subject to the provisions of the Term Sheet.

The opening of the document as extracted for this index, recovered by optical character recognition because the filing is a scan with no text layer. The full text is indexed and searchable; the file itself is the record.