WHEREAS, the Roosevelt Island Operating Corporation ("RIOC") has issued its Request for Proposals for Waterfront Development (RFP97-11044) in April 1997 and the Commercial Space Application contained therein; and

WHEREAS, several responses have been received from interested parties; and

WHEREAS, RIOC seeks to obtain appraisals and other marketing information affecting the value of the waterfront properties on Roosevelt Island, including the value of the several responses received from interested parties; and

WHEREAS, RIOC seeks assistance from marketing agents and/or real estate professionals for the purpose of negotiating the highest and most value for its developmental subleases,

Now therefore, it is hereby resolved by the Board of Directors of the Roosevelt Island Operating Corporation of the State of New York as follows:

Section 1. that the President/Chief Operating Officer is hereby authorized to issue a request for proposals for marketing agents and other real estate professionals for the purpose of identifying potential development sites on Roosevelt Island and interested parties capable of developing such sites at the highest and best price associated with capitalized long-term subleases subject to the Lease Agreement between the City of New York, as Landlord, and RIOC, as Tenant and successor in interest to the Urban Development Corporation, dated as of December 23, 1969, as amended, and that certain general development plan attached thereto as Schedule 2, as the same may be amended from time to time by the Mayor of the City of New York and the President of RIOC, and subject to any requirements imposed by the State Environmental Quality and Review Act;

Section 2. that upon completion of the request for proposals for such marketing agents and/or real estate professionals as described in Section 1 above, the President/Chief Operating Officer shall rate and rank the qualifications and proposals of such marketing agents and/or real estate professionals and make a selection recommendation to this Board for approval;

Section 3. that this resolution shall take effect immediately.