PPH MOU = IOU?

At tonight's meeting of the PPH Board of Directors and Finance Committee, PPH staff reported that PPH is negotiating a development agreement with the City of Escondido for infrastructure improvements near the ERTC site, and a memorandum of understanding (MOU) for the downtown PMC redevelopment.

My understanding is that a MOU would not be legally binding on PPH or the City unless it clearly states that it is legally binding.

While we await disclosure of the MOU, it now appears that PPH is not willing to make a binding commitment to the promised redevelopment of the downtown PMC facility.

From Wikipedia, the free encyclopedia:
A memorandum of understanding (MOU) is a legal document describing an agreement between parties. It is a more formal alternative to a gentlemen's agreement, but less formal than a contract.