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order to effect construction and operation of the Project, and the City is willing to obligate itself <br />to provide that assistance and those assurances through this instrument; and <br /> <br /> WHEREAS, the parties desire to enter into this Cooperation Agreement for the purpose <br />of stating and coordinating their respective rights and obligations with respect to the Project; <br /> <br />NOW, THEREFORE, it is AGREED by the parties as follows: <br /> <br /> AGREEMENT <br /> <br /> ARTICLE I <br /> <br /> RATIFICATION OF THE PROJECT <br /> <br /> 1.1 Ratification of the Proiect. The City hereby ratifies, endorses, and approves the <br />Project as proposed to be developed and operated by the IDA and conclusively finds and <br />determines it to be in the public interest. <br /> <br /> ARTICLE II <br /> <br /> OBLIGATIONS OF THE IDA <br /> <br /> 2.1 Construction of the Project. The IDA will construct the Project, with construction <br />to commence as early in the year 2000 as is practicable and to be completed as early in that same <br />year as is practicable. <br /> <br /> 2.2 Funding for construction. The IDA will fund the cost of construction with taxable <br />public debt issued under the Virginia Public Finance Act, meeting all applicable requirements of <br />law. <br /> <br /> 2.3 Operation of the Project. After completion of construction, the IDA will operate <br />the Project in the public interest through a lease or operating agreement. The initial lease may be <br />with Rising Tide, and continuation and possible renewal of that lease shall be dependent on the <br />performance of Rising Tide in meeting the lease obligations and serving the public interest. The <br />IDA may enter into an agreement or agreements with Rising Tide generally consistent with the <br />"Porstmouth Performing Arts Center Master Agreement" which is attached hereto as Exhibit A. <br /> <br /> 2.4 IDA financial responsibilities. The IDA shall be financially prudent in the <br />construction and operation of the Project and shall provide the City with detailed financial <br />statements pertaining to expenses incurred to construct and to operate the Project. The IDA shall <br />give reasonable advance notice to the City of any possible request for payment from the City <br /> <br />DRAFT December 31, 1999 2 <br /> <br /> <br />