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COOPERATION AGREEMENT FOR THE DEVELOPMENT OF <br /> THE OCEAN MARINE YACHTING CENTER <br /> <br /> THIS COOPERATION AGREEMENT (the "Cooperation Agreement") is entered into <br />as of the day of ,2000, by and between THE CITY OF <br />PORTSMOUTH, VIRGINIA, a political subdivision of the Commonwealth of Virginia (the <br />"City") and the INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF <br />PORTSMOUTH, a political subdivision of.the Commonwealth of Virginia ( the "IDA"). <br /> <br /> RECITALS <br /> <br /> WHEREAS, a Proposal has been made by OCEAN MARINE LLC, a Virginia limited <br />liability company ("Ocean Marine") to develop a multi-use luxury yacht repair facility on the <br />downtown waterfront, located generally between City Hall and the Naval Shipyard (the Project); <br />and <br /> <br /> WHEREAS, the City has determined that the Project is in the public interest in that it will <br />entail substantial capital investment by the private sector, will stimulate further investment and <br />growth by related Portsmouth businesses and industries, will create numerous jobs, will generate <br />substantial revenue, will enhance the image of the City, will contribute to the stability and <br />growth of the downtown area, and will be compatible with adjacent public and private uses; and <br /> <br /> WHEREAS, the City has requested the assistance of the IDA in bringing about the <br />successful development and operation of the Project, as set forth in a document entitled <br />"Development Agreement" which has been proposed to be authorized simultaneously herewith, <br />and the IDA, consistent with its statutory authority, is willing to provide that assistance upon the <br />City providing satisfactory assurances of the support needed fox the IDA to meet its obligations <br />to Ocean Marine under the Development Agreement; <br /> <br />NOW, THEREFORE, it is AGREED by the parties as follows: <br /> <br /> AGREEMENT <br /> <br /> ARTICLE I <br /> OBLIGATIONS OF THE IDA <br /> <br /> 1.1 Performance of the Development Agreement. The IDA shall execute the <br />Development Agreement and shall thereafter perform all duties it imposes, and it shall exercise <br />for the benefit of the public all rights and powers it grants. The IDA shall be diligent in <br />enforcing all protections that the Development Agreement affords to the public interest, <br /> <br /> -I- <br /> <br /> <br />