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WHEREAS, the City conclusively finds and determines that effectuating the Retail <br />Project would be in the pubtic interest in that it would create substantial jobs for Portsmouth <br />citizens, would stimulate local capital investment, would generate substantial local tax revenues, <br />would provide convenient shopping amenities for the public throughout the region, would <br />eliminate blight, would stimulate economic development, would enhance neighborhood quality, <br />and would enhance the reputation and image of the City; and that it is thus in the public interest <br />for the City to agree to provide the contemplated financial, administrative, and regulatory <br />backing to PRHA; and <br /> <br /> WHEREAS, upon satisfaction of all applicable contingencies imposed on Developer and <br />PRHA by the Development Agreement and by this instrument, the City is willing to provide its <br />commitment for that backing through this instrument and through actions taken pursuant to this <br />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 Retail <br />Project; <br /> <br />NOW, THEREFORE, it is AGREED by the parties as follows: <br /> <br /> AGREEMENT <br /> <br /> ARTICLE I <br /> RATIFICATION OF THE RETAIL PROJECT <br /> <br /> 1.1 Ratification to the City. The City hereby ratifies, endorses, and approves the Retail <br />Project as proposed to be developed pursuant to the Development Agreement and conclusively <br />finds and determines it to be in the public interest. <br /> <br /> 1.2 Ratification by PRHA. PRHA hereby ratifies, endorses, and approves the Retail <br />Project as proposed to be developed pursuant to the Development Agreement and conclusively <br />finds and determines it to be in the public interest and in furtherance of the Plan <br /> <br /> ARTICLE II <br /> OBLIGATIONS OF PRHA <br /> <br /> 2.1 Performance of the Development Agreement. PRHA will perform all duties <br />imposed by, and will exercise for the benefit of the public all rights and powers granted by, the <br />Development Agreement. <br /> <br /> 2.2 Cooperation with the City. PRHA will keep the City fully and timely informed of <br />its actions taken pursuant to the Development Agreement and will timely make request of the <br /> <br /> <br />