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PARKING COOPERATION AGREEMENT <br /> <br /> THIS PARKING COOPERATION AGREEMENT is made and entered into this <br /> <br /> day of November, 1998, by and between the PORTSMOUTH REDEVELOPMENT AND <br /> <br /> HOUSING AUTHORITY ("PRHA"), the INDUSTRIAL DEVELOPMENT AUTHORITY OF <br /> <br /> THE CITY OF PORTSMOUTH (the "IDA"), and the CITY OF PORTSMOUTH, (the "City"), <br /> <br /> all parties being duly organized and existing political subdivisions of the Commonwealth of <br /> <br /> Virginia, provides as follows: <br /> <br /> RECITALS <br /> <br /> WHEREAS, on August 1, 1967, the City Council of the City of Portsmouth, Virginia <br /> <br /> approved the Crawford Conservation and Redevelopment Plan for the Crawford Urban Renewal <br /> <br /> Project, VA R-53 (which, together with all amendments thereto, is hereinafter called the <br /> <br /> "Plan"), providing for the acquisition, clearance and redevelopment of certain properties lying <br /> <br /> within the City, as described in the Plan; and <br /> <br /> WHEREAS, in execution of the Plan, PRHA, the IDA, and the City have cooperated to <br /> <br />bring about the development of a Hotel and Conference Center Project (the "Project"), which <br /> <br />will have as components a hotel, a conference center, and a parking garage, for which the IDA <br /> <br />will be issuing Project Bonds backed in part by the moral obligation of the City; <br /> <br /> WHEREAS part of the Project is to be constructed on land owned by Citizens Trust <br /> <br />Associates L.L.P., a Virginia limited liability partnership ("CTA"), and said land is currently <br /> <br />used as surface parking for an adjacent office building owned by CTA, commonly known as the <br /> <br />Citizens Trust Associates Building (the "CTA Office Building"); and <br /> <br /> <br /> <br />