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<br />~? <br /> <br />2. That the City shall provide such financial and <br />administrative support as may be required to effect the <br />development and operation of the project by the IDA, subject to <br />a maximum City investment being guaranteed which" is within <br />limits acceptable to the City, and subject to the adoption by <br />City Council of a bond authorization resolution which sets <br />forth the parameters of the City's financial support, and also, <br />if deemed advisable, a Cooperation Agreement with the IDA <br />and/or PRHA; <br /> <br />3. That the City Manager be, and hereby is, authorized <br />and directed on behalf of the City to sign a Letter of Intent <br />substantially in conformity with that which is attached hereto <br />and incorporated by reference, and to transmit the Letter of <br />Intent to the other signatory parties thereto; <br /> <br />4. That the City Manager and the City Attorney shall take <br />such other actions as may be advisable and prudent to make <br />legally binding and then to implement the understandings set <br />forth in the Letter of Intent; <br /> <br />5. That the City Manager shall exercise due diligence to <br />protect the City's immediate and long-term financial interests <br />ln all negotiations which proceed as a result of this <br />resolution; and <br /> <br />6. That the City Manager shall work with the IDA and PRHA <br />to develop and present to Council for its consideration such <br />bond authorization resolutions and other financial and legal <br />approvals as may be necessary for the project to be considered <br />finally approved, with that final approval permitting <br />construction to commence no later than summer of 1998. <br /> <br />Approved by the Council of the City of Portsmouth at a <br />meeting held the 27th day of January, 1998. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />/-----. <br />