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WHEREAS, the Authority on the basis of surveys and plans heretofore made, <br /> <br />has estimated the total cost of said p~oject at $8,053,888 of which the City's <br />required one-third share shall be $2~684,629 the Authority has applied to the <br />Federal Government for financial assistanceunder said Title I as aforementioned, <br />and it now devolves upon the City to take certain actions to meet said required <br />share and to provide certain grants-in-aid which based upon said Authority estimates <br />is in the total amount of $3,193f902 of which $15,000 is to be paid in'cash and <br />$3,178,902 is to be provided by noneash grants-in-aid as set forth below, whieh may <br />result in a pooling credit to the City upon completion of said project. However, <br />it is recognized by the parties hereto that there is legislation presently pending <br />before Congress to amend the Uniform Relocation Assistance and Real Property Aequi- <br />sision Policies Act of 1970, such amendment providing for the assumption of 100% <br />funding of costs of relocation by the Federal Goverument. In the event of passage <br />of such amendment providing for such fur~ding, the City would only be required to <br />provide grants-in-aid totaling $2,240,096 (or one-third of the revised actual new <br />project cost). <br /> <br /> NOW, TREtLEFORE, in consfderation of the benefits to accrue to the City and <br /> its citizens from the project, and of the mutual covenantshereinafter set <br /> forth, the Authority and the city agree as follows: <br /> <br />1. Cash Grants-in-Aid - The City agrees to pay to the Authority, on or <br /> before June 30, 1979, as its sole cash grant-in-aid to said project, <br /> the sum of $ 15,000. <br /> <br /> 2. Non-Cash Grants-in-Aid - In order to assist the Authority in under- <br /> taking the Effingha~ Project, the City has heretofore made or agrees <br /> to make the following grants-in-aid to the Authority on or before <br /> June 30, 1979. <br /> <br /> (a) The City of Portsmouth has completed the construction of <br /> Effingham Street which traverses the western portion of the project <br /> area from Lincoln Street to Portsmouth Boulevard at a total cost <br /> <br /> <br />