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<br />This agreement is to create assurances between THE ELIZABETH RIVER <br /> <br /> <br />PROJECT (ERP), a Virginia non-stock corporation; ELIZABETH RIVER <br /> <br /> <br />CONSERVATION AREA I, PARADISE CREEK INC. (ERCA I), a Virginia non- <br /> <br /> <br />stock corporation; the CITY OF PORTSMOUTH, a municipal corporation of the <br /> <br /> <br />Commonwealth of Virginia (City); and the VIRGINIA PORT AUTHORITY, a <br /> <br /> <br />political subdivision of the Commonwealth of Virginia (VP A); regarding the creation of a <br /> <br /> <br />public nature park (Nature Park) on Paradise Creek at a location more specifically <br /> <br /> <br />described in Exhibit A, to restore and conserve vital forests and wetlands while providing <br /> <br /> <br />unique recreational opportunities for the community. <br /> <br />WITNESSETH: <br />WHEREAS, the need for a public park providing access to Paradise Creek has <br /> <br />been identified by the City for more than 40 years, including in its current <br /> <br />Comprehensive Plan, and sueh a park was recommended in a Master Plan for Cradock by <br /> <br />Urban Design Associates as well as in a report of Virginia Department of Conservation <br /> <br />and Recreation to the Virginia Governor and Virginia General Assembly; and the <br /> <br />creation of a park was endorsed unanimously by the Portsmouth City Council in 2003 <br /> <br />and reaffirmed in May 2005; and <br /> <br />WHEREAS, Paradise Creek Nature Park achieves the cornerstone project of <br /> <br />ERP's community-based watershed management plan for Paradise Creek, and ERP has <br /> <br />invested considerable time and resources to plan, acquire and develop the park, including: <br /> <br />ERP has signed a two-phase (16.575 acres in Phase [ and 24.057 acres in Phase II) <br /> <br />purchase contract for the intended park property, currently owned by Paradise Creek <br />