2006 Resolutions (2) - Laserfiche WebLink

Home Browse Search

land and construct the Nature Park, following a design to be agreed on by ERP and the City. 3. The Virginia Port Authority shall construct ten acres of tidal wetlands at the Nature Park, as shown on Exhibit A. The Virginia Port Authority specifically agrees to monitor and adaptively manage wetlands, in perpetuity, the tidal wetlands shown in Exhibit A. 4. Upon each phase of the transfer of ownership of said property from Paradise Creek Land Company to either ERP or ERCA I, the City agrees to take the appropriate action that will lead to granting local real estate tax exemption of said property now under the ownership of either ERP or ERCA 1. The City will also hold ERP and ERCA I harmless against any tax liability that may be imposed beeause of possible failure or delay in enacting the tax exemption ordinance. 5. Upon completion of the conditions and improvements set forth above, in a manner satisfactory to the City, the City will accept ownership transfer of this property and improvements. Transfer of the property to the City shall convey clear and rnarketable title by general warranty deed, free of liens, easements, and restrictions of record except as may be normal and customary for real estate transactions of this type. The City will execute a restrictive clause in the deed that declares that the Nature Park real estate shall be used in perpetuity only as open-space land as set forth in Virginia Code 10.1-1700 of the Open-Space Land Act, as required by the Virginia Land Conservation Foundation, which is providing acquisition funding. The City further agrees to maintain as wetlands, in perpetuity, the tidal wetlands eonstructed by VP A, as required for the VP A mitigation credit. Further the City agrees to maintain and operate 3