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<br /> <br />COOPERATION AGREEMENT <br />for <br />517 King Street (Navy YMCA) <br /> <br />THIS COOPERATION AGREEMENT (the "Cooperation Agreement") is entered into <br /> <br />as of the _ day of October, 2010, by and between THE CITY OF PORTSMOUTH, <br /> <br />VIRGINIA, a political subdivision of the Commonwealth of Virginia (the "City") and the <br /> <br />PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY, a political <br /> <br />subdivision of the Commonwealth of Virginia ("PRHA"). <br /> <br />RECITALS <br /> <br />WHEREAS, the property commonly known as the "Navy YMCA" at 517 King Street <br /> <br />(the "Property") is owned by the United States Navy and has fallen into a state of extreme <br /> <br />disrepair, and <br /> <br />WHEREAS, the Defense Authorization Act of 2005 authorized the Navy to convey the <br /> <br />property to the City, and <br /> <br />WHEREAS, PRHA has received a proposal from a private developer to revitalize and <br /> <br />restore the Property, and <br /> <br />WHEREAS, the acquisition of the Property and its conveyance to a private developer <br /> <br />will eliminate a blighting influence, return the Property to the tax rolls, correct certain <br /> <br />environmental problems, strengthen historic preservation efforts, and stimulate further private <br /> <br />sector investment and development in the immediate area, and <br /> <br />WHEREAS, Article VII, Section 9 of the Constitution of Virginia and other similar laws <br /> <br />impose impractical restrictions on the ability of the City to convey property directly to a private <br /> <br />party, and <br /> <br />I <br />