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<br />WHEREAS, PRHA is not subject to such restrictions and is authorized to make such <br /> <br /> <br />conveyances in a simple, full, and legal way pursuant to Va. Code ~36-19, and <br /> <br /> <br />WHEREAS, the City desires to have PRHA use such powers for the purpose of <br /> <br /> <br />facilitating this transaction, and PRHA is willing to do so, under the conditions set forth herein, <br /> <br /> <br />and <br /> <br />NOW, THEREFORE, it is AGREED by the parties as follows: <br /> <br /> <br />AGREEMENT <br /> <br /> <br />1. The City and PRHA have each determined, and by this instrument hereby reaffirm, <br /> <br /> <br />that the property acquisition and conveyance in question, pursuant to terms negotiated by PRHA <br /> <br /> <br />and the City, with the City having final approval of all terms, is in the public interest. <br /> <br /> <br />2. The City shall acquire the property from the Navy and then convey it to PRHA in such <br /> <br /> <br />a form, and under such conditions as are commonly used for such real estate transactions in <br /> <br /> <br />Virginia. PRHA shall accept the Property from the City. <br /> <br /> <br />3. PRHA shall then convey the Property to a private Developer as identified by the City <br /> <br />for consideration acceptable to the City. The conveyance and closing shall be in such a form, <br /> <br />and under such conditions, as are commonly used for such real estate transactions in Virginia. <br /> <br />The conveyance shall be subject to a Development Agreement requiring the Developer to <br /> <br /> <br />develop the property in an acceptable way, and according to an acceptable schedule, and also to <br /> <br /> <br />comply with all terms and conditions imposed in connection with the Navy's conveyance ofthe <br /> <br /> <br />Property to the City. The Development Agreement shall be subject to prior review and approval <br />by the City Manager and City Attorney. <br /> <br />4. PRHA shall use all reasonable efforts to ensure compliance by the Developer with all <br /> <br />2 <br />