Laserfiche WebLink
<br />parties. The RFP shall contain provisions by which offerS to purchase will be evaluated and <br /> <br />shall include stipulations for; use, price and future taxable value. <br /> <br />3. The EDA shall convey the property to a purchaser subject to a Sales Agreement; <br /> <br />and it shall thereafter diligently enforce its rights under said instrument, keeping the City <br /> <br />Manager timely informed of all relevant matters related to the sale. <br /> <br /> <br />4. The gross price for which the EDA will sell the Property shall be determined by <br /> <br /> <br />the EDA through the RFP process. The EDA shall make every effort to achieve the highest sales <br /> <br /> <br />price possible, but may accept a lesser value if it determines such sale to be in the best interest of <br /> <br /> <br />economic development. It is hereby acknowledged that the property was appraised in <br /> <br /> <br />November, 2009 for $540,000. The net sale proceeds shall be divided between the City and the <br /> <br /> <br />EDA in such manner as determined by City Council at a future date. <br /> <br /> <br />5. In the event that EDA does not sell the property within two years of the date of <br /> <br />this Agreement, EDA agrees to deed the subject property to the City unless the parties hereto <br /> <br />agree otherwise in writing. <br /> <br />IN WITNESS WHEREOF, this Cooperation Agreement has been executed on behalf of <br />EDA and the City: <br /> <br />CITY OF PORTSMOUTH, VIRGINIA <br /> <br />By: <br />Kenneth L. Chandler, City Manager <br /> <br />Approved as to form and legality: <br /> <br />G. Timothy Oksman, City Attorney <br /> <br />2 <br />