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<br /> <br />REVISED INTERIM AGREEMENT <br />FOR A DEVELOPMENT PROPOSAL <br /> <br />This REVISED INTERIM AGREEMENT FOR A DEVELOPMENT PROPOSAL, made <br /> <br />this _ day of September, 2011 by and between LINCOLN PROPERTY COMPANY <br /> <br />SOUTHWEST, INC. ("Lincoln"), the PORTSMOUTH REDEVELOPMENT AND HOUSING <br /> <br />AUTHORITY ("PRHA"), the GREATER PORTSMOUTH DEVELOPMENT CORPORATION <br /> <br />("GPDC"), and the CITY OF PORTSMOUTH, VIRGINIA (the "City,,)l, provides as follows: <br /> <br />RECITALS <br /> <br />A. The City Entities own and control a development site of approximately six acres <br /> <br />located at the juncture of Crawford Bay and the Southern Branch of the Elizabeth River (the <br /> <br />"Property"). See Exhibit A. <br /> <br />B. The Property was placed under contract to Lincoln for a mixed-use planned <br /> <br />development, pursuant to a prior Development Agreement between the parties dated February 14, <br /> <br />2008. <br /> <br />C. Because of economic conditions, it has not been possible for Lincoln to develop the <br /> <br />property according to the original schedule contemplated and desired by the parties, and the <br /> <br />Development Agreement has now expired and is of no further force or effect. <br /> <br />D. The parties desire to extend their relationship for a limited additional period oftime to <br /> <br />further explore possible opportunities to bring about a development that is profitable for Lincoln <br /> <br />and that meets the strategic goals of the City Entities. <br /> <br />WHEREFORE, in exchange for mutual consideration, the adequacy of which is hereby <br /> <br />IPRHA, GPDC, and the City shall be referred to collectively as "the City Entities," All decisions hereunder <br />involving the City shall be made by recorded vote of Portsmouth City Council. <br /> <br />-1- <br />