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<br /> <br />COOPERATION AGREEMENT <br />for <br />REDEVELOPMENT OF CRADOCK HIGH SCHOOL SITE <br /> <br />This COOPERATION AGREEMENT, made pursuant to the specific authority <br /> <br />granted by Section ~36-7 of the Code of Virginia, and the other provisions of Chapter 1 of Title <br /> <br />36 of the Code of Virginia by and between THE CITY OF PORTSMOUTH, VIRGINIA (the <br /> <br />"City"), a municipal corporation of the Commonwealth of Virginia, and THE PORTSMOUTH <br /> <br />REDEVELOPMENT AND HOUSING AUTHORITY (the "Housing Authority"), a political <br /> <br />subdivision of the Commonwealth of Virginia, provides as follows: <br /> <br />RECITALS <br /> <br />WHEREAS, on October 20, 2010, the City and Cradock Properties, LLC, a Virginia <br /> <br />limited liability company (the "Developer"), entered into a Memorandum oflntent for the <br /> <br />purpose of facilitating the redevelopment in phases of the property which is the site of the former <br /> <br />Cradock High School (the "Property"), with the Housing Authority to serve as the City's agent to <br /> <br />conduct needed negotiations with the Developer, and <br /> <br />WHEREAS, the Housing Authority has on January 12,2002 authorized a Development <br /> <br />Agreement (the "Development Agreement") with the Developer for the desired purpose, a copy <br /> <br />of which instrument is attached hereto as Exhibit A, and <br /> <br />WHEREAS, the City has participated fully in the negotiations leading to the <br /> <br />Development Agreement, is aware of its terms, and supports its terms, and <br /> <br />WHEREAS, the Development Agreement places certain obligations on the Housing <br /> <br />Authority which the Housing Authority will be unable to meet without certain financial and other <br /> <br />resources from the City, and <br /> <br />-1- <br />