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<br /> <br />COOPERATION AGREEMENT <br />for <br />NORTH PIER AND CRAWFORD STREET PARCELS <br />PORTSMOUTH, VIRGINIA <br /> <br />THIS COOPERATION AGREEMENT (the "Cooperation Agreement"), <br /> <br />entered into as of the _ day of <br /> <br />, 2012, by and between THE CITY OF <br /> <br />PORTSMOUTH, VIRGINIA, a political subdivision of the Commonwealth of Virginia <br /> <br />(the "City") and the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY <br /> <br />OF PORTSMOUTH, a political subdivision of the Commonwealth of Virginia (the <br /> <br />"EDA"), provides as follows: <br /> <br />RECITALS <br /> <br />WHEREAS, the properties commonly known as (1) the North Pier located <br /> <br />generally on southern branch of the Elizabeth River adjacent to and east ofthe Ntelos <br /> <br />Pavilion, containing approximately 2.5 acres, and also identified as Tax Map No.3, <br /> <br />Parcel No. I, and (2) the Crawford Street Parcels, located generally at the southwest <br /> <br />intersection of Crawford Street and Columbia Street, containing approximately 2.5 acres <br /> <br />and also identified as Tax Map 0007, Parcel 0132 and Tax Map 0009, Parcel 0015, <br /> <br />(collectively "the Property") are presently vacant and undeveloped, and <br /> <br />WHEREAS, the City has determined that it would be in the public interest to have <br /> <br />the Property developed for multi-family residential use in a way that complements and <br /> <br />protects community quality and returns the Property to the tax rolls; and <br /> <br />WHEREAS, the EDA is the owner of the above-referenced North Pier, and the <br /> <br />City is the owner of the above-referenced Crawford Street properties; and <br /> <br />WHEREAS, the EDA entered into an Agreement of Purchase and Sale, dated <br /> <br />June 26,2012, ("Purchase and Sale Agreement") with Breeden Investment Properties, <br />