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<br />AGREEMENT <br /> <br />1. The City shall convey the above properties to the EDA, and the EDA shall convey <br /> <br />the property to the Developers subject to a Sale and Development Agreement. <br /> <br />2. The EDA shall thereafter diligently enforce its rights under said Sale and <br /> <br />Development Agreement, keeping the City Manager timely informed of all relevant matters <br /> <br />related to the development. <br /> <br />3. The City shall use all reasonable efforts to expedite the issuance of all official permits, <br /> <br />approvals, and the like for development of the Property, provided the requirements for issuance <br /> <br />of said instruments have been met, as applicable. <br /> <br />4. The gross price for which the EDA will sell the Property to the Developers shall be <br /> <br />$850,000, subject to final negotiations between EDA and the Developers. The net sale proceeds <br /> <br />shall be divided between the City and the EDA as follows: <br /> <br />to the City and <br /> <br />to the EDA. <br /> <br />IN WITNESS WHEREOF, this Cooperation Agreement has been executed on behalf of <br /> <br />EDA and the City: <br /> <br />Approved as to form and legality: <br /> <br />CITY OF PORTSMOUTH, VIRGINIA <br /> <br />By: <br /> <br />By: <br /> <br />George M. Willson, City Attorney <br /> <br />John L. Rowe, Jr., City Manager <br /> <br />ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF PORTSMOUTH <br /> <br />By: <br /> <br />Aaron J. Kelley, Chairman <br /> <br />2 <br />