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advice and consent of the City Manager prior to entering into an agreement to convey the <br />Property to an individual or entity other than Developer. <br />4. Any net proceeds from EDA's conveyance of the Property for <br />redevelopment shall be placed into the Economic Development Incentive Fund or, if <br />Council does not approve the creation of an Economic Development Incentive Fund, then <br />the net proceeds shall be divided as the parties may subsequently agree. <br />IN WITNESS WHEREOF, this Agreement has been executed on behalf of the <br />EDA and the City. <br />Approved as to Form and Legality <br />Sts <br />Solomon H. Ashby, Jr. <br />CITY OF PORTSMOUTH, <br />VIRGINIA <br />0 <br />Dr. L. Pettis Patton, City <br />Manager <br />ECONOMIC DEVELOPMENT <br />AUTHORITY OF THE CITY OF <br />PORTSMOUTH, VIRGINIA <br />By: <br />Dean Thomasson, Chair <br />