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WHEREAS, the parties desire to enter into this Cooperation Agreement for the purpose <br />of memorializing their respective obligations with respect to financing the acquisition of the <br />Reverter Property; and <br />WHEREAS, this Cooperation Agreement was approved by EDA Resolution adopted on <br />December 11, 2018 and by City Council Resolution 2018- adopted on December 11, 2018. <br />NOW, THEREFORE, the parties agree as follows: <br />AGREEMENT <br />The City shall provide EDA the Loan at an interest rate of 0 %. <br />2. EDA shall use the proceeds of the Loan for the purpose of acquiring the Reverter <br />Property (including closing costs) in accordance with the terms of the Settlement Agreement. <br />3. With the assistance of the City, EDA shall issue bonds or otherwise obtain <br />financing to repay the Loan in full on or before March 31, 2019 (the "Bond Financing "). <br />4. The parties anticipate that an additional Cooperation Agreement will be required <br />prior to obtaining the Bond Financing (the "Second Cooperation Agreement "). The Second <br />Cooperation Agreement shall address, without limitation: (a) the terms and conditions of the <br />Bond Financing; (b) servicing of the Bond Financing; (c) marketing of the Reverter Property for <br />development; and (d) application of the net proceeds from the conveyance of the Reverter <br />Property (or portions thereof) for development. <br />5. No individual or entity is intended to, or shall, be deemed a third party beneficiary <br />of this Cooperation Agreement. <br />{SIGNATURES ON FOLLOWING PAGE} <br />