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4. Briefing of City Council/EDA: The EDA members on the Project Committee shall provide regular briefings to the EDA and the City Council members on the Project Committee shall provide regular briefings to City Council. 5. Final Developer Selection: The final selection of a developer for the City Property and the EDA Property must be approved by EDA and by City Council. 6. Funding of Solicitation, Evaluation, and Selection: (a) EDA Costs: EDA shall be responsible for all costs related to the Solicitation, Evaluation, and Selection processes, include creation of the Solicitation, the marketing and issuance of the Solicitation, any costs related to the Evaluation process incurred by the Project Committee (including visits to other development sites of entities that respond to the Solicitation if determined to be advisable by the Project Committee), any public hearings or public presentations related to the Solicitation, Evaluation, or Selection, and the preparation of any necessary studies or materials required for the Solicitation, the Evaluation, or the Selection (the "EDA Costs"). (b) City Reimbursement of EDA Costs: The City shall pay or reimburse EDA in the amount of 50% of the EDA Costs up to a maximum not to exceed reimbursement amount of $500,000 (the "City Reimbursement"). Provided however that payment of the City Reimbursement shall be subject to appropriation of funds by City Council for said purpose. (c) Limitation: EDA's commitment to fund the EDA Costs and the City's commitment to the City Reimbursement apply only to costs incurred related to the Solicitation, Evaluation, and Selection. Any commitment to funding costs or contributions post -Selection shall be the subject of an amendment to this Agreement or approval of a subsequent Agreement by City Council and EDA in their sole discretion. 7. Miscellaneous: (a) Assignment: Neither the City nor EDA shall have the right to assign or transfer its respective rights, liabilities and obligations under this Agreement to any individual or entity. (b) No Third Party Beneficiaries: No individual or entity shall be deemed to be a third party beneficiary of this Agreement. (c) Counterparts: This Agreement may be executed in any number of counterparts and all such counterparts together shall constitute but one and the same agreement. (d) Relevant Law: This Agreement shall be governed by Virginia law. { COOPERATION AGREEMENT — WATERFRONT DEVELOPMENT }