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WIIEREAS, the Agency and the Authority believe.that the re- <br />development of the Property pursuant to tbis~Agreement, and'the <br />fulfillment generally of the Agreement, are in the vital'and best <br />interests of the City and the health, safety, morals, and welfare <br />of its residents, and in accord with the public~ purposes and pro- <br />visions of the applicable Federal, State and local laws and re- <br />quirements under which the Project has been undertaken and is <br />being assisted; <br /> <br /> NOW, TIIEREFORE, in consideration of the premises and the <br />mutual obligations of the parties hereto, each of them does, here- <br />by covenant and agree with the other as follows: <br /> <br />SEC. 1. SALE AND PURCHASE: PURCHASE PRICE <br /> <br /> In accordance with and subject to all the terms, covenants <br />and conditions of this Agreement, the Agency agrees, to sell the <br />Property to the Redeveloper and the Redeveloper agrees to purchase <br />the Property from the Agency. The Property is that portion of the <br />Project area as shown on the Property Map, Attachment No. 1%o <br />this Agreement, and as described in the Legal Description of the <br />Property, Attachment No. 2 to this Agreement. The Property shall <br />be comprised of the Phase I Parcel and the Phase II Parcel, as <br />designated on the Property Map, in order to allow the Redeveloper <br />to acquire and develop the Property in phases as hereinafter pro- <br />vided. <br /> The Purchase Price (the "Purchase Price") for the Property <br />shall be the sum of ONE MILLION THREE HUNDRED SIXTY-EIGHT THOUSAND <br />FIVE IIUNDRED DOLLARS ($1,368,500.00). In order to provide for the <br />acquisition and development of the Property fn increments~ the Pur- <br />chase Price shall be comprised of the Purchase Price for the Phase <br />I Parcel and the Purchase Price for the Phase II Parcel. <br /> <br /> The Purchase Price for the Phase I Parcel shall be ~he sum of <br /> THREE IIUNDRED THIRTY THREE THOUSAND TWO HUNDRED FIFTY DOLLARS <br />($333,250.00). The Purchase Price for the Phase II Parcel shall be <br /> the sum of ONE MILLION THIRTY FIVE THOUSAND TWO HUNDRED FIFTY DOL- <br /> LARS ($1,035,250.00) i <br /> In the event of the ~edeveloper's election to divide the Phase <br /> II Parcel in order to acquire and develop the Phase II Parcel in <br /> increments as hereinafter provided in the Scope of Development, the <br /> purchase price for each subparcel to be conveyed shall be allocated <br /> pro rata through escrow at the rate of TWO DOLLARS AND THIRTY SEVEN <br /> CENTS ($2.37) per square foot to be conveyed. <br /> <br />-3- <br /> <br />FEB Z8 <br /> <br /> <br />