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Thousand Five Hundred Dollare ($1,368,500.00). An independent appraisal was made of the subject real property by Donahue and Company of iustin, California which determined that the fair reuse value was equivalent to such estimated value. In deter- mining value for the subsidized senior citizen units and the market rate unite, the land was appraised by determining the residual land value for the specific development as proposed. The residual land value was derived upon an examination of the financial proforma of the project which disclosed the Redeveloper's costs and anticipated return or profit in light of projected revenue, including subsidized rents. III. PURCHASE PRICE The Contract provides for the purchase and sale of the land as follows: "The Purchase Price (the "Purchase Price") for the Property shall be the sum of ONE MILLION TItREE HUNDRED SIXTY-EIGHT THOUSAND FIVE HUNDRED DOLLARS ($1,368,500.00). In order to provide for the acqui- sition and development of the Property in increments, the Purchase Price shall be comprised of the Purchase Price for the Phase I Par- cel and the Purchase Price for the Phase II Parcel. .The Purchase Price for the Phase I Parcel shall be the sum of THREE HUNDRED THIRTY THREE THOUSAND TWO HUNDRED FIFTY DOLLARS ($333,250.00). The Purchase Price for the Phase I1 Parcel shall be the sum of ONE MILLION THIRTY FIVE THOUSAND TWO HUNDRED FIFTY DOLLARS ($1,035,250.00). In the event of the Redeveloper's election to divide the Phase II Parcel in order to acquire and develop the Phase II Parcel in incre- ments as hereinafter provided in the Scope of Development, the pur- chase price for each subparcel to be conveyed shall be allocated pro rata through escrow at the rate of TWO DOLLARS AND THIRTY SEVEN CENTS ($2.37) per square foot to be conveyed." The above Contract providing for the proposed sale and purchase of land is subject to the approval of the City Council, the Agency and the Housing Authority. Prior to approval by the Council and the Agency the proposed sale of land will be the subject of a Joint pub- lic hearing to be held on March 29, 1977.