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• <br />Prepared October 21, 1996 <br />THIS LAND PURCHASE AND DEVELOPMENT AGREEMENT is made as of the <br />day of , 1996, by and between the CITY OF CHARLOTTESVILLE, <br />VIRGINIA ("Seller" or "the City") and WRENSON CORPORATION, a Virginia <br />Corporation, ("Buyer"). <br />RECITALS <br />A. Seller owns certain real property situated in the City of Charlottesville, Virginia, <br />consisting of approximately 25.6 acres, hereinafter referred to as "the Property" and more <br />particularly shown as Parcels 39 and 40 on City Tax Map 48A, copy of which is attached hereto <br />as Exhibit A. Seller acquired title to these parcels by two deeds recorded respectively in the <br />Clerk's Office of the Circuit Court of Albemarle County in County Deed Book 316, page 208, <br />and County Deed Book 318, page 199. <br />B. The City Council has found that the public interest will be best served by selling and <br />conveying the Property to Buyer for development purposes consistent with the terms and <br />conditions of this Agreement. <br />• C. Seller and Buyer have negotiated certain agreements regarding the development of the <br />Property and wish to set forth their agreements in writing. <br />AGREEMENT <br />Section 1. Development Plan. <br />1.1. Buyer represents that the Property will be developed as a residential Planned Unit <br />Development. The primary objective will be to develop a residential community which is <br />aesthetically appealing, environmentally sensitive, functionally innovative and economically <br />viable. <br />1.2. Buyer shall submit to Seller for its approval a proposed site plan for the <br />development of the Property within sixty (60) days after the date on which Buyer is satisfied as <br />to the suitability of the Property for and financial viability of Buyer's contemplated residential <br />development as provided in Sections 4.3.d. and 4.3.e. below, and before such site plan is <br />submitted formally to the City of Charlottesville Planning Department. Seller's approval will <br />not be unreasonably delayed or withheld. Buyer shall, on the second Tuesday of each month, <br />provide Seller with such progress reports as Seller may reasonably require. <br />0 1 <br />