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AN ORDINANCE <br />• TO AUTHORIZE AN AMENDMENT TO <br />THE LAND PURCHASE AND DEVELOPMENT AGREEMENT <br />BETWEEN THE CITY AND WRENSON CORPORATION <br />WHEREAS, the Wrenson Corporation ("Developer") and the City of Charlottesville <br />executed a Land Purchase and Development Agreement dated December 10, 1996 for Wrenson <br />Corporation to develop a residential Planned Unit Development on 25.6 acres near Pen Park <br />Lane; and <br />WHEREAS, the agreement stipulated that the Developer must give written notice to the <br />City within 180 days of the date of Agreement if the project is not economically viable and <br />financially feasible from the Developer's standpoint, and thereby releasing Developer from the <br />obligation to close; and <br />WHEREAS, the Developer has given timely written notice that at this time the project is <br />not suitable for development, but Developer wishes to extend the feasibility period for an <br />additional year, and City staff agree that this is in the best interest of the City; now, therefore, <br />BE IT ORDAINED by the Council of the City of Charlottesville, Virginia, that the Land <br />• Purchase and Development Agreement between the City and Wrenson Corporation, dated <br />December 10, 1996, shall be amended as set forth in the attached "Amendment No. 1". <br />Approved by Council <br />August 4, 1997 <br />e k of City Coun it <br />