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Revised November 14, 2000 ^� City Attorney's Office Dd • THIS LAND PURCHASE AND DEVELOPMENT AGREEMENT is made as ofthe 1'` day of December, 2000, by and between the CITY OF CHARLOTTESVILLE, VIRGINIA ("City") and BELMONT COMMONS, L.L.C., a Virginia limited liability company ("Buyer"). RECITALS A. City is the owner of certain real property situated in the City of Charlottesville, Virginia, shown and labeled as Parcel C-1 (containing approximately 167,513 square feet), including the "Proposed Park", Parcel D-1 (9,615 square feet), Parcel D-2 (6,687 square feet), Parcel E-1 (6,001 square feet), and Parcel B (14,082 square feet), all shown on the attached sketch plat by dated , attached hereto as Exhibit A (the "Property"). B. In its continuing effort to maintain and improve the business base of the City of Charlottesville ("City"), the City has solicited proposals for the purchase and development of the Property. The City has determined that: (1) The public interest will be best served by selling and conveying the Property to Buyer for. development purposes consistent with the terms and conditions of this • Agreement; (2) Buyer's proposed development of the Property will generate substantial benefits for the City; (3) Buyer's proposed development ofthe Property is in harmony with and will further the fulfillment of the duly adopted comprehensive plan of the City; (4) Buyer's proposed development of the Property is likely to produce increases in revenue from property and other taxes to the City and is likely to produce expanded housing opportunities for the citizens of the City and surrounding jurisdictions; and (5) Buyer's proposed development and use of the Property will be unlikely to produce pollution or adverse environmental consequences and is unlikely to necessitate significant expenditures of additional public funds for the provision of essential or customary public services. • Page I of 8