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0 <br />MEMORANDUM OF UNDERSTANDING <br />This agreement is made this 28th day of July, 1988, by and <br />between the City of Charlottesville, Virginia ("City"), and the <br />Industrial Authority of the City of Charlottesville (the <br />"Authority"). <br />As evidenced by their respective signatures below, the <br />parties agree as folJows: <br />1. Authority will purchase approximately 16.599 acres of <br />land from the CSX Transportation, Inc., for $1,500,000. <br />2. At closing of that purchase, City will advance on a short <br />term basis at no interest to the Authority the sum of $283,000. <br />3. The parties contemplate that this $283,000 will be used <br />within six months as all or a portion of City's payment to the <br />Authority for a small portion of the CSX property <br />(the 16.599 acres) to be used as a city parking lot (" the <br />"parking lot"). <br />• 1. It is agreed that if closing of the parking lot does not <br />occur within six (6) months from the date hereof, the $283,000 <br />advanced will be returned by the Authority to the City. <br />5. If the purchase price;for the parking lot is less than <br />the $283,000 advance, the difference between the price and the <br />advance will be returned to the City at closing. <br />INDUSTRIAL AUTHORITY FOR THE CITY OF CHARLOTTESVILLE <br />BY .7�Lw1 <br />THE CITY OF PHARLOTTESVILLE <br />BY ZeKct6-� � 1� <br />1 <br />