1996_Resolutions - Laserfiche WebLink

Home Browse Search

Prepared October 9, 1996 THIS LAND PURCHASE AND DEVELOPMENT AGREEMENT is made as of the • 5'Ty day of ,//, ul'M ,'P , 1996, by and between THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF CHARLOTTESVILLE, VIRGINIA ("Authority") and OLIVER C. KUTTNER ("Buyer"). RECITALS A. Authority is the owner of certain real property situated in the City of Charlottesville, Virginia, shown and described as Parcel A-2-3, containing approximately 28,322 square feet, on the subdivision plat dated November 22, 1995, revised December 20, 1995, made by Thomas B. Lincoln, Land Surveyor, Inc., attached hereto as Exhibit A. Authority shall RESERVE on behalf of and for the benefit of the City of Charlottesville an easement of right of way, 25 feet in width and approximately 400 feet in length, for a future 50' wide public street over that portion of the property running parallel and adjacent to the property line of Parcel A-2-4.1 (owned by the Buyer). Unless and until the subject 50' public street is constructed and accepted into the public street system by the City, Buyer agrees that there will exist a non- exclusive right-of-way for ingress and egress to Water Street Extended along the subject public street for the benefit of the owners of Parcel A-2-4.2 and A-3-2, their successors and assigns, and for the benefit of any other owners to the north or east of said road who acquire title directly from the Authority as part of the CSX development. B. In its continuing effort to maintain and improve the business base of the City • of Charlottesville ("City"), Authority has solicited proposals for the purchase and development of the Property. Authority 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 of the 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, sales, license, and other taxes to the City and is likely to produce expanded employment 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