Laserfiche WebLink
THIS OPTION AGREEMENT is <br />by and between THE INDUSTRIAL <br />CHARLOTTESVILLE, VIRGINIA <br />• ("Optionee"). <br />Prepared May 19, 1997 <br />made as of the 19th day of May, 1997, <br />DEVELOPMENT AUTHORITY OF THE CITY OF <br />("Authority") and MARKET ST. LLC <br />RECITALS <br />A. Authority is the owner of certain real property <br />situated in the City of Charlottesville, Virginia, shown and <br />described as Parcels A-2.1.1 and A-2.1.2 containing approximately <br />45,107 square feet (the "Property"), and shown on the plat of <br />Thomas B. Lincoln Land Surveyor, Inc., dated November 22, 1995, <br />revised December 20, 1995, which is attached to the Land Purchase <br />and Development Agreement (the "Purchase Agreement") attached <br />hereto as Exhibit A. <br />B. In its continuing effort to maintain and improve the <br />business base of the City of Charlottesville ("City"), Authority <br />has solicited proposals for the purchase and development of the <br />Property. Authority has determined that: <br />(1) The public interest will be best served by <br />granting the Optionee certain rights in the Property consistent <br />with the terms and conditions of this Agreement; <br />(2) Optionee's proposed development of the property <br />will generate substantial benefits for the City; <br />. (3) OptioneeIsproposed development of the Property <br />is in harmony with and will further the fulfillment of the duly <br />adopted comprehensive plan of the City; <br />(4) OptioneeIsproposed development of the Property <br />is likely to produce increases in revenue from property, sales, <br />license, and other taxes to the City and is likely to produce <br />expanded employment opportunities for the citizens of the City and <br />surrounding jurisdictions; and <br />(5) Optionee's proposed development and use of the <br />Property will be unlikely to produce pollution or adverse <br />environmental consequences and is unlikely to necessitate <br />significant expenditures of additional public funds for the <br />provision of essential or customary public services. <br />C. Authority and Optionee have negotiated certain <br />agreements regarding the development of the Property and wish to <br />set forth their agreements in writing. <br />AGREEMENT <br />Section 1. Grant of Option. <br />1.1 Authority, for the non-refundable option price of <br />• Ten Dollars ($10.00) (the "Option Payment"), receipt of which is <br />