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LxW131T- ft - <br />Prepared May 19, 1997 <br />THIS LAND PURCHASE AND DEVELOPMENT AGREEMENT is made as of the <br />• 19th day of May, 1997, by and between THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF CHARLOTTESVILLE, VIRGINIA ("Authority") <br />and MARKET ST. LLC ("Buyer"). <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, and shown on the plat by Thomas B. Lincoln, <br />Land Surveyor, Inc., dated November 22, 1995, revised December 20, <br />1995, attached hereto as Exhibit A (the "Property"). <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 />selling and conveying the Property to Buyer for development <br />purposes consistent with the terms and conditions of this <br />Agreement; <br />(2) Buyer's proposed development of the Property <br />• will generate substantial benefits for the City; <br />(3) Buyer's proposed development of the Property is <br />in harmony with and will further the fulfillment of the duly <br />adopted comprehensive plan of the City; <br />(4) Buyer's proposed development of the Property is <br />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) Buyer'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 Buyer have entered into an Option <br />Agreement of even date herewith (the "Option Agreement") and have <br />negotiated certain agreements regarding the development of the <br />Property and wish to set forth their agreements in writing. <br />0 Page I <br />