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<br />\VHEREAS, th.e City believes that the development of the Development Property, as <br />.more fully set forth in this Agreement, is in the best interests of the residents of the City and will <br />'facilitate the redevelopment of blighted areas in the City, and increase opportunities for owner <br />occupied and rental housing, and will otherwise benefit the health, safety, morals and welfare of <br />the residents of the City, in accordance with the public purpose and provisions of the applicable <br />State and local laws and requirements under the Development Program; and <br /> <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br /> <br />1674205v9 <br /> <br />2 <br />