ࡱ> Z\Y{` bjbjFF 82,,2~~~8,2gIZ     c#e#e#e#c#X6H$Jh)Mr I" I  !I^ l c#c#V!@,C"  X~N^+" "7I0gI7" MMC"MC"vvTD I IH^gI22Z $22Z 222  SUMMARY OF TERMS **THIS TRANSACTION IS NOT AN ECONOMIC DEVELOPMENT PROJECT** Seller: City of Hampton (the City). Purchaser: American National Red Cross-Hampton Roads Chapter, (Red Cross). Property: Approximately 3.0395 Acres, more commonly known as 8110 Orcutt Avenue (the Property). Purchase Price Property: City shall donate the Property pursuant to the authority set forth in 15.2-953 of the Code of Virginia of 1950, as amended. Due Diligence: Red Cross shall have a 60 day due diligence period after execution of the Development Agreement. Settlement Date: Settlement shall occur promptly following the end of the Due Diligence Period and the satisfactory completion of the Rezoning process (the Settlement Date), or at such other earlier time as may be agreed to by the parties. Use: The Property shall be limited to the uses allowed under the zoning classification for the Property after the Rezoning process is completed. Requirements of Settlement: Prior to Settlement, the Red Cross shall have provided the City with (a) evidence of preliminary construction plans and conceptual drawings for improvements to the Property or other evidence acceptable to the City that the Property will be developed within 48 months after settlement on the Property, (b) a construction loan commitment or evidence of financing sufficient to cover the cost of construction of the Red Cross Chapter House on the Property, and (c) a certification from the Red Cross covenanting to use its best efforts to seek comparable donation of funds comparable to the value of the Property from other municipalities and localities in the Red Crosss service area, and that it will remain in operation in the City of Hampton for at least five (5) years. Rezoning/Development Criteria /Restrictions: Rezoning: At its sole cost and expense, the Red Cross will work with the Citys Planning Department to rezone the Property (the Rezoning). As part of the Rezoning, the City shall subject the Property to certain development criteria. Accordingly, the design of the site and the building architecture shall meet criteria and development standards as more particularly set forth in those proffers filed with the Rezoning (collectively Proffers). The Rezoning must be completed on or before March 31, 2007 or the Development Agreement may be terminated by either party. NOTHING IN THE DEVELOPMENT AGREEMENT OR ANY OTHER DEFINITIVE AGREEMENT BETWEEN THE CITY AND THE RED CROSS SHALL CONSTITUTE OR BE DEEMED TO BE AN AGREEMENT BY THE CITY TO REZONE THE PROPERTY. Development Criteria: The Proffers will require, among other things, that the Red Cross submit to the Citys Director of Planning all site, landscaping and architectural plans (the Plans) for the development of the Property for review and approval to confirm conformance of the Plans with these Proffers prior to the issuance of any development permits during the life of the project. All approvals by the City shall be at its reasonable discretion, and the Citys approval or specific objections shall be delivered to the Red Cross no later than sixty (60) days after submission of the Plans. Restrictions: All plans, architectural elevations, designs and uses for any development on the parcel of land owned by the Red Cross at 4915 West Mercury Boulevard must be submitted to the City Manager or his designee for prior approval. The City shall also impose restriction on the Property (i) prohibiting any resubdivision of the Property without the prior written consent of the City, (the City acknowledges that the Red Cross may subdivide approximately one acre on the northerly border for the purpose of increasing the size of its property located at 4915 West Mercury Blvd. and would not unreasonably object to such a subdivision) (ii) limiting access to the new building on the Property to Orcutt Avenue, and (iv) requiring a 20 foot landscape buffer facing the residential use on the 81st Street side of the Property. Project Completion Date: On or before the date which is nine (9) months after Settlement, the Red Cross shall submit to the City for its review and approval the construction and other plans for the Red Cross Chapter House of at least 11,000 square feet in area (the Building). The Red Cross must commence construction in good faith and diligently pursue to completion the Building on or before the date which is 48 months after Settlement. For purposes of this Paragraph the term completion means the issuance of a final/permanent certificate of occupancy for the Building by the City of Hampton. Reverter: If the Red Cross fails to commence construction in good faith and diligently pursue to completion the Building as set forth above, the City shall have the right and option to repurchase the Property in the amount of One and No/100 Dollar ($1.00) for the Property; whereupon the Red Cross shall convey the Property back to the City free and clear of liens and encumbrances. Notwithstanding the foregoing, the City will release the reverter, at the sole cost and expense of the Red Cross, upon evidence of a fully executed construction contract, a fully executed construction mortgage and commencement of construction pursuant to approved land disturbing and building permits. Post-Closing Memorandum: Conditions d through f shall be continuing obligations which shall be included in the deed of conveyance or a Post-Closing Memorandum of Agreement to be recorded at Settlement in the Office of the Clerk of the Circuit Court for the City of Hampton and shall run with the land and be binding upon all owners of the Property during their period of ownership. Assignment: The Red Cross shall not assign rights under the Agreement without the prior written consent of the City.      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