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commercial space to be constructed by Developer on the Additional Property (the "Residential
Facilities", and collectively with the Commercial Facilities, the "Project") in accordance with the
proposal attached hereto as Exhibit B.
6. The City has committed to provide certain funds to support the Project. The City
will provide Ten Million Dollars ($10,000,000) to EDA for reimbursement of eligible Project costs
incurred by Developer in accordance with Exhibit G (the "City Funds").
7. The City also intends to pursue funding from the Commonwealth of Virginia in the
anticipated amount of Forty Million Dollars ($40,000,000) (the "Commonwealth Funds") to
support Navy quality-of-life betterment and community revitalization in Downtown Newport
News. The Developer will cooperate with the City in seeking the Commonwealth Funds.
8. Should the Commonwealth Funds be secured on satisfactory terms to the City at
the sole discretion of the City, the City will make an additional Ten Million Dollars ($10,000,000)
available to the Project through EDA, subject to the terms of this Agreement (the "Additional City
Funds").
9. The City Funds and the Additional City Funds are collectively referred to as the
"EDA Funds." EDA will use EDA Funds solely to reimburse eligible Project costs in accordance
with Exhibit G. The conditions applicable to the City Funds, the Commonwealth Funds, and the
Additional City Funds are set forth in Section 2. 7.
10. The Parties acknowledge that the Commonwealth Funds have not been
appropriated or guaranteed as of the Effective Date, and that the City Funds and Additional City
Funds are subject to appropriation by Newport News City Council to EDA.
11. In connection with the acquisition of the Property by Developer, Developer intends
to enter into an Amended and Restated Land Use Restriction Agreement (the "LURA") between
Developer and the United States of America, Department of the Navy (the "Government"), setting
forth certain regulatory and restrictive covenants governing the development, use, occupancy and
transfer of the Property, to be recorded against the Property in the Clerk's Office of the Circuit
Court of the City of Newport News, Virginia.
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