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tail*P I'1LACI' FQIi ~ ~ "'"- i~ U 5 l ~ ~ SALE ttP F.ANU I~oR PRI'G!ATI: DEVEL()I?I~lE33T AGREEMENT, c~ar[sisting of this Part I and Part II (Farm IIIJD-62098, 9-69) asixtesed hereto and made a part hereof (which Part I and fart II arc together hereinafter call "Agreement10), made on or as of the _ 21st day of Angust, 19$1, by asd-bet~+tat[ the City of Grand Island, acting thru its Community Development Agency (Hereinafter call "Agency"); and Plana Ss~u+lrn, Partnership ~€teze4.nsf[er called "Redeveloper") and having a mailing address for the transaction t!'f busitteas st P.O. Bait 1393, Gland Island, Nebraska WTTNESSETH: WIIFREAS, in furtherance of the objectives of ilousing and Coanaunity Deveiop- ~ctt Act o£ 1974,, the 9gency has undertaken a program for the clearance and recon- struction or rehabilitatimi of slum aid biiKhted areas in the City, and in this connection is engaged in carrying out a Community Development project known as B-7$-liN,3t-0001 {hereinafter called "Project") in an area (hereinafter called "Project Arcs") lo:.ated in the i.;ity; and t~tEREAS, ss of the 3ste of the Agreement there has been prepared and approved by the Agency an urban renewal plan for the i'roject, consi.sti.ng of the Urban. R~newai' Plan recorded on Mav 24. 2974 in Book 26 of Miscellaneous, 1'aP;e 606. WHEREAS, Sn order to enable the Agency to achieve the objectives of the Urban Renewal Pian and particularly to make the land in the Project Area avail- able for redevelopment by private enterprise for redevelopment for and in accord•^ deuce with the uses specified in the urban Renewal t'ian, both the i~ederal C:overnm~ent a~ Lh€ j'ii-y h n~da~aken t. u€ovide ~d have provided sut;s'~antial aid fog the Completion of the Project; and WHEREAS, the Agency has offered to sell and Che Redeveloper is willing to purchase certain real property located in the Project Area and more particularly described in Schedule A amtexed hereto and made a part hereof (which property as ao described is hereinafter call "Property") and to redevelop the Property far and in accordance with the uses specified in the tlrhsn Renewal flan and in a@anrdance with the Agreemsnt; and W:-SEP~ the y I~€lieves 'hat rlte redevelopment of the C'ts?perty pursuant to the A$riament, and Che fulfillment generally of the Agreement, are in the vital and beet intexaeta of, the City and the health, safety, morals, and welfare of its saai~enrs:, and in accord with the public purposes and provisions of the applizable Frpdett'+aZ, State, and tonal lava and requirements ~mder which the Project has been uudertaliran weed is being wsaistad~