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WHEREAS, a major objective of the Development Program <br />and Tax Increment Plan is to assist redevelopment and <br />development and prevent the further deterioration of land <br />located within the Development District; and <br />WHEREAS, the City believes that the development of a <br />certain Project as more fully set forth in this Agreement <br />pursuant to the terms of this Agreement, and fulfillment of <br />this Agreement are vital and are in the best interests of <br />the City and the health, safety, morals and welfare of its <br />residents, and in accordance with the public purpose and <br />provisions of the applicable state and local laws and <br />requirements under which the Project has been undertaken and <br />is being assisted. <br />NOW, THEREFORE, in consideration of the premises and <br />the mutual obligations of the parties hereto, each of them <br />does hereby covenant and agree with the other as follows: <br />1054867.2 <br />Page 49 <br />