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WHEREAS, the Developer has approached the City with a <br />concept that appears to meet City's development objectives; and <br />WHEREAS, in order to achieve the objectives of the <br />Development Program and particularly to make certain lands in the <br />Development District available for redevelopment by private <br />enterprise in conformance with the Development Program and other <br />guidelines as established by City, City has indicated its <br />interest in evaluating the feasibility of providing assistance to <br />the Developer with the financing of certain project and <br />improvement costs proposed to be constructed within the Tax <br />Increment District as allowable pursuant to statutory provisions; <br />and <br />WHEREAS, considerable information must be exchanged between <br />the parties to this Agreement to evaluate the proposed project's <br />feasibility as well as to determine the exact nature of a <br />relationship between City and Developer. <br />NOW, THEREFORE, in consideration of the above recitals and <br />the mutual obligations of the parties hereto, each of them does <br />hereby covenant and agree with each other as follows: <br />1. Request for Improvement. Developer has requested City <br />to evaluate the feasibility of City participating in a <br />redevelopment project to occur within the Rice Street /Little <br />Canada Road area, its project boundaries indicated on the map <br />attached as Exhibit "A" with said project hereinafter referred to <br />as the "Gateway Project ". Aside from certain public utility <br />improvements, the redevelopment activities proposed to be <br />-2- <br />Page 185 <br />