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• <br />• <br />WHEREAS, Developer has proposed purchasing the Property for the purpose of <br />completing site preparation incidental to the adjacent retail development project and, upon <br />completing site remediation and preparation, to sell the Property as a development site for use <br />that is consistent with the Development Plan for the Area; and <br />WHEREAS, the Commission believes that the conveyance of the Property to Developer <br />for the purpose of site remediation that includes the clearing, filling and grading of the Property <br />will ensure that the Property is made viable in the future for use as a development site. <br />THE COMMISSION NOW FINDS THAT: <br />1. The Property described at Exhibit A is not suitable for use as a development site <br />in its existing state without significant site remediation including, but not limited to <br />clearing, filling and grading of the Property. <br />2, The Commission has heretofore tried to sell the Property for development without <br />success. <br />3. Remediation of the Property to improve its existing state will require the <br />Commission to make a significant financial investment in the Property. <br />4. The value of the Property without site remediation is significantly reduced. <br />5. Even assuming the that Property could be developed in its existing state, the <br />Commission believes that such development could not be accomplished such that it <br />would be of the size and quality that is consistent with the Development Plan for the <br />Airport Economic Development Area. <br />6. The proposal of Majority Builders, Inc. to (i) utilize the Property in order to <br />complete a retail development project abutting the Property and (ii) concurrent with that <br />project to utilize certain materials from the retail project as fill and grade the Property <br />will result in an improvement to the Property that is consistent with the Commission's <br />Development Plan for the Area. <br />7. Sale of the Property to Majority Builders, Inc. as provided herein will further the <br />execution of the Development Plan for the Area and will best serve the interests of the <br />community, from the standpoint of both human and economic welfare. <br />H: \W pdata\Resolution s \RHSCOMMI\R2125_Findi ngs_3450wmrichardsonet.Doc <br />2 <br />