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<br />I"~ .... ..~ ..... ".....~ .~. ~'F"i .", -~, ... """"W" ';)/3 <br />1 ~ \ ~ ~ ' ...,..... @ , !J 'I <br /> <br />I' '. 1. Seller owne four (4) parcels of property which are located <br />Buyer's Gateway Bueiness Zoning District and which are <br />currently used by Seller for the support structures of four, <br />(4) billboards, <br /> <br />I 2, Pursuant to the Buyer' s sign and zoning regulations, the <br />billboards are currently classified as legal non-conforming <br />uses which, under normal circumstances, could continue in <br />I their present location but could not be moved or expanded. <br /> <br />3. Buyer' s Gateway Business District is essentially a <br />redevelopment district established to provide a flexible <br />I framework for the development of an area genera1ly loca'ted in <br />the northeast quadrant of the interchange of 1-694 and 1-35W. <br /> <br />I 4, The Buyer has an opportunity to facilitate redevelopment of a <br />major parcel of land within the Gateway Business District <br />(DRodovelopIll8Dt. Project") adjacent to and surrounding Seller's <br />property. <br /> <br />I 5. In order to facilitate the Redevelopment Project, Buyer must <br />purchase some property from Seller and Seller's. existing <br />I billboards must be removed Or relocated within the area. <br /> <br />6, Buyer's Gatewa;y Business District regulations specifically <br />provide that s1gns within the Gateway Business District Zone <br />.. will be regulated by the Buyer's sign regulations unless the <br />Buyer's Council modifies such regulations based upon a <br />determination that the modification is essential to further <br />the purposes of the Gateway Business Zone. <br /> <br />I 7, On September 29, 1997, the Buyer's Council determined: <br /> <br />I a, That facilitation of the Redevelopment Project is within <br />the best interests of the Buyer. <br /> <br />b, That the cost of acquiring all of Seller's property <br />I rights, at the present time, is economically unfeasible <br />or, in any event could not be accomplished in a timely <br />manner. <br /> <br />I c. That the purchase of some of Seller' s property, the <br />removal of some of Seller's billboards, and the <br />relocation of some of Seller's billboards are essential <br />I to facilitate the redevelopment project. <br /> <br />d. That the Scope and quality of the Redevelopment Project <br />I is . necessary to further the purpose of the Gateway <br />Business District Zone and to further stimulate <br />additional redevelopment with the Gateway Business <br />District Zone. <br /> <br />I <br />tt <br />I <br />