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WHEREAS, the Redeveloper intends, in reliance on the City's covenants <br />contained herein, to undertake certain redevelopment activities in furtherance of <br />the goals and objectives sought to be accomplished by the City through its intended <br />creation of the proposed Development District; and <br />WHEREAS, the parties acknowledge that the Redeveloper's activities could <br />not occur as proposed without the financial and other assistance to be provided to <br />the Redeveloper by the City; and <br />WHEREAS, in order to achieve the objectives of the proposed Development <br />District the City has determined to provide substantial aid and assistance through <br />the sale of bonds and/or the contribution of federal, state, regional and local funds; <br />and <br />WHEREAS, the City believes that the development and redevelopment of <br />the Development District pursuant to this Agreement, and fulfillment generally of <br />the terms of this Agreement,, are in the vital and best interests of the City and the <br />health, safety, morals and welfare of its residents, and in accord with the public <br />purposes and provisions of applicable federal, state and local laws under which the <br />Development District is being undertaken and assisted; <br />NOW, THEREFORE, in consideration of the • premises and the mutual <br />obligations of the parties hereto, each of them does hereby covenant and agree <br />with the other as follows: <br />Ea <br />