No Cash Consideration; Public Benefits Findings Sample Clauses

No Cash Consideration; Public Benefits Findings. There shall be no cash consideration paid by the Agency to the City for the Property. The Agency’s covenant and agreement to use the Property for the development of the Project and in satisfaction of the Proposition G Conveyance Requirement shall be valid and binding consideration for the City’s conveyance of the Property. The City finds and agrees that the public interest or necessity demands, and will not be inconvenienced by, the conveyance of the Property to the Agency as contemplated by this Agreement. The City further finds and agrees that the City will receive significant value from the development of the Project, including the many public and community benefits and the parks and open spaces to be provided by the Project as described in the DDA and the related agreements and approvals.
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