Common use of Parcel I Clause in Contracts

Parcel I. a. The City has commissioned summary and review appraisals of the property that will be exchanged to reconfigure and create Parcel I and to exchange Parcel I with the parcel owned by the Wolfhound (APN 032-135-14). The Parties have reviewed the appraisals and agree they properly reflect the value of the subject properties. b. The Agency is requesting the exchange of properties with the City and Wolfhound in order to reconfigure the existing parcel the Agency owns (APN 032-136-11) and create Parcel I in connection with an exchange of such Parcel I for the Wolfhound Parcel in accordance with the Redevelopment Plan. c. In furtherance of the Redevelopment Plan, the Agency is acquiring the Wolfhound Parcel for the purpose of an important assemblage with other real property owned by the Agency to facilitate and accomplish the residential and mixed use Silverwing Project. Through the exchange of Parcel I with the Wolfhound Parcel, the Agency can achieve the objectives of the Redevelopment Plan efficiently and minimize costs and delay in acquiring the Wolfhound Parcel. The Parties agree that the land exchange between the Agency, the City and Wolfhound to (i) reconfigure and create Parcel I; and,