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WHEREAS, the City wishes to implement a program of utilizing certain <br /> funds for the purpose of providing cash grants as incentives to private <br /> investors wishing to rehabilitate property located within the Project Area <br /> (which program is hereafter referred to as the "Grant Program") ; and <br /> WHEREAS, the City wishes to designate the Authority as its Contract <br /> Agent for the purpose of reviewing and approving the participation of <br /> private investors in the Grant Program in cooperation with UCRC and the <br /> City; and <br /> WHEREAS, the aforesaid ordinance directs the City Manager of the City <br /> to enter into a contract with UCRC providing for the execution of said <br /> Modified Plan; and <br /> WHEREAS, UCRC is a corporation formed under Chapter 353 of the Revised <br /> Statutes of Missouri , 1978, as amended, and is now in good standing with the <br /> State of Missouri. <br /> NOW, THEREFORE, in consideration of the premises and the mutual <br /> covenants hereinafter contained, the adequacy and sufficiency of which is <br /> hereby acknowledged, the parties hereto do hereby agree as follows: <br /> 1. The applicable provisions of the Urban Redevelopment Corporation <br /> Law of the State of Missouri, as amended, up to and including the date of <br /> this Agreement, and the applicable provisions of City Ordinance No. 5085, as <br /> amended by Ordinance No. 5165, are hereby incorporated by this reference and <br /> made a part of this Agreement. <br /> 2. UCRC agrees to act as an umbrella Redevelopment Corporation for the <br /> purpose of implementing the Modified Plan. To that end, UCRC shall <br /> encourage rehabilitation of all properties in the project area in accordance <br /> with the Parkview Gardens Rehabilitation Standards (as defined in the <br /> Modified Plan) . <br /> —2— <br />