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<br />enter into a Rail Easement Agreement on the tract of land, based on <br />the plat and metes and bounds description obtained as provided <br />herein. A copy of the proposed Rail Easement Agreement is attached <br />hereto as Exhibit "BII, incorporated by reference herein, and made <br />a part hereof for all purposes. <br />2. City plans to accept bids for the sale of the remainder <br />of the 5.98 acre tract of land, after the legal description of the <br />rail spur option tract has been determined. city has obtained an <br />appraisal of the entire tract, showing its fair market value as <br />$2.25 per square foot. Owners agree to indemnify and hold harmless <br />city, from any loss of value of the remaining tract to be sold by <br />City, for a bid price of less than $2.25 per square foot. <br />3. Owners agree to prepare and file with City, on or before <br />the 1st day of August, 200B, a development/business plan which <br />shall address the planning and zoning issues that will be involved <br />with development of the rail spur I from the existing railroad <br />tracks, across the property, and the properties owned by Owners <br />contiguous to North lilt street. Nothing contained in this Agreement <br />or in the Rail Easement, shall be construed as a grant of zoning <br />authorization for use of rail access to any of Owners' properties <br />adjacent to the Rail Easement which property is not zoned HI, or a <br />pun with special exceptions for rail service. <br />4. Attached to this Agreement as Exhibit II ell is a list of <br />un-resolved violations of City'S ordinances, on certain of the <br />properties owned by certain of the O\'lners. All of these violations <br />shall be abated by the respective owners, to the satisfaction of <br />City, in accordance with the provisions of Exhibit "CU. <br /> <br />4 <br />