$750,000 loan on a quarterly basis.
17. The 1984 Agreement required the City, or the Housing Authority, to acquire the old Greek Church located on West Avenue, next to the RiverPark Tower project, and required Carley to purchase it from the City upon "mutually agreeable terms and conditions." The City acquired the property for a cost of approximately $180,000, and made it available to Carley within the time limits provided in the 1984 Agreement.
18. Carley, however, was unable to obtain a restaurateur to operate the restaurant, and has not purchased the building or *1392 moved forward on the project. In fact, Douglas Harbit, Vice President of Carley, advised William Hawkins, Executive Director of the Housing Authority, that Carley was not prepared to move forward with the acquisition and developmentof the Greek Church restaurant facility. When Carley ultimately did not supply information necessary to the continuation of the UDAG grant application for the restaurant in 1986, the UDAG application was withdrawn. The City continues to own the Greek Church property.
19. The 1984 Agreement required the City and Carley to jointly fund a study of the prospects for a hotel in downtown Newport News. By subsequent agreement, Carley funded the study on its own. The study concluded that a hotel was not feasible at that time. Consequently, Carley did not arrange financing for, and did not go forward with the project, although the land was owned by the City and was available for development.
20. The 1984 Agreement also contemplated the development of a townhouse project. As in the