WHEREAS by agreement in writing dated the 27th day of August 1970 the Mayor, Councillors, and Citizens of the City of Manukau agreed to sell and the Wiri Licensing Trust to purchase certain land situated at Wiri within the City of Manukau and described therein the purchase price to be such as might be determined to be the value of the property by special valuation thereof by the Valuation Department as at the date the plan of subdivision therein referred to was submitted to the Manukau City Council for sealing: And whereas it was believed at the time the said agreement was entered into that the value of the property was $132,000 but the value thereof as determined by special valuation by the Valuation Department as at the 8th day of December 1972, being the date the plan of subdivision referred to in the said agreement was submitted to the Manukau City Council for sealing, was $250,000: And whereas the financial viability of the proposal by the Wiri Licensing Trust to establish a hotel on the said land would be jeopardised if the Trust were obliged to pay the price of $250,000 for the land, and the Trust has asked the Council to vary the agreement by reducing the price of the land to $132,000: And whereas doubts have arisen as to whether it would be lawful for the Council so to vary the agreement and the Council has agreed to do so subject to obtaining legislative authority: