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R-01-44 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A <br />CONTRACT WITH GEM PORTSMOUTH PARKING, L.L.C., FOR THE <br />PURCHASE OF A PARKING GARAGE IN THE 400 BLOCK OF MIDDLE <br />STREET FOR THE SUM OF $7,000,000. <br /> <br /> WHEREAS, GEM Portsmouth Parking, L.L.C., ("GEM") has proposed to <br />construct a four-story parking garage on property owned bY GEM in the 400 block of <br />Middle Street; and <br /> <br /> WHEREAS, the proposed structure will meet City parking needs and design <br />criteria; and <br /> <br /> WHEREAS, upon completion of construction, GEM is willing to sell to the City <br />the parking garage together with the underlying real property for the sum of $7,000,000, <br />and the City is willing to purchase said properties. <br /> <br /> NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to execute, <br />on behalf of the City, a contract for the purchase of the proposed parking garage and <br />underlying real property in the 400 block of Middle Street for a sum not to exceed <br />$7,000,000 and to execute such additional documents as he may deem appropriate for the <br />furtherance of said purchase. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held <br />on May 22, 2001. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />