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R-01-10 A RESOLUTION AUTHORIZING A DEVELOPMENT AGREEMENT AND FINANCING LEASE FOR A NEW DOWNTOWN PARKING GARAGE LOCATED ON THE SOUTH SIDE OF LONDON STREET, BETWEEN LONDON AND QUEEN STREETS, AND BEING GENERALLY BETWEEN CRAWFORD STREET ON THE EAST AND MIDDLE STREET ON THE WEST. WHEREAS, there is a critical parking shortage in downtown Portsmouth, and that shortage is anticipated to become even more extreme in the coming year; and WHEREAS, it is manifestly in the public interest that construction of a new downtown parking garage start at the earliest possible opportunity in order to foster the continued existence and growth of many downtown businesses for which a safe, adequate, and convenient supply of public parking is essential to business survival; and WHEREAS, Ellis-Gibson Development Co. (the "Developer") has proposed development of a new downtown parking garage located on the south side of London Street, between London and Queen Streets, and being generally between Crawford Street on the east and Middle Street on the west (the "Parking Garage") on property currently owned, under contract, or to be acquired by the Developer; and WHEREAS, said location is the most desirable and feasible location for the Parking Garage of all possible locations in Downtown Portsmouth; and WHEREAS, it would be impossible as a practical matter for the City to acquire ownership of either the Developer's site or any other feasible site for the Parking Garage quickly enough to commence and complete construction of the Parking Garage within the time frame mandated by the public interest; and WHEREAS, the Developer is highly qualified in the prompt and economical development and financing of high-quality structures comparable to the Parking Garage in an urban setting, as most recently demonstrated by its successful development of the new Portsmouth Social Services Building, and Developer is desirous of developing the Parking Garage for the City; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia (''City Council"), that City Council hereby adopts the preceding recitals as legislative findings. City Council hereby makes the following determination, based upon all of said legislative findings, pursuant to the Virginia Public Procurement Act (Va. Code §11-41D.) and Portsmouth City Code §12-215(c): Developer is the only source practicably available to develop the Parking Garage, competition is not feasible, and negotiation and award of a contract to Developer without competitive procurement is in the best interest of the City. Accordingly, BE IT FURTHER RESOLVED by City Council that the City Manager is authorized, for and on behalf of the City, to enter into a Development Agreement and a Financing Lease (the "Transaction Documents"), or other document of similar import,