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R-OI-ll A RESOLUTION AUTHORIZING ASSIGNMENT OF THE DEVELOPMENT AGREEMENT OR CAPITAL LEASE FOR THE NEW PARKING GARAGE TO THE PORTSMOUTH PARKING AUTHORITY AND THE GRANTING OF FURTHER ASSURANCES. WHEREAS, by resolution adopted of even date herewith, the City Council of the City of Portsmouth, Virginia has authorized the negotiation and execution of a Development Agreement, Capital Lease, or other document of similar import, regardless of title, with Ellis-Gibson Development Co. for the design, development, and financing of a new parking garage in downtown Portsmouth (the "Development Agreement"); and WHEREAS, it is in the public interest that said parking asset be ultimately owned and managed by the Portsmouth Parking Authority, a political subdivision of the Commonwealth of Virginia whose members are appointed by City Council (the "Parking Authority"); NOW, THEREFORE. be it resolved by the Council of the City of Portsmouth, Virginia. that the City Manager is authorized, acting for and on behalf of the City, to assign the Development Agreement to the Parking Authority. The City Manager is further authorized to provide such further assurances as may reasonably flow from the actions authorized by this resolution, including without limitation execution and delivery of a Cooperation Agreement with the Parking Authority by which the City agrees to provide such assistance as may be reasonably needed by the Parking Authority to fulfill its obligations and to exercise its powers under the Development Agreement; provided, however, that any financial obligation the Cooperation Agreement shall be subject to appropriation, and neither the Cooperation Agreement, nor any obligation imposed thereby, nor this resolution shall comprise a debt of the City. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on January 23, 2001. Teste: City Clerk