Laserfiche WebLink
R-00-57 <br /> <br />A RESOLUTION AUTHORIZING A COOPERATION AGREEMENT WITH <br />THE INDUSTRIAL DEVELOPMENT AUTHORITY ]?OR THE CITY OF <br />PORTSMOUTH. A PERFORMANCE AGREEMENT WITH CFW <br />COMMUNICATIONS, INC., AND THE TRANSFER OF AN APPROXIMATELY <br />2.33 ACRE PARCEL O]? LAND IN THE PORTCENTRE COMMERCE PARK <br />TO THE INDUSTRIAL DEVELOPMENT AUTHORITY. <br /> <br /> WHEREAS. the Industrial Development Authority of the City of Portsmouth <br />("IDA") has entered into a contract to sell the PortCentre I Building in the PortCentre <br />Commerce Park to CFW Communications, Inc., ("CFW"); and <br /> <br /> WHEREAS, the terms of that contract may require that the IDA expend-funds in <br />fulfillment of certain obligations under the contract such as complying with the terms of a <br />Master Lease for a portion of the PortCentre I Building; and <br /> <br /> WHEREAS, the IDA may require fmancial assistance from the City of <br />Portsmouth ("City") in order to satisfy said obligations; and <br /> <br /> WHEREAS, the City is willing to enter into a Cooperation Agreement with IDA <br />by which the City agrees to provide such financial assistance to the IDA as is required for <br />the IDA to perform said obligations; and <br /> <br /> WHEREAS, the City has also applied for and will receive a grant from the <br />Governor's Oppommity Fund to fund certain improvements m the PortCentre I Building; <br />and <br /> <br /> WHEREAS, the terms of the grant require that the City enter into a Performance <br />Agreement with CFW by which CFW obligates itself to certain capital investment and <br />employment figures and agrees to use the grant funds only to fund improvements to the <br />PortCentre I Building; and <br /> <br /> WHEREAS, the City and CFW are willing to enter into such a Performance <br />Agreement; and <br /> <br /> WHEREAS, the terms of the PortCentre I Building sale contract grant CFW an <br />option to purchase a parcel of land of approximately 2.33 acres adjacent to the PortCentre <br />I Building site, which parcel is currently owned by the City; and <br /> <br /> WHEREAS, the City is willing to transfer title of the parcel to the IDA in order <br />for the IDA to perform its obligations under the contract. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that the City Manager, for and on behalf of the City, is authorized: <br /> <br /> I. To execute and deliver to the Industrial Development Authority of the <br />City of Portsmouth a Cooperation Agreement for the purpose of enabling said Authority <br /> <br /> <br />