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2000 Resolutions
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2000 Resolutions
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Last modified
2/6/2009 3:35:48 PM
Creation date
6/6/2001 4:55:54 PM
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Ord/Resolutions
Year
2000
Ord/Resolutions - Type
Resolutions
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ATTACHMENT A <br /> <br /> COOPERATION AGREEMENT FOR THE SALE OF <br /> PORTCENTRE I <br /> <br /> TI-lIS COOPERATION AGREEMENT (the "Cooperation Agreement") is entered into <br />as of the day of ,2000, by and between THE CITY OF <br />PORTSMOUTH, VIRGINIA, a political subdivision of the Commonwealth of Virginia (the <br />"City") and the INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF <br />PORTSMOUTH, a political subdivision of the Commonwealth of Virginia ( the "IDA"). <br /> <br /> RECITALS <br /> <br /> WHEREAS, the IDA has, in cooperation with the City, developed, constructed, and <br />maintained a commercial office building in PortCentre Commerce Park (the "Commerce Park"), <br />commonly known as "PortCentre I," and <br /> <br /> WHEREAS, the development of PortCentre I has stimulated other invesunent in the <br />Commerce Park, which was previously substantially undeveloped, to the extent that the Comerce <br />Park is now almost fully developed; and <br /> <br /> WHEREAS CFW Communications, trading as "nTelos", has now- agreed to purchase <br />PortCentre I from the IDA through a Contract of Sale, and this transaction, in addition to being <br />financially sound on its own terms, will also bring a valuable major corporate presence of a <br />distinguished Virginia corporation to Portsmouth, all of wtfich is manifestly in the best interest of <br />Portsmouth and its citizens; and <br /> <br /> WHEREAS the IDA's agreement for the sale of PortCentre I to nTelos does place certain <br />contingent financial, regulatory, and administrative obligations on the IDA. and the City is <br />willing to provide to the IDA such resources, if any, as may be needed to the IDA to enable it to <br />meet these obligations, <br /> <br />NOW, THEREFORE, it is AGREED by the parties as follows: <br /> <br /> AGREEMENT <br /> <br /> ARTICLE I <br /> OBLIGATIONS OF THE IDA <br /> <br /> 1.1 Performance of the Contract of Sale The IDA will perform all duties imposed by, <br />and will exercise for the benefit of the public all rights and powers granted by, the Contract of <br />Sale. <br /> <br /> -1- <br /> <br /> <br />
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