Laserfiche WebLink
R-00-69 <br /> <br />A RESOLUTION AUTHORIZING THE ACQUISITION OF PROPERTY <br />COMMONLY KNOWN AS TI-IE FIRST UNION NATIONAL BANK BUILDING. <br /> <br />BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that: <br /> <br />The City Manager, acting for and on behatfof the City of Portsmouth, is <br />authorized to negotiate and execute a contract for the acqnisition of certain <br />property commonly known as the First Union National Bank Building, containing <br />approximately 1.42 acres, more or less, contain'rog approximately 34,298 square <br />feet of floor area, and located at 430 Crawford Street, Portsmouth, Virginia. <br />The purchase price shall not exceed $1,800,000, with closing to be scheduled as <br />soon as reasonably practicable. <br />The contract shall provide for leasing back a portion of the property to First <br />Union, and it shall contain such other terms and conditions as are customarily <br />used in the trade, and as the City Manager deems advisable to protect the interests <br />of the City, and it shall be subject to review and approval by the City Attorney. <br />The City Manager is further authorized to assign the contract to the Portsmouth <br />Redevelopment and Housing Authority ("PRHA"), and/or to execute on behalf of <br />the City a Cooperation Agreement with PRHA which obligates the City to <br />provide all resources reasonably needed by PRHA to perform said contract, if <br />entered into by PRHA instead of the City. <br /> <br /> Adopted by the Cotmcil of the City of Portsmouth, Virginia, at a meeting held on <br />December 12, 2000. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />