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R-98-44 <br /> <br />A RESOLUTION OF THE COUNCIL OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, APPROVING THE FORM AND THE <br />TERMS, CONDITIONS AND PROVISIONS OF A COOPERATION <br />AGREEMENT TO BE ENTERED INTO BY AND BETWEEN <br />SUCH CITY AND THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH RELATING TO <br />AN ISSUE OF REVENUE BONDS TO BE ISSUED BY SUCH <br />AUTHORITY IN CONNECTION WITH THE FINANCING OF <br />THE COSTS OF A HOTEL, CONFERENCE CENTER AND <br />PARKING GARAGE AND AUTHORIZING AND DIRECTING <br /> THE CITY MANAGER OR ANY DEPUTY CITY MANAGER TO <br /> EXECUTE AND DELIVER OF SUCH COOPERATION <br /> AGREEMENT; AND FURTHER AUTHORIZING THE CITY <br /> MANAGER OR ANY DEPUTY CITY MANAGER TO EXECUTE <br /> AND DELIVER A CONTINUING DISCLOSURE CERTIFICATE <br /> OR AGREEMENT IN CONNECTION WITH THE ISSUANCE OF <br /> SUCH REVENUE BONDS BY SUCH AUTHORITY <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA: <br /> <br /> SECTION A.. Findings and Determinations. The Council (the "Council") of the <br />City of Portsmouth, Virginia (the "City"), hereby finds and determines as follows: <br /> <br /> (1) On August 1, 1967, the Council approved the Crawfbrd Conservation and <br />Redevelopment Plan for the Crawford Urban renewal project, VA R-53 (which, together with all <br />amendments thereto, is hereinafter called the "Plan"), providing for the acquisition, clearance and <br />redevelopment of certain properties lying within the City, as described in the Plan. <br /> <br /> (2) In execution of the Plan, the Industrial Development Authority of the City <br />of Portsmouth (the "Authority") has acquired and intends to acquire certain property and property <br />fights in the Crawford Urban renewal project (the "Property"). <br /> <br /> (3) The City commissioned Economic Research Associates to analyze the <br />development potential of several parcels, including the Property, on the Portsmouth Elizabeth <br />River waterfront, which study concluded that a hotel and conference center is the highest and <br />best use for the Property. <br /> <br /> (4) Under the leadership of the Council, the City has set as a priority the <br />revitalization of downtown to attract tourists, vacationers, conventioneers and other visitors <br />which in turn will attract investment, new business and new vitality to the downtown. <br /> <br /> <br />