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R-98-45 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO PLEDGE, LEASE <br />OR CONVEY THE CITY HALL, THE CIVIC CENTER AND ADJACENT <br />PARKING FACILITIES OF THE CITY OF PORTSMOUTH TO THE <br />INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF <br />PORTSMOUTH, AND TO LEASE BACK THESE PROPERTIES FROM THE, <br />AUTHORITY SUBJECT TO SUCH SECURITY INTEREST AS MAY BE <br />REQUIRED IN CONNECTION WITH FINANCING FOR THE HOTEL AND <br />CONFERENCE CENTER PROJECT. <br /> <br /> BE IT RESOLVED that the City Manager be, and he hereby is, authorized ro <br />pledge, lease or convey unto the Industrial Development Authority of the City of <br />Portsmouth, "the Authority", the following properties and facilities of the City of <br />Portsmouth, to-wit: the City Hall, the Civic Center, the Civic Center Parking Lot located <br />east of Water Street, the Central Parking Garage located beneath City Hall and the South <br />Parking Garage which abuts and is attached to City Hall on its southern side, along with <br />all rights, easements and appurtenances thereunto belonging. <br /> <br /> BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, <br />authorized to lease back the aforementioned properties and facilities from the Authority, <br />subject to such security interests as may be required in connection with financing for the <br />Hotel and Conference Center Project. <br /> <br /> BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, <br />authorized to execute such plats, deeds, leases and other documents as may be necessary <br />and appropriate to give effect to this resolution, and as he shall deem appropriate and in <br />the best interest of the City. <br /> <br /> ADOPTED at a meeting of the Council of the City of Portsmouth, Virginia, held <br />on November 10, 1998. <br /> <br /> Teste: <br /> <br /> <br /> City Clerk <br /> <br /> <br />