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74 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A 6TH <br />AMENDMENT TO THE DEVELOPMENT AGREEMENT AMONG THE CITY OF <br />PORTSMOUTH, PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY, <br />PORTSMOUTH PARKSIDE DEVELOPMENT ASSOCIATES AND W.B. MEREDITH, <br />II, INC. <br /> <br /> WHEREAS, the City of Portsmouth, Portsmouth Redevelopment <br />and Housing, Portsmouth Parkside Development Associates and <br />W.B. Meredith, II, Inc., entered into a Development Agreement <br />providing for the development by Portsmouth Parkside <br />Development Associates and W.B. Meredith, II, Inc., of an area <br />known as Parcel 28 in the Crawford Urban Renewal Project; and <br /> <br /> WHEREAS, said Development Agreement has been amended on <br />five (5) prior occasions due to the inability of Portsmouth <br />Parkside Development Associates and W.B. Meredith, II, Inc., to <br />complete the project within the time specified in the <br />Development Agreement; and <br /> <br /> WHEREAS, Portsmouth Parkside Development Associates and <br />W.B. Meredith, II, Inc., have requested a 6th amendment to the <br />Development Agreement providing a further extension of time to <br />complete said project; and <br /> <br /> WHEREAS, the Executive Director of the Portsmouth <br />Redevelopment and Housing Authority has been authorized to <br />execute said 6th amendment extending the completion date upon <br />the adoption by the Council of the City of Portsmouth of a <br />resolution authorizing the City Manager to execuue the 6th <br />amendment on behalf of the City. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that the City Manager be, and he <br />hereby is authorized to execute a 6th amendment to the <br />Development Agreement entered into by the City of Portsmouth, <br />Portsmouth Redevelopment and Housing Authority, Portsmouth <br />Parkside Development Associates and W.B. Meredith, II, Inc., on <br />July 28, 1986, which said amendment would extend the time for <br />completion of the project provided for in the Development <br />Agreement, providing that completion of the project would be <br />accomplished on or before July 31, 1996. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held on October 24, 1995. <br /> <br /> Teste: <br /> <br /> <br /> City Clerk <br /> <br /> <br />