Laserfiche WebLink
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN OPTION <br />AGREEMENT WITH PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY <br />AND AUTHORIZING THE CITY MANAGER TO EXECUTE A DEED OF <br />CONVEYANCE TO THE AUTHORITY FOR THE SITE OF THE FORMER ACADEMY <br />PARK ELEMENTARY SCHOOL. <br /> <br /> WHEREAS, the School Board of the City of Portsmouth, <br />Virginia, has adopted a resolution declaring the site of <br />former Academy Park Elementary School to be surplus; and <br /> <br />the <br /> <br /> WHEREAS, <br />conveyance of <br />and <br /> <br />said resolution further authorizes the <br />the site to the City of Portsmouth, Virginia; <br /> <br /> WHEREAS, said site is necessary for establishment and <br />operation of a horse racing track. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that the City Manager be, and he is <br />hereby authorized to execute an option agreement with <br />Portsmouth Redevelopment and Housing Authority, which option <br />shall grant the Authority the right to purchase the site of <br />the former Academy Park Elementary School upon the grant of a <br />license to operate a horse racing track to Virginia Racing <br />Associates by the Virginia Racing Commission, the site of said <br />property being depicted on the attached exhibit with such <br />terms and conditions as he shall believe to be in the best <br />interest of the City and the development of a horse racing <br />track. <br /> <br /> BE IT FURTHER RESOLVED, that the City Manager be, and he <br />is hereby authorized to convey said site to Portsmouth <br />Redevelopment and Housing Authority upon the exercise of the <br />option by the Authority in accordance with the agreement. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held on September 28, 1993. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />