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10 A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT OF EXCHANGE BETWEEN THE CITY OF PORTSMOUTH AND EUGENE C. BEACHAM AND EDNA M. BEACHAM FOR THE WIDENING OF HIGH STREET. WHEREAS, the Council of the City of Portsmouth has determined it to be in the public interest to widen High Street in the High Street pro3ect; and WHEREAS, the widening of High Street will take the parking lot now located on the High Street side of the property of Eugene C. Beacham and Edna M. Beacham at 3600 High Street, Portsmouth, Virginia; and WHEREAS, Eugene C. Beacham and Edna M. Beacham have asked the City to construct a new parking lot and facilities upon their property as compensation for the City's taking of a portion of their property for the widening of High Street; and WHEREAS, such an agreement will provide for substantial savings to both the City and to Euqene C. Beacham and Edna M. Beacham. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to enter into an agreement of exchange between the City of Portsmouth and Eugene C. Beacham and Edna M. Beacham, which said agreement shall provide that Eugene C. Beacham and Edna M. Beacham will convey in fee simple 1176.12 square feet of their real property fronting on High Street to the City of Pcrtsmouth, and will further provide that the City of Portsmouth will construct a parking lot, 11,409.00 square feet in area, and associated facilities upon the remainder of the ~eal property owned by Eugene C. Beacham and Edna M. Beacham at 3600 High Street, Portsmouth, Virginia, and under said terms and conditions as the City Manager shall deem to be in the best interest of the City of Portsmouth. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held January 28, 1992. Teste: City Clerk