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70 A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY 43.7 ACRES OF REAL PROPERTY TO THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION. WHEREAS, by Deed dated June 10, 1986, the City acquired certain hereinafter described real properly from ESG Enterprises, Inc. for the purpose of creating a Commercial and Industrial Office Park; and WHEREAS, said property was acquired sub~ec~ no the terms of a certain Deed of Trust dated June 10, 1986 recorded in the Clerk's Office of the Circuit Court of the City of Portsmouth, Virginia, in Deed Book 962, Page 571, for the payment of the purchase price thereof; and WHEREAS, the Council of the City of Portsmouth deems it to be in the best interest of the City to convey said property no the Portsmouth Port and Industrial Commission for the purpose of marketing and development of the Commercial and Industrial Office Park; and WHEREAS, Section 2.09 (K) of the Charter of the City of Portsmouth provides that the City may convey real property to the Commonwealth of Virginia or political subdivision thereof; and WHEREAS, the Portsmouth Port and Industrial Commission is a political subdivision of the Commonwealth of Virginia; and WHEREAS, the Portsmouth Port and Industrial CQmmisslon has agreed to pay to the City as the purchase price for the subject property the sum of 62.6% of the net proceeds of the sale of each parcel created within the said 43.7 acre tract of land. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and hereby is, authorized to convey to the Portsmouth Port and Industrial CommissIon the following described property, to-wit: Ail that certain piece or earcel of land, situate, lying and being in the City of Portsmouth, Virginia, as shown on that certain plat entitled "Plat of Parcel 1 of River Poinse to be conveyed to City of Portsmouth, Virginia dated May 21, 1986, prepared by Talbot and Associates, Ltd., which plat is'recorded in the Clerk's Office of the Circuit Court of the City of Portsmouth, Virginia, in Map Book 13, Page 140. Said parcel consisting of 43.7 acres.