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28 <br /> <br />A RESOLUTION AUTHORING THE CITY MANAGER TO CONVEY PORTIONS OF <br />THE FORMER CSX TRANSPORTATION, INC., RAILWAY RIGHT-OF-WAY TO <br />THE INDUSTRIAL DEVELOPMENT AUTHORITY ©F THE CITY OF <br />PORTSMOUTH. <br /> <br /> WHEREAS, by deed dated March 25, 1988, recorded in the <br />Clerk's Office of the Circuit Court of the City of <br />Portsmouth, Virginia, in Deed Book 1004, page 1403, the City <br />of Portsmouth purchased the abandoned railroad right-of-way <br />of CSX Transportation, Inc., extending from the boundary <br />between Portsmouth and Chesapeake to Town Point Road; and <br /> <br /> WHEREAS, the City of Portsmouth has determined that <br />certain portions of the property thus purchased are required <br />for improvements of streets, public utilities and for other <br />public purposes; and <br /> <br /> WHEREAS, the remainder of the property thus purchased is <br />no longer required for public purposes and is, hereby, <br />declared to be excess property; and <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Portsmouth was established to acquire property and to <br />encourage the redevelopment and reuse of such property by <br />making the same available to private purchasers for <br />development; and <br /> <br /> WHEREAS, pursuant to Section 2.~9(c) of the Charter of <br />the City of Portsmouth, Virginia, the City may convey real <br />property to the Commonwealth of Virginia or a political <br />subdivision thereDf without public advertisement; and <br /> <br /> WHEREAS, the Industrial Development Authority of <br />City of Portsmouth is a political subdivision of the <br />Commonwealth of Virginia. <br /> <br />the <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that the City Manager be, and <br />he hereby is, authorized to convey portions of ~he former CSX <br />Transportation, Inc., railroad right-of-way to the Industrial <br />Development Authority of the City of Portsmouth for the <br />purpose of disposing of said excess property. <br /> <br /> BE IT FURTHER RESOLVED that the City Manager be, and he <br />hereby is, authorized to execute such deeds and other <br />documents as may be necessary to complete said transactions <br />and to carry out the intent of this resolution. <br /> <br /> <br />