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109 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN <br />AGREEMENT WITH THE VIRGINIA PORT AUTHORITY CONCERNING THE <br />DEVELOPMENT OF CERTAIN REAL PROPERTY IN THE PORT AREA; <br />AUTHORIZING THE CONVEYANCE OF CITY-OWNED PROPERTY TO THE <br />VIRGINIA PORT AUTHORITY. <br /> <br /> WHEREAS, the City owns certain real property adjacent to <br />the Pinners Point Sewage Treatment Plant, which property is no <br />longer required for public utility purposes and is hereby <br />declared to be excess property; and <br /> <br /> WHEREAS, the Virginia Port Authority has requested that <br />said property be transferred in order to facilitate expansion <br />of the operations of CSX Transportation, Inc., and Nissan and <br />has agreed to enter into development agreements in order to <br />provide for the construction of said facilities; and <br /> <br /> WHEREAS, the appraised value of the City-owned property <br />is $160,736.40; and <br /> <br /> WHEREAS, the City Council deems it to be in the best <br />interest of the City to provide for such development to expand <br />the use of taxable property in the City; and <br /> <br /> WHEREAS, Section 2.09 (c) of the Charter of the City of <br />Portsmouth provides that property may be conveyed to the <br />Commonwealth of Virginia or a political subdivisIon thereof <br />without advertisement and receipt of bids; <br /> <br /> WHEREAS,. the Virginia Port Authority is a political <br />subdivision of the Commonwealth of Virginia. <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 enter into an agreement with the <br />Virginia Port Authority concerning the development of certain <br />real property in the Port area. <br /> <br /> BE IT FURTHER RESOLVED that the City Manager be, and he <br />hereby is, authorized to convey to the Virginia Port Authority <br />for the sum of $160,736.40 the following described property, <br />to-wit: <br /> <br /> <br />