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A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY CERTAIN CITY OWNED PROPERTY TO THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH (PORTCENTRE COMMERCE PARK). 25 WHEREAS, the property located said property has and City owns certain hereinafter described real in the PortCentre Commerce Park area, which been acquired for redevelopment purposes; WHEREAS, the Council of the City of Portsmouth has adopted a plan for development of said area as the PortCentre Commerce Park; and WHEREAS, the Council of the City of Portsmouth deems it to be in the best interest of the City that the hereinafter described property should be developed in accordance with the plans for the PortCentre Commerce Park; and WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth has been designated as the development agency for the PortCentre Commerce Park; and WHEREAS, the appraised value of the hereinafter described property, less disposition expenses, will be paid to the City for conveyance of said property. 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 the hereinafter described property to the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, to-wit: Ail those certain lo~s,~ pieces or parcels of land, situate, lying and ~being in the City of Portsmouth, Virginia, described as follows: (1) Beginning at a stob on the north side of Lincoln Street, between Third and Fourth Streets, 108.5 feet east from the northeast intersection of Fourth and Lincoln Street; thence running east along Lincoln Street 36 1/4 feet; thence north 121 1/4 feet; thence west 37 1/4 feet to a stob; and thence south.121 1/4 feet to the point of beginning. Source Deed Book 740, Page 356.