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74 <br /> <br />A RESOLUTION AUTHORIZING THE CITY M~ANAGER TO CONVEY CITY-OWNED <br />PROPERTY TO PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITY <br />(~OUTHSIDE IV REDEVELOPMENT PROJECT). <br /> <br /> WHEREAS, the City owns certain hereinafter-described real <br />property within the Southside IV Redevelopment Project, which <br />property has been designated for residential development <br />purposes in accordance with the plan approved for Southside IV <br />Redevelopment Puoject; and <br /> <br /> WHEREAS, Portsmouth Redevelopment & Housing Authority has <br />been designated as the agent for the City for the purpose of <br />marketing and development of said property within the <br />redevelopment area; and <br /> <br /> WHEREAS, the hereinafter-described property will be <br />consolidated with property owned by Portsmouth Redevelopment & <br />Housing Authority for the purpose of marketing and development <br />in accordance with said Southside IV Redevelopment Project.; <br />and <br /> <br /> WHEREAS, the proceeds of the sale of the <br />hereinafter-described property and the property presently <br />owned by Portsmouth Redevelopment & Housing Authority will <br />deposited in the Community Development account pursuant to <br />terms of an agreement between the City of Portsmouth and <br />Portsmouth Redevelopment & Housing Authority; and <br /> <br />be <br />the <br /> <br /> WHEREAS, pursuant to the terms of Section 2.09 (c) of the <br />Charter of the City of Portsmouth, Virginia, real property may <br />be conveyed to the Commonwealth of Virginia or a political <br />subdivision thereof without advertisement and receipt of bids; <br />and <br /> <br /> WHEREAS, Portsmo~th~Redevelopment & Housing Authority <br />a political subdivision of the Commonwealth of Virginia. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by ~he Council of the.City <br />of Portsmouth, Virginia, that the City Manager be, and he <br />hereby is, authorized to convey to Portsmouth Redevelopment & <br />Housing Authority the following described property,' to-wit: <br /> <br /> PARCEL 1 <br /> <br /> Beginning at a point on the south side of <br />Randolph Street, one hundred and six (106) <br />feet and four (4) inches eastwardly of the <br />east side of Water Street from thence running <br />southwardly and parallel with Water Street <br />sixty-seven (67.) feet and four (4) inches <br />thence westwardly parallel with Randolph <br /> <br /> <br />