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A RESOLUTION.~ACCEPTING THE OFFER~OF DURALOY METALS DIVISION OF CONSOLIDATED MANUFACTURED PRODUCTS, INC..-TO PURCHASE CITY PROPERTY; AUTHORIZING THE CITY MANAGER TO ENTER INTO A DEVELOPMENT AGREEMENT FOR THE PURCHASE AND DEVELOPMENT OF CITY PROPERTY ON INDUSTRIAL AVENUE. WHEREAS, the City owns property, which property~is and is, hereby, declared to certain hereinafter-described real not required for public purposes be excess property; and °WHEREAS, said property has been advertised for sale and development as required by Section 2.09 of the Charter of the City of Portsmouth; and WHEREAS; Duraloy Metals'Division of Consolidated Manufactured Products, Inc. has submitted a pro.posal for purchase of said property for the sum of S17,772.00; and to construct three new offices, a 50 x 100' warehouse and a 40 x 30' machine shop; and WHEREAS, the City Council deems it interest of the City tha~ said property manner; and to be in the best be developed in this WHEREAS, the City and the developer shall enter into an agreement pertaining to the specific plans for construction and to insure orderly development of the subject property. NOW, THEREFORE, BE IT RESOLVED~-by the Council of the City of Portsmouth, Virginia, that the offer of Duraloy Metals Division of Consolidated Manufactured Products, Inc. to purchase the hereinafter-described City property be acceDted. Said property being more particularly described as follows: Beginning at a point on the east side of Lee Avenue said point being 175' south of the southeast intersection of Lee Avenue and Wesley Street; thence continuing along the east side of Lee Avenue 150', more or less, to a point; thence east and parallel with Wesley Street~100', more or less, to a point; thence north and parallel with Lee Avenue 150', more or less, to a point;-thence west and parallel with Wesley Street 100', more or less, to th~ point of beginning. BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, authorized to enter into a development agreement ..pertaining to the terms of purchase and development of said property and to sign such deeds or other documents as may be necessary to complete this transaction.