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37 A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY CERTAIN CITY OWNED PROPERTY TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH (SOUTHSIDE IV REDEVELOPMENT AREA). WHEREAS, the City owns certain hereinafter described real property located in the Southside Redevelopment area, which said property has been acquired for redevelopment purposes; and IV 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 Industrial Development 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 is S174,000.00, which amount, 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 PortsmouthF Virginia, that the City Manager be, and hereby is, authorized to convey the hereinafter described property to the Industrial Development Authority off,he C~ty of Portsmouth~ to-wit: Ail those certain lots, pieces or parcels of land, situate, lying and being in the City of Portsmouth, Virginia, described as follows: Beginning on the east side of Fourth Street 51' north from the northeast intersection of Fourth and Harrison Streets; thence running east and parallel to Harrison Street 180 feet to a point; thence north 40 feet to a point; thence west and parallel to Harrison Street 180 feet to a point on the east side of Fourth Street; thence south along Fourth Street 40 feet to the Point of Beginning.