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70 A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY PROPERTY TO PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY (434 MADISON STREET). WHEREAS, the City of Portsmouth owns certain real property located at 434 Madison Street, which property is no longer re- quired for public purposes and is, hereby, declared to be ex- cess property; and WHEREAS, Portsmouth Redevelopment and Housing Authority has made an offer to purchase said property for the current assessed value thereof in the amount of six hundred dollars ($600.00) for the purpose of combining said parcel with other properties for redevelopment in connection with the Southside III Redevelopment Project; and WHEREAS, the Council of the City of Portsmouth has deter- mined that such redevelopment is in the best interest of the City; and WHEREAS, ~2.09 (c) of the Charter of the City of Portsmouth provides that real property may be conveyed to the Commonwealth of Virginia or a political subdivision thereof without advertise- ment and receipt of bids; and WHEREAS, Portsmouth Redevelopment and Housing Authority is a political subdivision of the Commonwealth of Virginia. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to convey the hereinafter-described property to Portsmouth Redevelopment and Housing Authority for the sum of six hundred dollars ($600.00), to-wit: Ail that certain lot, piece or parcel of land, with the improvements there~n, situate, lying and being in the City of Portsmouth, Virginia, beginning at a point on the north side of Madison Street dis- rant 238.5' west from the northwest intersection of Madison Street and Fourth Street; thence running west along the said north side of Madison Street 40.5'; thence north and parallel with Fourth Street 100'; thence east and parallel with Madison Street 40.5'; thence south and para!lel with Fourth Street 100' to the Point of Beginning.