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A RESOLUTION ACCEPTING THE BID OF METRO DEVELOPMENT <br />CORPORATION TO PURCHASE CITY-OWNED PROPERTY NORTH OF <br />THELMAR LANE; AUTHORIZING THE CITY MANAGER TO CONVEY. <br /> <br /> WHEREAS, the City owns certain real property <br />which was formerly a portion of the Seaboaud Coast Line <br />Railroad right-of-way; and <br /> <br /> WHEREAS, said <br />for public purposes and <br />excess property; and <br /> <br />property is no longer required <br />is, hereby, declared to be <br /> <br /> WHEREAS, pursuant to the Charter of the City <br />of Portsmouth, said property was advertised for sale; <br />and <br /> <br /> WHEREAS, the highest bid received was from <br />Metro Development Corporation in the amount of Thirteen <br />Thousand Dollars (S13,000) for the purpose of <br />constructing single family residential units in <br />accordance with the existing zoning requirements; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth <br />deems it to be in the best interest of the City to <br />convey said property to Metro Development Corporation <br />for the purposes specified. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council <br />of the City of Portsmouth, Virginia, that the bid of <br />Metro Development Corporation to purchase the <br />hereinafter described property located on the north <br />side of Thelmar Lane for the sum of Thirteen Thousand <br />Dollars ($13,000) be accepted. <br /> <br /> BE IT FURTHER RESOLVED that the City Manager <br />be, and hereby is, authorized to convey the <br />hereinafter-described property to Metro Development <br />Corporation subject to the development of the property <br />for single family residential units in accordance with <br />the existing R-75-S Zoning, and such other terms and <br />conditions as may be deemed appropriate. Said property <br />being more particularly described as follows: <br /> <br />Ail that certain piece or <br />parcel of land bounded and described <br /> as follows: <br /> <br /> <br />