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27 A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY CITY OWNED PROPERTY TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH (WEST SiDE OF REED AVENUE EXTENDED) .... WF~ER~AS, the City of Portsmouth owns certain hereinafter- described real property located on the west side of Reed Avenue Extended in the Hattonsville Industrial Development area; and $~EREAS, the Industrial Development Authority of the City of Portsmouth has requested that said property be transferred to the Industrial Development Authority for the purpose of locating an industrial facility in the City of Portsmouth; and WHEREAS, the Industrial Development Authority of the City of Portsmouth has agreed to pay to the City the sum of Two Thousand, Eight Hundred Dollars ($2,800.) less the cost of preparation of a physical survey of the property; and WHEREAS, §2.09(c) of the Charter of the Cit~ of Portsmouth, Virginia, provides that the City may convey property to the Commonwealth of ~irginia or a political s~bdivision thereof without advertisement and receipt of bids; and WHEREAS, the Industrial Authority of the City of Ports- mouth 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 to the Industrial Development Authority of the City of Portsmouth certain real property located on the %vest side of Reed Avenue Extended, said property being more particularly bounded and described as follows: WEST SIDE OF REED AVENUE EXTENDED Beginning at a point on the west side of Reed Avenue Extended, said poin~ being 200' south of the southwestern intersection of Reed Avenue and Ballard Avenue; thence from said point of beginning west and parallel with Ballard Avenue a distance of 200' to a point on the boundary of property now or formerly owned by Lincoln Precast Corporation; thence south along the boundary of the property now or formerly owned by Lincoln Precast Corporation and parallel with Reed Avenue Estended, ~ dis- tance of 100' to a point; thence east and para- llel with Ballard Avenue, a distance of 200' to a point on the western boundary of Reed Avenue Extended; thence north along the bound- ary of Reed Avenue Extended, a distance of 1OO' to the point of beginning.