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22 A RESOLUTION AUTHORIZING THE CITY F~ANAGER AND CITY ATTORNEY TO DETErmINE THE APPROPRIATE ACTION NECESSARY TO INSURE THE DEVELOPMENT OF THE 623 ACRE SITE OWNED BY TRAILS END IA~ND COMPANY IN A MANNER COMPATIBLE WITH DEVELOPMENT OF SAID SITE BY PRIVATE ENTERPRISE AND TO THE BEST INTEREST OF THE CITY OF PORTSMOUTH AND ITS RESIDENTS; AUTHORIZING THE CITY MANAGER AND THE CITY ATTORNEY TO CONSULT IMMEDIATELY WITH THE GOVERNOR OF VIRGINIA AND THE VIRGINIA PORT AUTHORITY IN REGARDS TO PROPOSALS FOR DEVELOPMENT OF SAID PROPERTY INCLUDING, BUT NOT LIMITED TO, REVENUES TO BE DERIVED BY THE CITY OF PORTS- MOUTH ~ND REVIEW AND APPROVAL OF PLANS FOR SAID DEVELOPMENT INCLUDING RAIL ACCESS THEREOF; REQUESTING THE PORTSMOUTH DELEGATION TO THE GENERAL ASSEMBLY OF VIRGINIA TO OFFER AMEND~NTS TO LEGISLATION PROPOSED BY THE GOVERNOR OF VIRGINIA IN REGARDS TO SAID PROPERTY. ~HEREAS, the Council of the City of Portsmouth has con- sistently supported development of property within the City of Portsmouth by private enterprise as a method of expanding the tax base of the City and the betterment of services to its citizens, and hereby reaffirms its'support for the develop- ment of the 623 acre site owned by Trails End Land Company .in a similar manner; and WHEREAS, development of an oil refinery site on the sub- ject property as originally proposed woh'ld have generated es- timated revenue for the City of Portsmouth in excess of Ten Million ($!0,0OO~000) Dollars per year without undue interference with the activities of the citizens of the City; and WHEREAS, in excess of' fifty percent (50%) of the land of ~the City of Portsmouth is nontaxable either as real estate or personal property primarily by reason of ownership thereof by Federal or State government agencies; and WHEREAS, the said property represents the last remaining site of substantial size which the City of Portsmouth can offer for expansion of its tax base to the relief of its private hom'eowners and residents; and WHEREAS, the previous plans for a coal exoorting facility called for a twenty million ton capacity and o~cupation of a parcel of approximately 200 acres on this site; and ~¢HEREAS, full tax equivalency for this site is crucial for the economic future of the City of Portsmouth; and ~¢EREAS, the Governor of Virginia has proposed legislation which will be considered at a special session of the General Assembly of Virginia in April, 1981, which legislation would empower the Virginia Port Authority to acquire property located in the City of Portsmouth by eminent domain proceedings for the purpose of constructing and operating a coat exporting facil~ty~ and port related facilities; and