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95 <br /> <br />A RESOLUTION AUTHORIZING THE CITY ~L~qAGER TO GRANT AN OPTION <br />TO THE PORTSMOUTH PORT AND INDUSTRIAL CO~4ISSION OF THE CITY <br />OF PORTSMOUTH TO PURChaSE THE FO~ER U. S. COAST GUARD BASE <br />ON FIRST STREET; CONDITIONS OF OPTION. <br /> <br /> WHEREAS, the City of Portsmouth purchased the former U. <br />S. Coast Guard Base on First Street from the General Services <br />Administration of the United States by deed recorded in the <br />Clerk's Office of the Circuit Court of the City of Portsmouth, <br />Virginia, in Deed Book 726, Page '617; and <br /> <br /> WHEREAS, after due consideration, it is the opinion of <br />the Council that said property can be developed to its <br />highest potential through the Portsmouth Port And Industrial <br />Commission of the City of PO~tsmouth; and <br /> WHEREAS, pursuant to ~2.09(c) of the Charter of the <br />City of Portsmouth, Virginia, ~he City is permitted to <br />convey an interest in real property to the Commonwealth of <br />Virginia or a political subdivision thereof without public <br />advertisement; and <br /> <br /> WHEREAS, the Portsmouth Port And Industrial Commission <br /> of the City of Portsmouth is a political subdivision of the <br /> Comraonwealth of Virginia. <br /> <br /> NOW, THEREFO-~hE, BE IT RESOLVED by the Council of the <br /> City of Portsmouth, Virginia, that the City Manager be, and <br /> he hereb~ is, authorized to grant an option to the Portsmouth <br /> Port And Industrial Commission of the City of Portsmouth to <br /> purchase the former U. S. Coast Guard Base on First Street <br /> subject to th~ following conditions being successfully <br /> completed: <br /> <br /> 1. That the Portsmouth Port And Industrial Commission <br /> of the City of Portsmouth produce a development plan for the <br /> property including the back-up land on the west side of <br /> First Street for development by private industry; said plan <br /> to be acceptable to the City Council. <br /> <br /> 2. That the Portsmouth Port And Industrial Commission <br /> of the City of Portsmouth produce a current appraisal by an <br /> independent appraiser of the subject property as of the time <br /> of submission of the development plan for approval. <br /> <br /> 3. That the Portsmouth Port And Industrial Comraission <br /> of the City of Portsmouth submit an offer to purchase the <br /> subject property for a price and upon such terms and conditions <br /> mutually agreed to by said Authority and the City Council. <br /> <br /> <br />