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3O A RESOLUTION AUTHORIZING THE CITY MANAGER TO LEASE THE FORMER U. S. COAST GUARD BASE PROPERTY. WHEREAS, the City of Portsmouth has purchased the former U. S. Coast Guard Base on First Street for industrial develop- ment and port related facilities; and WHEREAS, during the period of development of the total area, the City has opportunity from time to time to lease portions of said property on a short term basis; and WHEREAS, the potential for development of this industrial area is enhanced by being able to attract port related ac- tivities into the area on a shor~ term bas~s until permanent facilities within the City can be established; and WHEREAS, docking charges and rentals received on a weekly or monthly basis continue to allow the City to recover the purchase cost of this property while working towards permanent development of the area. NOW, THEREFORE~ BE IT RESOLVED~ by the Council of the City of Portsmouth, Virginia~ that the City Manager be, and he ~ereby is, authorized to enter into lease agreements on behalf of the City of Portsmouth for such portions of the former U. S. Coast Guard Base as may be necessary to attract industrial and port related activities through the City of Portsmouth, upon such terms and conditions as the Manager deems appropriate; said leases not to exceed an initial term of six (6) months; said leases to be terminable upon com- pletion of overall development plans for the area. BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia, hereby reaffirms its com~itt~ent 6f development of this area on a permanent basis compatible to the Southside Redevelopment Pro~ect. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held March 27, 1979. Teste: City Clerk