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85 <br /> <br />A RESOLUTION SUPPORTING THE RENEWAL OF THE LEASE FOR TEN (iO) <br />YEARS BETWEEN THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION <br />(VIRGINIA PORT AUTHORITY AS SUCCESSOR~ AND PORTSMOUTH TERMINAL, <br />INC. <br /> <br />WHEREAS~ the Portsmouth Port And Industrial Co~-~ission <br />(PPIC), prior to port unification, entered into a lease with <br />Portsmouth Terminals, Inc. (PTI) which contains a ten (10) <br />year lease renewal provision~ which' tkis Council believes to. <br />be a legally enforceable obligation; and <br /> <br /> WHEREAS~ PTI has worked diligently and in concert with <br />the Virginia Port Authority (VPk) in planning and expanding <br />the facilities at Portsmouth Marine Terl¥~nals (PMT) from <br />revenues generated out of operations at PMT and local money <br />provided through the credit of the City of Portsmouth; and <br /> <br /> WHEREAS~ PTI~ Sea-Land and other privately owned port <br />operators, all of which are tax paying entities, have made <br />PMT competitive with ports along ti%e east coast. <br /> <br /> NOW~ THEREFORE, BE IT RESOLVED by th~ Council of the <br />City of Portsmouth, Virginia, that this Council strongly <br />supports the legal obligation of the VPA ho renew the lease <br />between PP!C (VPA as successor) and PTI to be the port operator <br />at PMT~ <br /> <br /> BE IT FURTHER RESOLVED that the City Clerk is directed <br />to forward a copy of this Resolution to the Honorable William <br />B. Hopkins, the Honorable Peter K. Babalas, Virginia Port <br />Authority, the Portsmouth Port And Industrial Cor~ission <br />and Portsmouth Terminal~ Inc. <br /> <br /> Adopted by the Council of the City of Portsmouth, Vir- <br />ginia, at a meeting held November 7~ 1979. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />