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A RESOLUTION AUTHORIZING THE CITY ~.NAGER TO CONVEY CITY-O~ED PROPERTY LOCATED iN THE CO~4UNITY DEVELOPMENT PROJECT AREA DESIG- NATED AS SOUTHSIDE IIi TO PORTSMOUTH REDEVELOPmeNT AND HOUSING AUTHORITY. WHEREAS, the City of Portsmouth owns certain herein- after described parcels of property; and WHEREAS, certain parcels are no longer needed by the City of Portsmouth and are hereby declared surplus property; and WHEREAS, such parcels are located in the Community Development Project Area designated as Southside III; and WHEREAS, Portsmouth Redevelopment & Housing Authority has agreed to purchase said parcels for the hereinafter stated p~rchase price, said parcels to be developed in accordance with the planned redevelopment of Southside III; and WHEREAS, Portsmouth Redevelopment & Housing Authority is a political subdivision of the Cormr~onwealth of Virginia thereby eliminating the requirement for advertisement or receipt of bids as provided in Section 2.09(c) of the Charter of t/qe City of Portsmouth. 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 the following described property to Portsmouth Redevelopment & Housing Authority in exchange for the stated purchase price: PARCEL A Purchase Price $750.00 Ail that certain lot, piece or parcel of land, with the buildings and improvements thereon, said improvements being nmmbered according to the present system of street numbering of the City of Portsmouth as 325 Fifth Street, situate in the City of Portsmouth, Virginia, bounded and described as follows: Beginning at a point 30 feet north from the northwest intersection of Fi~th Street and Randolph Street; thence running north along Fifth Street 31 ~eet to a point; thence west and parallel with Ran- dolph Street 90 feet to a point; thence south and parallel with Fifth Street 31 feet %o a point; thence east and parallel with Randolph Street 90 feet to