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31 A RESOLUTION AUTHORIZING THE CONVEYANCE OF CERTAIN SURPLUS CITY PROPERTY IN THE HATTONSVILLE AREA OF THE CITY TO THE INDUSTRIAL DEVELOPMENT AUTHORITY, AND AUTHORIZING TI~ CITY MANAGER TO EXE- CUTE A DEED OF CONVEYANCE FOR THE S~E. WHEREAS, the City of Portsmouth currently owns a certain parcel of land located as hereinafter described; and WHEREAS, said land is no longer needed for the public use of the City of Portsmouth and it is, therefore, declared to be surplus property; and WHEREAS, the Industrial Development Authority of the City requires such land to further its aims and purposes of en- couraging industrial development within the City and has offered the City a consideration of $5,000.00 per acre. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the following described parcel of land is hereby declared surplus and that the same be conveyed to the Industrial Development Authority of the City for a con- sideration of $5,000.00 per acre, such parcel of land being more particularly described as follows: All that certain tract, piece or parcel of land, with the appurtenances thereunto belonging, situate, lying and being in the City of Portsmouth, Virginia, more particularly bounded and described as follows, to-wit: BEGINNING at the point of intersection of the Southern right-of-way line of Seaboard Coast Line Railroad Company and the Eastern right-of-way line of Elm- hurst Lane Extended, as is shown on a certain plat entitled: "Proposed Property Acquisition for Extension of Elmhurst Lane from George T. McLean CO., Inc.", dated March 20, 1973, made by Department of Engineering of the City of Portsmouth; thence from said point of beginning running North 57° East 428.87 feet, more or less, to the Northwestern corner of the property now or for- merly owned by Harry L. Boone, Sr., said point being established by a boundary line agreement between the City of Portsmouth and Harry L. Boone, Sr., and wife, of record in the Clerk's office of the Court of Hustings for the City of Portsmouth, Virginia, in Deed Book 570, at page 369; thence running South 53" 52' East 460.8 feet to a point in the Northern boundary line of the pro- perty now or formerly owned by Terminal Warehouse Corporation, said point being on the Southern right-of-way line of Row!ey Street; thence running South 57" W~st 105.67 feet to the Nor west corner of the property now or formerly owned by Terminal Warehouse Corp.; thence running along~ the Western boundary line of the said Terminal Warehouse Corp., South 32" 51' 54" East