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A RESOLUTION AUTHORIZING THE CITY MANAGER TO ACCEPT THE BID OF ALLAN L. SEGAL TO PURCHASE CERTAIN CiTY-OWNED PROPERTY (WATER STREET). WHEREAS, the Council of the City of Portsmouth, Vir- ginia~ has determined that certain property, hereinafter des- cribed, is surplus property and no longer required for City purposes; and WHER~S, the Council has ~nager to advertise this property and conditions; and further authorized the City for sale upon certain terms ~EREAS~ the City Manager has caused the said property to be advertised in accordance with the said authorization; and ~EREAS~ Allan L. Segal has submitted a bid in response to said advertisement; and I~EREAS, the Council finds~ after due consideration that the bid of Allan L. Segal complies fully with the terms of the City's advertisement and that the bid as presented will per- mit disposition of the property on terms more favorable to the City than any other bid recelved. NOW, THEREFORE, BE iT RESOLVED by the Council of the City of Portsmouth, Virginla~ that the Ci=y Manager be, and he hereby is directed to accept the bid of Allan L. Segat for the hereinafter described property. All that certain iot~ piece or parcel of land~ situate-in the City of Portsmouth, Vir- glnia~ comprising 1.~S acres, more or less, bounded on the east by ~e Southern Branch of the Elizabeth River and more particularly bound- ed and described as folto~s: BEGINNING a= a point on the intersection formed by the eastern right of way line of Water Street and the north- ern right of way line of London Street; thence running North 3~32~34'~ West along said eastern right of way line of ~fater Street 1~9.72 feet to a point; thence runnlng North 86~56'36'' East 3~4.75 feet to a point on the pierhead line of '~ne United States Government; thence running South 5~42'01'~ West along said pierhead line 171.39 feet to & point ~here said pierhead line intersects the nor~ern right of way line of London Street extended; thence running South