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<br />R-06-38 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A <br />LEASE AGREEMENT WITH THE CITY OF SUFFOLK FOR A PORTION OF <br />THE PORTSMOUTH-OWNED FORMER NORFOLK-SOUTHERN RAILROAD <br />RIGHT-OF-WAY FROM MOORE AVENUE TO SUBURBAN DRIVE. <br /> <br />BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the <br />City Manager be, and he hereby is, authorized to enter into a Lease Agreement providing <br />for the City of Portsmouth to Lease unto the City of Suffolk under such terms and <br />conditions as he deems appropriate and in the best interest of the City of Portsmouth, a <br />portion of the Portsmouth-owned former Norfolk-Southern Railroad Right-of-Way from <br />Moore Avenue to Suburban Drive in the City of Suffolk, Virginia, The Lease shall be for <br />a period of five years and shall be renewable for two additional five-year terms. <br /> <br />This resolution shall take effect upon its adoption, <br /> <br />Adopted by the Council of the City of Portsmouth, Virginia at a meeting held on <br />July II, 2006, <br /> <br />Teste: <br /> <br />City Clerk <br />