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R-IO-46 A RESOLUTION AUTHORIZING THE TRANSFER OF THE FORMER PORT NORFOLK ELEMENTARY SCHOOL PROPERTY TO THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: I. The City Manager is hereby authorized and directed to execute and deliver unto the Economic Development Authority of the City of Portsmouth (the "EDA") a deed conveying to the EDA certain property that is the location of the former Port Norfolk Elementary School, as authorized by Portsmouth City Charter ~2.09(c) and Code ofVirginia.~15.2-4917. Said property is more particularly described on Schedule A, which is attached hereto and made a part hereof. 2. The purpose of the conveyance is to allow the EDA to facilitate private development of the property in a way that preserves and enhances community quality. The City Council hereby finds and determines that a conveyance for this purpose is in the public interest. 3. The deed shall be delivered to the EDA to hold in escrow. The terms of the escrow are that the deed shall not be recorded until City Council has approved a Cooperation Agreement between the City and EDA setting forth in detail satisfactory to City Council how the property shall be developed and used. A further escrow condition is that should such a Cooperation Agreementnot be authorized by City Council within one year of the date of this resolution, City Council shall have the right to have the deed returned to the City, unrecorded. 4. The City Manager is hereby authorized to take such further actions and grant such further assurances as may be reasonably necessary to implement the intent of this resolution. The City Attorney shall provide all legal representation and assistance needed to implement this resolution. 5. The City Manager shall report to Council as needed on the status of the matter. ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on November 23,2010. Teste: City Clerk