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<br />R-IO-26 <br /> <br />A RESOLUTION AUTHORIZING THE EXECUTION OF A MEMORANDUM OF <br />INTENT WITH OXFORD PROPERTIES, LLC, CONCERNING THE DEVELOPMENT <br />OF CERTAIN DOWNTOWN PROPERTIES. <br /> <br />BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City <br />Manager is hereby authorized and directed to sign a Memorandum of Intent with Oxford <br />Properties, LLC, that is substantially the same as the instrument which is attached to, as <br />approved by the City Attorney. <br /> <br />BE IT FURTHER RESOLVED that the City Manager and the City Attorney shall <br />thereafter take such other and further steps as may be needed to implement the intent of the <br />Memorandum of Intent, and they shall report to City Council from time to time about the status <br />of the matter. <br /> <br />BE IT FURTHER RESOLVED that this resolution shall be effective immediately upon <br />its adoption. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on July <br />27,2010. <br /> <br />Teste: <br /> <br />City Clerk <br />