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R-II-06 ADOPTION OF A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A COOPERATION AGREEMENT, DEED, AND ANY OTHER DOCUMENTS NECESSARY TO CONVEY THOSE PROPERTIES COMMONLY REFERRED TO AS THE DESKS, INC., AND CIVIC CENTER PARKING LOT SITES COMPRISING ALL OR PORTIONS THEREOF OF 1 WATER STREET, 0 WATER STREET, 805 GUARDIAN COURT, 800 CRAWFORD STREET, AND ANY ASSOCIATED EASEMENTS OR REMNANT AND OUTLIER PARCELS AS MAY BE DETERMINED NECESSARY TO THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. The City Manager is hereby authorized and directed to execute and deliver to the Economic Development Authority of the City of Portsmouth (the "EDA") a deed conveying to the EDA certain property commonly referred to as the Desks, Inc., and Civic Center Parking Lot sites comprising all or portions thereof of 1 Water Street, 0 Water Street, 805 Guardian Court, 800 Crawford Street, and any associated easements or remnant and outlier parcels as may be determined necessary to the Economic Development Authority of the City of Portsmouth, Virginia, as authorized by Portsmouth City Charter S2.09( c) and Code of Virginia S 15.2-4917. 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 Agreement not be authorized by City Council within one year ofthe 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 February 8, 2011. Teste: City Clerk