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<br /> <br />R-11-13 <br /> <br />A RESOLUTION APPROVING A COOPERATION AGREEMENT WITH THE ECONOMIC <br />DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA CONCERNING <br />THE DISPOSITION OF THE FORMER PORT NORFOLK ELEMENTARY SCHOOL SITE AND <br />AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT. <br /> <br />WHEREAS, the City of Portsmouth owns three properties totaling approximately 7.5 acres that <br />collectively form the site of the former Port Norfolk Elementary School; and <br /> <br />WHEREAS, the properties are the subject of a Memorandum of Intent executed between the City <br />and a prospective developer, Hull's Creek Properties, LLC ("Developer"), dated July 7, 2010 wherein the <br />City stated its desire to have the properties developed for a beneficial and taxable use that contributes to the <br />quality of life, and the Developer stated its desire to develop the property in accordance with the City's <br />goals; and <br /> <br />WHEREAS, all due diligence contemplated under the Memorandum of Intent has been completed <br />by the developer; and <br /> <br />WHEREAS, the Developer has worked in good faith with community representatives and the City <br />Planning Department to develop a plan that has been substantially revised from its initial concept to include <br />a smaller number of housing units, some with larger lots, and significant reservation of reservation of <br />property for open space or wetland restoration; and <br /> <br />WHEREAS, a Sale and Development Agreement between the Developer and the Economic <br />Development Authority of the City of Portsmouth, Virginia (EDA) has been negotiated; and <br /> <br />WHEREAS, the terms of a proposed Cooperation Agreement will permit the EDA to convey the <br />subject property tothe Developer and will also define the division of the sales proceeds between the City and <br />the EDA. <br /> <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that <br />the City Manager is hereby authorized to execute a Cooperation Agreement with the EDA containing terms <br />substantially similar to those recited above. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on May 25, 2011. <br /> <br />Teste: <br /> <br />City Clerk <br />