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<br />R-11-19 <br /> <br />A RESOLUTION APPROVING A COOPERATION AGREEMENT BETWEEN THE ECONOMIC <br />DEVELOPMENT AUTHORITY FOR THE CITY OF PORTSMOUTH AND OXFORD <br />PROPERTIES LLC CONCERNING THE SALE AND DEVELOPMENT OF THE CIVIC CENTER <br />AND DESKS, INC., SITES AT 0 WATER STREET, 1 WATER STREET, 800 CRAWFORD <br />STREET AND 805 GUARDIAN COURT. <br /> <br />WHEREAS, the City of Portsmouth owns several properties in Downtown totaling approximately <br />4.5 acres that collectively form the sites commonly referred to as the Civic Center and Desks, Inc, sites; and <br /> <br />WHEREAS, the properties are the subject of a Memorandum ofIntent executed between the City <br />and Oxford Properties, LLC ("Developer"), dated July 31, 2010 wherein the City stated its desire to have the <br />properties developed for a beneficial and taxable use that contributes to the quality oflife, and the Developer <br />stated its desire to develop the property in accordance with the City's goals; and <br /> <br />WHEREAS, all due diligence contemplated under the Memorandum ofIntent has been completed <br />by the Developer; and <br /> <br />WHEREAS, Sale and Development Agreements for each of the two sites have been negotiated <br />between the Developer and the Economic Development Authority of the City of Portsmouth, Virginia <br />(EDA); and <br /> <br />WHEREAS, the approval of the terms of a proposed Cooperation Agreement will permit the EDA to <br />convey the subject properties to the Developer; and <br /> <br />WHEREAS, proceeds from the sale of the properties will be distributed in such manner as <br />determined by City Council at a future date; and <br /> <br />WHEREAS, the proposed development is consistent with the City's comprehensive and area master <br />plans and will bring an influx of new residents to Downtown, will have a beneficial fiscal impact, including <br />the conversion untaxed vacant parcels into taxable income-producing properties that house attractive <br />structures, and will monetize the assets through sale to a private party. <br /> <br />NOW THEREFORE BE IT RESOL VEDby the Council of the City of Portsmouth, Virginia that <br />the City Manager is hereby authorized to execute a Cooperation Agreement with the Economic Development <br />Authority of the City of Portsmouth, Virginia containing terms substantially similar to those recited above. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on July 12,2011. <br /> <br />Teste: <br /> <br />City Clerk <br />