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R-11-30 A RESOLUTION AUTHORIZING THE TRANSFER OF THE FORMER CHURCHLAND BRANCH LIBRARY PROPERTY TO THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH. 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 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 Churchland Branch Public Library at 3215 Academy Avenue, as authorized by Section 2.03 of the Portsmouth City Charter and Section 15.2-4917 of the Code of Virginia. 2. The purpose of the conveyance is to allow the EDA to facilitate private rehabilitation or redevelopment of the property in a way that enhances community quality and expands the City's tax base. The City Council hereby finds and determines that a conveyance for these purposes is in the public interest. 3. The deed to the property shall be delivered to the EDA to hold in escrow. The terms of the escrow are that the deed shall be recorded or returned to the City in accordance with a Cooperation Agreement between the City and EDA setting forth in detail satisfactory to City Council how the property shall be developed and used. 4. Proceeds from the sale of the property will be distributed in such manner as determined by City Council at a future date. 5. 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. 6. 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 September 13. 2011. Teste: City Clerk