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<br />/ <br /> <br />R-12-10 <br /> <br />ADOPTION OF A RESOLUTION AUTHORIZING A COOPERATION AGREEMENT <br />WITH THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY <br />CONCERNING REDEVELOPMENT OF THE FORMER CRADOCK HIGH SCHOOL <br />SITE. <br /> <br />WHEREAS, the site of the former Cradock High School (the "Property") is <br />approximately forty-two acres in size, and <br /> <br />WHEREAS, Cradock High School, with its distinguished history, has been closed since <br />1992, and <br /> <br />WHEREAS, the Property currently houses a recreation and community center for the <br />primary use and benefit of nearby neighborhoods, and <br /> <br />WHEREAS, Cradock Properties, LLC (the "Developer"), has been created by a <br />well-established and accomplished Portsmouth developer, Bob G. Arnett, to bring about a <br />positive redevelopment of the Property to benefit all nearby neighborhoods and the City as a <br />whole, and <br /> <br />WHEREAS, the Developer has made a proposal to develop the Property in phases so <br />that there will eventually be approximately 200 residences there, and <br /> <br />WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Housing <br />Authority"), acting at the City's request and with cooperation and support from the City's <br />Management Team, and as legally authorized by Section 36-19 of the Code o/Virginia and other <br />applicable laws, has negotiated a Development Agreement with the Developer to bring about <br />said redevelopment (the "Development Agreement"), and <br /> <br />WHEREAS, the residences will all be single-family homes of a size and quality to be <br />beneficial to all nearby neighborhoods, and <br /> <br />WHEREAS, the new residents who will ultimately occupy this development will provide <br />a demographic base to help increase the amount, diversity, and quality of retail shopping for all <br />residents in the area, and <br /> <br />WHEREAS, this development is anticipated to be an "anchor" community that will <br />stabilize and upgrade the quality of life in this entire region of the City, and <br /> <br />WHEREAS, the Developer proposes to construct, with City financial support, a <br />replacement recreation and community center located at the present Cradock Middle School (the <br />"New Recreation Center"), to replace the present recreation and community center and thereby <br />meet the community's needs, and <br /> <br />WHEREAS, the Portsmouth School Board has approved the conceptual design and <br />location for the New Recreation Center, and <br />