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R-12-41 A RESOLUTION AUTHORIZING A COOPERATION AGREEMENT BETWEEN THE CITY OF PORTSMOUTH, VIRGINIA AND THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH PERTAINING TO NORTH PIER SITE DEVELOPMENT COSTS. WHEREAS, the Economic Development Authority ofthe City of Portsmouth, Virginia ("EDA") is the owner of the North Pier, a waterfront parcel ofland in the downtown area of the City; and WHEREAS, the EDA entered into an Agreement of Purchase and Sale, dated June 26, 2012, for the sale and development of the North Pier; and WHEREAS, under the terms of said Agreement, the EDA has agreed to provide financial assistance to the developer with the goal of making the North Pier site suitable for multi-family residential development, a stated goal for the downtown waterfront; and WHEREAS, the EDA has requested, by resolution dated September 18,2012, that the City enter into a Cooperation Agreement, attached hereto and made a part hereof, that will provide a method of funding to the EDA for the North Pier site improvement; and WHEREAS, the proposed North Pier site development is consistent with the City's comprehensive and area master plans and will bring an influx of new residents to Downtown and have a beneficial fiscal impact, including the conversion of an untaxed vacant parcel into a taxable and attractive income-producing property. NOW THEREFORE BE IT RESOLVED by the Council ofthe City of Portsmouth, Virginia that the City Manager is hereby authorized to execute the attached Cooperation Agreement with the Economic Development Authority ofthe City of Portsmouth, Virginia or an agreement containing terms substantially similar to those recited above. ADOPTED by the Council ofthe City of Portsmouth, Virginia at a meeting held on September 25, 2012. Teste: City Clerk