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2014-65 __.r.~,- AN ORDINANCE TO APPROPRIATE $2,850,000 FROM THE FY 2014-15 UNASSIGNED FUND BALANCE TO THE FY 2014-15 GENERAL FUND, TO TRANSFER $2,850,000 FROM THE FY 2014-15 GENERAL FUND TO THE FY 2014-15 CAPITAL IMPROVEMENT FUND, AND TO APPROPRIATE $2,850,000 IN THE FY 2014-15 CAPITAL IMPROVEMENT FUND FOR THE PURCHASE OF 801 WATER STREET AND IMPROVEMENTS THEREON AND TO AUTHORIZE THE CITY MANAGER TO EXECUTE THE NECESSARY LEGAL DOCUMENTS TO COMPLETE THE PURCHASE. WHEREAS, the City's Police Department is dispersed among eight facilities which include several rental properties at an annual rental cost of $181,740; and WHEREAS, the owner of 801 Water Street is willing to sell that property and the improvements thereon to the City for $2,850,000; and WHEREAS, purchase of the property will allow the Police Department to consolidate its operations and utilize funds currently expended on rent to purchase an important component in the City Hall complex; and WHEREAS, the City Manager and the Chief of Police recommend the purchase of 801 Water Street. NOW THEREFORE BE IT ORDAINED by the Council of .the City of Portsmouth, Virginia: 1. That it hereby appropriates the sum of $2,850,000 from the FY 2014-15 Unassigned Fund Balance to the FY 2014-15General Fund, transfers $2,850,000 from the FY 2014-15 :General Fund to the FY 2014-15 Capital Improvement Fund, appropriates $2,850,000 in the FY 2014-15 Capital Improvement Fund for the purchase of 801 Water Street and the improvements thereon. 2. That estimated revenues in the FY 2014-15 General Fund and the FY 2014-15 Capital Improvement Fund are increased by $2,850,000. 3. That the City Manager be, and" hereby is, authorized to enter into an agreement for the purchase of the 801 Water Street property for $2,850,000 under such terms as he shall deem to be in the best interests of the City and to provide such assurances and execute such legal documents as are necessary to accomplish said purchase. 4. That this ordinance shall take effect on the date of its adoption.