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2014,5, <br />AN ORDINANCE TO APPROPRIATE $3,750,000 IN THE FY 2013-14 GENERAL <br />FUND AND IN THE. FY 2013-14 CAPITAL IMPROVEMENT FUND FOR THE <br />PURCHASE OF APPROXIMATELY 30 ACRES AT 1801 PORTSMOUTH <br />BOULEVARD AND TO AUTHORIZE THE CITY MANAGER AND THE CITY <br />ATTORNEY TO PREPARE AND EXECUTE THE NECESSARY DOCUMENTS <br />TO COMPLETE THE PURCHASE. <br />WHEREAS, the City desires to purchase approximately 30 acres located at 1801 <br />Portsmouth Boulevard ("the Property") for recreational uses; and <br />WHEREAS, the owner of the Property is willing to sell the Property for <br />$3,750,000; and <br />WHEREAS, sufficient funds to purchase the Property are available in the <br />Unassigned General Fund balance. <br />NOW THEREFORE BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia: <br />1. That it hereby appropriates the sum of $3,750,000 in the FY 2013-14 <br />General Fund. <br />2. That the source of said appropriation shall be the Unassigned General <br />Fund balance. <br />3. That it authorizes the transfer of $3,750,00 from the FY 2013-14 General <br />Fund to the FY 2013.-14 Capital Improvements Fund and appropriates said sum in the <br />latter Fund for the purchase of the Property. <br />4. That estimated revenues are increased in the FY 2013-14 General Fund <br />and in the FY 2013-14 Capital Improvements Fund. <br />5. That the City Attorney is authorized and directed to prepare and review <br />such documents as may be necessary to effect the purchase of the Property, and the City <br />Manager is authorized and directed to execute such documents under such terms as he <br />deems in the best interests of the City. <br />6. That this ordinance shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on June 10, 2014. <br />Teste: <br />City Clerk <br />