Laserfiche WebLink
R-15-01 <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A <br />COOPERATION AGREEMENT WITH THE ECONOMIC DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH IN CONJUNCTION WITH <br />THE CONVEYANCE OF 700 CRAWFORD STREET TO THE AUTHORITY. <br />BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: <br />1. On September 9, 2014 Council adopted a resolution (R-14-28) authorizing <br />the conveyance of City property at 700 Crawford Street to the Economic Development <br />Authority of the City of Portsmouth (EDA); and <br />2. The purpose of the conveyance was to allow the EDA to facilitate private <br />rehabilitation or redevelopment of the property in a way that enhances community quality <br />and expands the City's tax base. <br />3. In furtherance of the purpose of the conveyance, the City Manager is <br />hereby directed to enter into a Cooperation Agreement between the City and EDA, in a <br />form substantially similar to Exhibit A, attached hereto and made a part hereof, that <br />requires that the proceeds from any sale of the property by EDA be distributed in such <br />manner as is determined by the City at a future date. <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held <br />on January 13, 2015. <br />Teste: <br />City Clerk <br />