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R-15-07 <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO VACATE AND <br />RELEASE A RESERVATION OF 104 PARKING .SPACES IN THE PROCTOR <br />SQUARE PARKING LOT (711 KING STREET). <br />WHEREAS, in 2008 the City of Portsmouth conveyed the Proctor Square parking lot, <br />located at 711 King Street, in furtherance of the redevelopment of the 700 block of High Street; <br />and <br />WHEREAS, the conveyance was made subject to a requirement that 104 parking spaces <br />in the Proctor Square lot remain available for public use; and <br />WHEREAS, the Proctor Square parking lot and the adjacent apartment development <br />known as Montgomery Square are currently owned by the Virginia Housing Development <br />Authority, a political subdivision of the Commonwealth of Virginia; and <br />WHEREAS, no spaces in the Proctor Square lot are needed to satisfy public parking <br />demand in the area, and it is in the best interest of the City of Portsmouth and the continued <br />development of the 700 block of High Street that the City now vacate and release the reservation <br />of parking spaces. <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia that the City Manager is hereby authorized to execute and deliver a recordable <br />instrument vacating and releasing the requirement that 104 parking spaces in the Proctor Square <br />parking lot remain available for public use. <br />ADOPTED at a meeting of the Council of the City of Portsmouth, Virginia held on <br />March 24, 2015. <br />Tester: <br />City Clerk <br />