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R-15-30 A RESOLUTION ACCEPTING THE CONVEYANCE OF TITLE TO 311 COUNTY STREET FROM THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA TO THE CITY OF PORTSMOUTH AND AUTHORIZING THE CITY MANAGER TO EXECUTE DOCUMENTS TO EFFECTUATE THE CONVEYANCE. WHEREAS, the Economic Development Authority of the City of Portsmouth, Virginia ("EDA") is the current owner of certain property having an address of 311 County Street (Tax Parcel 0007-0930) (the "Property"); and WHEREAS, the City currently leases a portion of the Property for Police Department offices and anticipates moving certain Department of Fire, Rescue and Emergency Services offices into the Property; and WHEREAS, a net savings of public funds will be achieved if the current lease structure is eliminated and the City takes title to the Property; and WHEREAS, the City has requested that EDA convey title to the Property and EDA has agreed; and WHEREAS, in conjunction with the conveyance a Cooperation Agreement has been prepared providing that when the City decides to vacate the Property and the Property is ultimately sold to a private entity for use or development, EDA will have the right to recover its net expenses related to the Property from the proceeds of the sale. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City is willing to accept ownership of the Property. BE IT FURTHER RESOLVED that the City Manager be, and she hereby is, authorized to execute such documents as may be necessary or desirable to complete the City's acquisition of the Property from EDA, including without limitation executing a Cooperation Agreement in substantially the form attached as Exhibit A hereto, a Deed, and such other related documents as may be necessary or desirable. ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on December 8, 2015. Teste: City Clerk