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R -18 -14 A RESOLUTION DECLARING A CERTAIN CITY -OWNED PROPERTY HAVING A SIZE OF FOUR HUNDREDTHS OF AN ACRE AND AN ADDRESS OF 15 MIMOSA ROAD (TAX PARCEL 0641 -0140) TO BE SURPLUS REAL PROPERTY AND AUTHORIZING THE CONVEYANCE OF SAME TO WILLARD J. SMITH. WHEREAS, since 1986 the City of Portsmouth has owned certain real property having a size of four hundredths of an acre and an address of 15 Mimosa Road (Tax Parcel 0641 -0140) (the "Property "); and WHEREAS, the Property is small, oddly shaped, and undevelopable as a standalone parcel; and WHEREAS, the City Assessor has determined that, for these reasons, the Property has value only if used in connection with a privately owned adjacent parcel which has an address of 301 Mimosa Road; and WHEREAS, Willard J. Smith, the owner of 301 Mimosa Road, has offered to purchase the Property for the sum of One Thousand Five Hundred Dollars (S 1,500); and WHEREAS, the City Assessor has determined $1,500 to be a fair and reasonable price for the Property; and WHEREAS, the Property will be conveyed less, save and except an area thereof currently used as right of way, which will be formally dedicated for public use prior to conveyance of the balance of the Property to Mr. Smith; and WHEREAS, Mr. Smith has agreed to cause preparation of the survey necessary for the dedication at his cost, and at closing the City will reimburse the actual cost of the survey from the sale proceeds; and WHEREAS, the portion of the Property to be conveyed to Mr. Smith is surplus property, of no value or use to the City; and WHEREAS, the proposed conveyance will place the balance of the Property back on the tax rolls and result in additional tax revenues to the City; and WHEREAS, in accordance with Section 15.2 -1800 of the Virginia Code a public hearing has been held on the proposed conveyance; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that: That the Property is hereby declared to be surplus real property. 2. That the dedication as right of way of that portion of the Property deemed necessary or appropriate by the City Engineer is hereby approved and accepted;