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AINAN 11&LQz, <br />AN ORDINANCE ACCEPTING TITLE TO 387 QUEBEC STREET IN THE <br />SUGAR HILL SECTION OF THE CITY FROM THE ECONOMIC <br />DEVELOPMENT AUTHORITY AND AUTHORIZING THE PAYMENT OF <br />$31,070 FROM THE STORMWATER FUND TO REIMBURSE EDA FOR THE <br />COST OF ITS ACQUISITION OF THE PROPERTY. <br />WHEREAS, the City requested the Economic Development Authority of the City <br />of Portsmouth, Virginia ( "EDA ") to attempt to acquire 387 Quebec Street (Tax Parcel <br />0094 -0880) (the "Property ") at tax auction; and <br />WHEREAS, EDA acquired the Property for a purchase price of $31,000 plus $70 <br />in closing costs; and <br />WHEREAS, the purpose of acquiring the Property was to benefit the City's <br />stormwater and flood mitigation programs, and <br />WHEREAS, it is now desirable for EDA to convey the Property to the City for <br />maintenance as open space in conjunction with several other properties owned by the <br />City in the Sugar Hill section of Portsmouth; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of <br />Portsmouth, Virginia: <br />1. That it hereby accepts the conveyance of title to the Property from EDA to <br />the City. <br />2. That it authorizes the payment of $31,070 from the Stormwater Fund to <br />EDA as reimbursement for EDA's costs of acquisition. <br />3. 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 March 10, 2020. <br />Teste: <br />City Clerk <br />