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R -20 -41 A RESOLUTION AUTHORIZING THE CONVEYANCE OF 0 HARBOR CENTER COURT (COMMONLY KNOWN AS THE NORTH PIER) BY THE ECONOMIC DEVELOPMENT AUTHORITY TO WATERFRONT ACQUISITION, LLC, A SUBSIDIARY OF FAIRLEAD INTEGRATED, AND FURTHER AUTHORIZING THE EXECUTION OF A COOPERATION AGREEMENT WITH EDA ADDRESSING DEVELOPMENT OF THE PROPERTY. WHEREAS, the City of Portsmouth conveyed 0 Harbor Center Court (Tax Parcel 0003- 0010), commonly known as the North Pier, to the Economic Development Authority by Deed dated May 31, 2001 and recorded as Instrument Number 007208 in the Portsmouth Circuit Court Clerk's Office (the "City Deed "); and WHEREAS, the City Deed contained a restriction providing that the EDA shall not convey the North Pier without the prior written consent of the City of Portsmouth; and WHEREAS, EDA has entered into a Purchase and Sale Agreement with Waterfront Acquisition, LLC, a subsidiary of Fairlead Integrated, for the purpose of development of the North Pier for the fabrication, preservation, outfitting and storage of sections of Naval vessels and other similar maritime industrial uses; and WHEREAS, the Agreement provides that restrictive covenants will be recorded at closing to protect adjacent non - industrial uses, including but not limited to the Atlantic Union Bank Pavilion, from adverse effects from the proposed development; and WHEREAS, to provide further protection for the Pavilion, EDA has agreed to enter into a Cooperation Agreement to reserve $250,000 of the purchase price to be paid by the developer for a period of four years to fund any renovations to the Pavilion deemed necessary by the City to provide further protection from the North Pier use; and WHEREAS, by ordinance adopted on this date City Council has approved the rezoning of the North Pier to authorize the proposed use. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That it authorizes the conveyance of the North Pier by EDA to Waterfront Acquisition, LLC or its assigns, and that it further authorizes the City Manager to execute and deliver an instrument releasing the restriction contained in the City Deed at closing on conveyance of the North Pier. 2. That the City Manager is authorized and directed to enter into a Cooperation Agreement between the City and EDA, in a form substantially similar to Exhibit A attached hereto.