2020 Resolutions - Laserfiche WebLink

Home Browse Search

EXHIBIT A COOPERATION AGREEMENT for NORTH PIER (FAIRLEAD) THIS COOPERATION AGREEMENT (the "Agreement ") is entered into as of the day of 12020 by and between CITY OF PORTSMOUTH, VIRGINIA, a political subdivision of the Commonwealth of Virginia ( "City ") and ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, a political subdivision of the Commonwealth of Virginia ( "EDA "). RECITALS WHEREAS, by Deed dated May 31, 2001 and recorded as Instrument Number 007208 in the Portsmouth Circuit Court Clerk's Office, the City conveyed 0 Harbor Center Court (Tax Parcel 0003 -0010) (the "North Pier Property ") to the Economic Development Authority (the "City Deed ") ; and WHEREAS, the City Deed contains a restriction requiring EDA to obtain City permission prior to conveying the North Pier Property for development; and WHEREAS, EDA has entered into an Agreement to convey the North Pier Property to Waterfront Acquisition, LLC for development of a facility for the fabrication, preservation, outfitting and storage of sections of Naval vessels and other similar maritime industrial uses (the "EDA Agreement "); and WHEREAS, the development of the facility will provide significant employment opportunities for Portsmouth residents and tax revenue to the City; and WHEREAS, the EDA Agreement provides for the recordation of restrictive covenants to protect adjacent non - industrial uses, including but not limited to the Atlantic Union Bank Pavilion, from adverse effects of the proposed development, if any; and WHEREAS, the City has invested substantial funds into the Pavilion, and it may be advisable to perform certain improvements to the Pavilion to provide additional protection for the venue; and WHEREAS, the purchase price under the EDA Agreement is $500,000 and EDA has agreed to reserve $250,000 of the said purchase price for four years for the City's use in performing additional improvements to the Pavilion to address impacts of the North Pier development, if any; NOW, THEREFORE, it is AGREED by the parties to cooperate as follows: