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R -20 -29 <br />A RESOLUTION AUTHORIZING THE CONVEYANCE OF 1024, 1102, 1104, 1112 and <br />1101 FIFTH STREET TO THE ECONOMIC DEVELOPMENT AUTHORITY. <br />WHEREAS, the Economic Development Authority owns several small parcels of land in <br />the vicinity of the 1000 block of Fifth Street; and <br />WHEREAS, the City owns the following five parcels in the same general area: 1024 <br />Fifth Street (Tax Parcel 0039 - 0400), 1102 Fifth Street (0039- 0250), 1104 Fifth Street (0039- <br />0240), 1112 Fifth Street (0039- 0230), and 1101 Fifth Street (0023 -0500) (the "Property "); and <br />WHEREAS, the Economic Development Department has received an inquiry about <br />conveyance of the Property and the lots owned by EDA for the development of infill single <br />family housing; and <br />WHEREAS, the conveyance and development of the Property would benefit the City <br />and its residents financially by returning the Property to the tax rolls and saving the City costs for <br />mowing and other maintenance; <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia, that it approves and authorizes the conveyance of the Property to the Economic <br />Development Authority; and <br />BE IT FURTHER RESOLVED that the City Manager is authorized to execute and <br />deliver one or more Deeds conveying the Property to the Economic Development Authority and <br />to take such further actions as he deems necessary or appropriate in furtherance of the purpose of <br />this Resolution. <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at an electronic meeting <br />held on October 27, 2020. <br />Teste: <br />City Clerk <br />