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2026 Resolutions
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2026 Resolutions
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3/16/2026 11:14:09 AM
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1/14/2026 3:36:19 PM
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EXHIBIT A <br />COOPERATION AGREEMENT <br />(Waterfront Development) <br />This COOPERATION AGREEMENT ("Agreement") is entered into as of the day <br />of , 2026, by and between CITY OF PORTSMOUTH, VIRGINIA, a <br />political subdivision of the Commonwealth of Virginia (the "City") and ECONOMIC <br />DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, a political <br />subdivision of the Commonwealth of Virginia (the "EDA"). <br />WHEREAS, the EDA owns certain property having an address of 8 Crawford Parkway <br />(Tax Parcel 0004-0022) (the "Holiday Inn Site" and the "EDA Property"); and <br />WHEREAS, the City owns certain property having addresses of 2 Harbor Court (0004- <br />0030) (the "Harbor Tower Garage Site"), 3 Harbor Court (Tax Parcel 0004-0050) (the Visitor <br />Center Site"), and 2 Crawford Parkway (Tax Parcel 0004-0020) (the "Portside Site") (the Harbor <br />Tower Garage Site, the Visitor Center Site, and the Portside Site are collectively referred to as <br />the "City Property"); and <br />WHEREAS, the parties intend that one or more public solicitations for the private <br />development of the EDA Property and the City Property will be issued (the "Solicitation", <br />whether one or more), the responses to the Solicitation will be evaluated (the "Evaluation'), and <br />a developer will be selected for the development of the EDA Property and the City Property (the <br />"Selection'); and <br />WHEREAS, the City and EDA desire to enter into this Agreement for the purpose of <br />confirming how each will cooperate in the developer selection process; <br />NOW, THEREFORE, the parties agree as follows: <br />1. Public Interest Finding: The City conclusively finds and determines that the private <br />development of the EDA Property and the City Property will result in increased real estate tax <br />revenue, as well as increased employment opportunities and available housing stock, and is <br />therefore in the public interest. <br />2. Conveyance of City Property: In furtherance of the Solicitation process, the City <br />Manager is hereby authorized by City Council to execute and deliver one or more deed[s] to <br />convey title to the City Property to EDA at such time as may be appropriate in his discretion. <br />3. Project Committee: A "Project Committee" shall be established, consisting of (a) two <br />members of City Council, (b) two members of the Board of the Economic Development <br />Authority, and (c) members of City Staff designated by the City Manager. Consultants retained <br />by EDA may also be included as members of the Project Committee if determined appropriate <br />by the City Manager. The Project Committee shall have primary oversight of the preparation <br />and issuance of the Solicitation, the performance of the Evaluation, and the issuance of a <br />recommendation to City Council and EDA for the Selection. <br />
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