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73-201 o "I submit herewith two bids as received yesterday for the Water Street
<br />property. These bids. were submitted by Allan L. Segal and Ems.tern Enterprises, Inc.
<br />The basic terms of Mr. Segal's bid are $40,000 as purchase price, for the land, with
<br />a promise to build thereon $350,000 worth of improvements. The basic terms of Eastern
<br />Enterprises' bid are $50,000 for purchase of the land and a promise to build $310,000
<br />worth of improvements thereon. The terms of the advertisement for this property require
<br />that a decision to award the property to either of these two bidders be made tonight
<br />by resolution. Such resolution for the sale of property requires the affirmative vote
<br />of six members of the Council."
<br />
<br /> On motion of Mr. King and seconded by Mr. Smith, the following resolution was adopte~
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE CITY ~tANAGER TO ACCEPT THE BID OF ALLAN L.
<br />SEGAL TO PURCHASE CERTAIN CITY-OWNED PROPERTY (WATER STREET).
<br />
<br /> I~EREAS, the Council of the City of Portsmouth, Virginia, has determined that certai~
<br />property, hereinafter described, is surplus property and no longer required for City
<br />purposes; and
<br />
<br /> WHEREAS, the Council has further authorized the City Manager to advertise this
<br />property for sale upon certain terms and conditions; and
<br />
<br /> ~dEREAS, the City Manager has caused the said property to be advertised in accordanc
<br />with the said authorization; and
<br />
<br /> ~I/EREAS, Allan L, Segat has submitted a bid in response to said advertisement;
<br />and
<br />
<br /> ~EREAS, the Council finds, after due consideration that the bid of Allan L. Segal
<br />complies fully with the terms of the City's advertisement and that the bid as presented
<br />wilI permit disposition of the property on terms more favorable to the City than any
<br />other bid received.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of-the City of Portsmouth, Virginia,
<br />that the City Manager be, and he hereby is directed to accept the bid of Allan L. Sega1
<br />for the hereinafter described property.
<br />
<br /> All that certain lot, piece or parcel of land, situate in the City of
<br />Portsmouth, Virginia, comprising 1.366 acres, more or less, bounded on
<br />the east by the Southern Branch of the Elizabeth River and more particularly
<br />bounde~ and described as follows: BEGINNING at a point on the intersection
<br />formed by the eastern right of way line of Wa~er .Street and the northern
<br />right of way line of London Street; thence rumning North 3032'34" West along
<br />said eastern right of way line of Water Street 169.72 feet to a point;
<br />thence running North 86°b6'36' East 364.75 feet to a point on the pierhead
<br />line of the United States Government; thence running South $~42'01" West
<br />along said pierhead line 171.39 feet to a point where said pierhead line
<br />intersects the northern right of way line of London Street extended; thence
<br />running South 85°53'15" West 337.22 feet along said northern right of way
<br />line of London Street extended to the point of beginning.
<br />
<br /> BE IT FURTHER RESOLVED that the City Manager is authorized to execute all documents
<br />and complete all transactions incident to the conveyance of this property, subject to
<br />the terms and conditions of the City's advertisement of this property."
<br />
<br />Ayes: Early, Holley, Johnson, King, Smith, Wentz, Barnes
<br />Nays: None
<br />
<br />UNFINISHED BUSINESS
<br />
<br />73-171 The following ordinance, approved at last meeting, was taken up and read:
<br />
<br /> PORTION OF COLUMBIA STREET."
<br />
<br />Smith and seconded by Mr. King, the ordinance
<br />
<br />was adopted, and by
<br />
<br />Smith, Wentz, Barnes
<br />
<br /> Ho~ey, Johnson, King,
<br />Early, ~
<br />None
<br />
<br />last meeting, was taken up and read:
<br />
<br />GENERAL CAPITAL IMPROVEMENT 1625 HIGH STREET."
<br />
<br /> or~dinance was adopted, and
<br />
<br /> "AN ORDINANCE CLOSING A
<br />
<br /> On motion of Mr.
<br />the following vote:
<br />
<br /> Ayes:
<br /> Nays:
<br />
<br /> 73~172 The following crdinance, approved at
<br />
<br /> "AN ORDINANCE TO APPROPRIATE $88,000 FROM THE
<br /> FUND FOR THE PURC.M~SE OF MERCHANTS ~WD FARMERS BANK AT
<br />
<br /> On motian of Mr. Smith and seconded by Mr. Johnson, the
<br />by the following vote<
<br />
<br /> Ayes: Holley, Johnson, King, Smith, Barnes
<br /> Nays: Early, Wentz
<br />
<br />
<br />
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