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The limitations on the project have been established by credits that are and will be
<br />available to the City. The Effingham Street improvements have been completed which is
<br />eligible, and the proposed Crawford Street Connector will also be eligible as local costs
<br />on this project. There is attached a breakdown on the estimated cost of this project.
<br />
<br /> It is my recommendation that the Redevelopment and Housing Authority be officially authoriz-
<br />ed to proceed.
<br />
<br />Atta,¢~ment: (~ :.. ~ ] . :] ::~, : :~ SOUT~:~RQd~C~.. ~: ~ ':: : .... ~ ..~z
<br /> 102 ~-Acres
<br />
<br />(1) Survey and Planning Cost
<br /> (including interest) $ 300,000
<br />(2) Administrative Cost (6-year Budget) $ 338,000
<br />(3) Real Estate Purchases $1,851,416
<br />(4) Eas~iifiP~oject Improvements & Facilities$1,456,000
<br /> ~treet Improvements --
<br /> Effingham Street $ $ 740.000
<br /> Crawford Connector 432,000
<br /> Reconditioned Streets ~50,000
<br /> Thomas Jefferson
<br /> School 30% of Cost 97,500
<br /> Site Clearance 36,500
<br />(~) Other Costs $ ]652~500
<br /> Gross Project Cost $4,597,9~6
<br /> Less Disposition
<br /> Proceeds 243,926
<br /> Net Project Cost
<br />
<br />City 1/3 Share
<br />Federal 2/3 Share
<br />
<br />$4,353,990
<br />
<br />$1,451,330
<br />$2,902,660
<br />
<br />Federal Relocation Grant
<br />Federal Rehabilitation Grant
<br />Total Federal Grant
<br />
<br /> 902,200
<br /> 385,000
<br />$4,189,860
<br />
<br /> City Credit $ ~,670' "
<br />
<br /> V~t$on ~f Mr. King to approve the City Manager's recommendation, as presented, was adopted
<br />without dissenting vote.
<br />
<br /> 71-5 - "I submit the attached resolution and recommend its adoption. This confirms and
<br />ratifies the issuance of $110,000 of General Obligation Notes for the purchase of the Hedgero~
<br />Water Corporation. This is in accord with a previous authorization of the City Council to
<br />)urchase this system.
<br />
<br /> The resolution covers the issuance of five notes in the amount of $22,000 each, payable
<br />in the years of 1972-76 inclusive.
<br />
<br /> This water system was taken over on January 8 and the residents of Edgefield are now recei
<br />City of Portsmouth water."
<br />
<br /> On motimn of Mr. Smith (I) the following resolution was adopted, and by the following
<br />vote:
<br />
<br />~A RESOLUTION TO CONFIRM AND RATIFY THE ISSUANCE OF $110,000.00 OF'GENERAL
<br />OBLIGATION NOTES FOR THE PURCHASE OF THE HEDGEROW WATER CORPORATION PURSUANT
<br />TO THE TERMS OF AN AGREEMENT BETWEEN R. L. MAGETTE, AND THE CITY OF PORTSMOUTH,
<br />DATED JANUARY 8, 1971.
<br />
<br /> WHEREAS, by the terms of a certain agreement between R. L. Magette, and the City of Portsm
<br /> Virginia, dated January-8, 1971, the said R. L. Magette agreed to sell and the City of Portsl
<br />agreed to purchase the Hedgerow Water Corporation for the sum of $154,300.00~ and
<br />
<br /> WHEREAS, by the terms of the aforesaid agreement, the purchase price was to be paid by
<br />$44,300.00 in cash and the balance in notes~ and
<br />
<br /> WHEREAS, it is necessary to confirm and ratify the issuance of $110,000.00 of General
<br />Obligation Notes of the City of Portsmouth.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. The issuance of $110,000.00 of General Obligation Notes of the City of Portsmouth
<br />to R~ L. Magette, pursuant to the terms of a certain agreement between the said R. L. Magette
<br />and the City of Portsmouth, dated January 8, 1971, for the purchase of the Hedgerow Water
<br />Corporation, is hereby confirmed and ratified, the said notes dated January 8, 1971~ of the
<br />denomination of $22,000.00 each, bearing interest payable semiannually each January 2 and
<br />July 2 at the rate of 5 1/~ per centum per annum, maturing serially one note at a time on
<br />January 2 in each of the years 1972 to 1976 inclusive and being substantially in the followin~
<br />form:
<br />
<br />'ing
<br />
<br />uth,
<br />outh
<br />
<br />Portsmouth, Virginia
<br />January 8~ 1971
<br />
<br />
<br />
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