Minutes 11/10/1998 - Laserfiche WebLink

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November 10. 1998 (f) A resolution authorizing the City Manager to dedicate a portion of what is now designated as Water Street as a public right of way. (g)An ordinance appropriating the sum of $1,250,000 from the Capital Improvements Fund for interim costs for the Hotel and Conference Center Project to be reimbursed from IDA revenue bond proceeds. Purpose and Need: Collectively, these individual items comprise the official actions required by City Council to authorize the Hotel and Conference Center Project. Individualized purpose and need are as follows: Cooperation Agreement. The IDA needs sufficient financial backing to proceed with the Project. The Cooperation Agreement is the means by which the City commits to provide this financial backing. The commitment will be a moral obligation of the City and does not pledge the City's full faith and credit. b= Conveyance of City Hall, Civic Center and adjacent parking facilities. This conveyance is needed as additional security for the Project Bonds, which will be used to finance the Project. Parking Cooperation Agreement. PRHA and the IDA will commit to provide replacement parking for Citizens Trust Associates (CTA), necessitated because the existing CTA parking lot will be part of the Project site. The Parking Cooperation Agreement is the commitment of the City to provide PRHA and IDA with sufficient financial backing to meet their obligations to provide replacement parking to CTA. Conveyance of Closed Portion of Glasgow Street. This property is to be used as a portion of reconfigured parking for the CTA Office Building, necessitated because the existing CTA parking lot will be part of the Project site. Conveyance of Property East of Water Street and North of London Street. This small parcel was formerly a boat slip. It was filled in during -the late 1960's. It has remained titled in the City, and should be conveyed to PRHA in order to consolidate in PRHA full title to the Project site. Dedication of Portion of Water Street. A strip of land now used as Water Street north of London Street, although appearing to be a public street, has never been dedicated as a public right of way. Dedication is necessary to provide the required public access for the Project. Appropriation Ordinance. Funds need to be appropriated on an interim basis for the Project until IDA revenue bond proceeds are realized. When those proceeds are realized, these funds will be reimbursed. Financial Im_oact: The collective impact of these actions will result in the extensively detailed costs, direct benefits, and indirect benefits of the Project more fully set forth in Project briefing materials. 1. Lee King, 1504 Belafonte Drive, representing the Portsmouth Redevelopment and Housing Authority, spoke in support of the hotel. 2. Carroll Creecy, 700 Florida Avenue, representing the Portsmouth Partnership, spoke in support of the hotel.