Minutes 11/10/1998 - Laserfiche WebLink

Home Browse Search

November 10. 1998 (3) The City commissioned Economic Research Associates to analyze the development potential of several parcels, including the Property, on the Portsmouth Elizabeth River waterfront, which study concluded that a hotel and conference center is the highest and best use for the Property. (4) Under the leadership of the Council, the City has set as a priority the revitalization of downtown to attract tourists, vacationers, conventioneers and other visitors who in turn will attract investment, new business and new vitality to the downtown. (5) By resolution adopted by the Council on January 27, 1998, the City determined that the implementation of the Plan can best be accomplished through the development on the waterfront, on the Property, of a hotel and conference center with accompanying parking, and further that the animating purpose of such development is the economic development of downtown and the enhancement of the waterfront; and further that the direct and indirect economic benefits, the cultural benefits and the community benefits of such development are manifestly in the public interest. (6) After careful analysis of the market for hotel and conference centers, the Council has determined that a facility of the quality needed to accomplish these objectives cannot be obtained without inducement to private developers. (7) The Authority has determined that the Project would significantly serve and advance its statutory purposes and would significantly aid the regional economy by adding to the "critical mass" of the regional downtown waterfront and thereby complement the region's ability to attract major conventions and executive conferences. (8) Negotiations between the City, the Authority and Stormont Trice Development Corporation, a Georgia corporation ("STDC"), indicate that STDC is willing to construct, furnish and equip a two hundred fifty (250) room hotel (the "Hotel") and to act as construction manager to the Authority in the development, construction, furnishing and equipping of a conference center adjacent to the Hotel (the "Conference Center"), along with a structured parking garage containing parking for not less than 450 cars, of which at least 250 such spaces shall be for public use (the "Parking Garage"), all in accordance with a Master Development Agreement attached to the Cooperation Agreement hereinafter mentioned. (9) The Authority intends to issue revenue bonds (the "Bonds") in order to raise funds for the purpose of constructing, furnishing and equipping the Conference Center and the Parking Garage and to enable the Authority to carry out its public purpose, including the performance of the Authority's obligations to STDC set out in the Master Development Agreement and the documents referred to therein. (10) The Council has determined to approve the form and terms, conditions and provisions of a Cooperation Agreement by and between the City and the Authority and to authorize the execution and delivery of such Cooperation Agreement and, to the extent the City shall be determined to be an "obligated person" with respect to the Bonds to be issued by the Authority, to authorize and direct the City to execute and deliver a Continuing Disclosure Certificate or Agreement with respect to the Bonds. SECTION B. Approval of Form and Terms. Conditions and Provisions of a Cooperation Ao_reement and Authorization of Execution and Deliver_ Thereof. The form of the Cooperation Agreement to be entered into by and between the City and the Authority presented to and ordered to