|
February 2, 1968
<br />
<br />Virginia; that the Commission finance further any additional port facilities within its jurisdictional
<br />area as the same may be required from time to time (whihh additional facilities may he on said
<br />three parcels of land and the land to which the Lease pertains or may be on other lands within such
<br />jurisdictional area); that the Cow~ission pay such costs and effect such financing by issuing its
<br />revenue bonds; that to permit the Commission to issue and sell such bonds the Commission
<br />acquire the rights to the revenue to be derived from said three parcels of land through the
<br />conveyance thereof to the Commission, as aforesaid, and acquire further and additional rights
<br />in and to the revenues derived, or to be derived, from the properties to which the Lease pertains
<br />by the ~mending thereof; that the Commission pay for said three parcels of land and the improvements
<br />thereon and for the consent of the City to changes in the Lease whereby the Co~mission might
<br />acquire greater rights in and to the revenues of the properties to which the Lease pertains, by
<br />payin~ to the City that amount, but not exceeding $1;500,000, in excess of $4,550,000 expended by
<br />the City for costs incurred by it under the Port Facility Contract and in the acquisition of
<br />said three separate parcels of land and constructing improvements thereon; and that the
<br />Commission make the pa}~ent of $1,500,000 to the City (or so much thereof as may be required)
<br />by the immediate issuance and sale by the Commission of its short-term revenue bonds payable from
<br />the Commission's share of the surplus revenues under the Lease (such share having been conveyed
<br />to the Commission by the City by the assignment of the Lease, as aforesaid), which bonds would
<br />be refunded, if and to the extent then permitted by law, by the issuance by the Commission of
<br />long-term revenue bonds after the said parcels of land had been conveyed to the Commission and
<br />the Lease amended, as ~foresaid.
<br />
<br /> This Council hereby finds and determines that, in order to nrovide for the expansion and
<br />development of port fadilities relating to the City, it is necessary, advisable and desirable
<br />that there be conveyed to the Commission the aforesaid three Dare,la of land, more generally described
<br />in Section 2 hereof, together with all improvements thereon, now belonging to the City; that
<br />the City enter into negotiations with the Authority and the Com~ssion to orovide for the changes to
<br />the lease necessary, advisable or desirable to oermit the Co~mission to undertake long-term revenue
<br />financing; and that that amount, but not exceeding $1,500,000, of the moneys in excess of $4,350,000,
<br />expended by the City under the Port Facility Contract and for the acquisition of the aforesaid three
<br />parcels of land and constructing improvements thereon, not reimbursed to the City by either the
<br />Authority or the State of Virginia, to be paid to the City by the Commission,
<br />
<br /> SECTION 2, Authorization of Conveyance of Land. There are hereby authorized to be conveyed to
<br />the Commission th. three Darc'~l~' of land generally described as follows, together with all buildings,
<br />facilities and improvements thereon or now being constructed thereon:
<br />
<br />A-il that certain oiece or parcel of land described as follows: Beginning at the southwest
<br />corner of Seaboard and Spencer Avenues, thence south along the wesEern right of way
<br />line of ~peDcer- Avenue to the northern right of way line of Plum,rs Avenue; thence
<br />west along the northernright of way line of Pinners Avenue 555 feet to a ooint;
<br />thence north and parallel to Spencer Avenue a distance of 200 feet to the southern
<br />right of way line to Seaboard Avenue; thence east along the southern right of way line of
<br />Seaboard Avenue 555 feet to the point of beginning.
<br />
<br />All that certain piece or parcel of land designated as lots No. 67, 68, 69 and 70 as
<br />shown on the plat of the Pinners Point Waterfront Land Company recorded in the Clerk's
<br />Office of the Circuit Court of the City of Chesapeake in ¢,~ap Book 4, at page 32,
<br />
<br />All that certain piece or parcel of land designated as lots No. 55, 56, 57, 58, 59, 60, 61,
<br />63, 64, 6S, 66, 89, 90, 91, 92, 93, 94, 9S, 96, 97, 98, 99, 100 and 101 as shown on
<br />the plat of the Pinners Point Waterfront Land Company recorded in the Clerk's Office
<br />of the Circuit Court of the City of Chesapeake in MaD Book 4, at page 52.
<br />
<br />Subject to the provisions of Section 4 hereof, the proper officers of the City are hereby authorized
<br />to execute the necessary instruments and deeds to effect the foregoing conveyances.
<br />
<br /> SECTION 3. Authorization of Lease Amendment Negotiations. Subject to the provisions of Section
<br />4 hereof, the proper officers of the City are hereby authorized to cheer into negotiations with the
<br />Authority and the Commission whereby the Lease shall be revised, amended and supplemented as may be
<br />necessary, desirable or advisable to permit the Commission to issue and sell long-term revenue
<br />bonds or carry out other revenue financing, so that the Commission may carry out its statutory purposes
<br />and powers; provided, however, that any such amendments, revisions and supplements shall be submitted
<br />to this Council for its approval before they shall take effect.
<br />
<br /> SECTION ~. Payments b~ ~om~issiop.~- The conveyance authorized in Section 2 hereof shall not
<br />be made/ nor shall 'the negotfations authorized in Section 5 hereof be commenced, unless and
<br />until the Commission shall have oaid to the City an amount equal to the difference between $4,550,000
<br />and the total amount expended by the City for costs of the facilities to which the Port Facility
<br />Contract pertains and costs of acquiring the parcels of land described in Section 2 hereof and
<br />constructing improvements thereon; provided, however, that the total payment to the City required
<br />by this section shall not exceed $1,500,000 in any event, and provided further, that if the City
<br />has received, or shall receive, reimbursement from the Authority dr the State of Virginia of
<br />all or part of the difference between $4,350,000 a~d the aforesaid total ~mount expended by the
<br />City, the City shall pay to the Commission that amount of such reimbursement as is equal to the
<br />difference between (i) The total amount expended by ~he City as aforesaid, and (ii) the aggregate of~
<br />$4,550,000, the ~mount paid by the Commission to the City and the total of such reimbursement
<br />received by the City. This Council hereby approves the issuance of revenue bonds by the
<br />Commission in the m%ount-6f~$1,500,000'forthe purpose of enabling the Co~;~ission to make the
<br />payment to the City required by this section, such bonds to be payable from the Commission's
<br />share of the surplus revenues derived under the Lease, and any part of said $1~500,000 not
<br />required by the Commission for the purposes of such pyament may be expended by the Commission
<br />for any of its lawful purposes; provided, however, that the approval by this Council of the
<br />issuance of such bonds by the Commission shall not impose, or be construed as imposidg, any
<br />
<br />
<br />
|