Minutes 01/27/1998 - Laserfiche WebLink

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Janua -- 27 1998 Motion by Mr. Martin, and seconded by Mr. Robinett, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION APPROVING A CONFERENCE CENTER AND HOTEL FOR DOWNTOWN PORTSMOUTH AND AUTHORIZING CERTAIN ACTIONS IN FURTHERANCE OF ITS FORMAL AUTHORIZATION, FUNDING, AND CONSTRUCTION. WHEREAS the downtown waterfront area of Portsmouth is one of the City's greatest strengths, combining the unique natural asset of an active deep water thoroughfare with a central business district, a traditional downtown commercial corridor, a residential district dating to colonial times which resonates with the history of our nation, and a street grid which smoothly integrates waterfront with business, residential, and commercial areas; and WHEREAS the City, acting through numerous prior City Councils, has over an extended period of time encompassing at least the past half century authorized and funded various actions aimed at furthering the development of the downtown waterfront, including in part the acquisition and demolition of blighted structures, the construction of the seawall, the installation of enhanced public utilities, the construction of City Hall and the Government Center, the acquisition of the former Coast Guard Station, street scape improvements On High Street, Crawford Parkway and elsewhere, the Children's Museum, and design and construction of the new High Street Landing; and WHEREAS it has long been recognized by the City that a conference center and first-class destination hotel would each be an ideal means of drawing large numbers of new non-local visitors to Portsmouth, thus capitalizing on and preserving past investments as well ensuring the long-term future of downtown and the City; and WHEREAS the City presently lacks facilities anywhere in the City in which to conduct numerous private and public banquets, gatherings, and similar events; and many members of the Portsmouth family are forced to rent facilities outside of Portsmouth because of the absence here of facilities of a quality commensurate with the quality of our citizens, and this community need would be met by a conference center; and WHEREAS a conference center, if properly designed and located, could also help to ensure the success of a first-class destination hotel which might not be financially feasible in the absence of a conference center; and WHEREAS Portsmouth Redevelopment and Housing Authority owns land and air rights on the downtown waterfront which would make an ideal location for a combined conference center and first-class destination hotel; and WHEREAS the Portsmouth Industrial Development Authority has the authority to develop a conference center with tax exempt financing and to own and operate it as an authority facility; and WHEREAS a potential hotel developer, Stormont Trice Corporation ("STC"), has been identified which has demonstrated its ability to prosper in the Hampton Roads market through its highly successful development and management of the Waterside Marriott, and STC has indicated a willingness to invest approximately $15,000,000 in private capital in order to develop a first-class destination hotel in downtown Portsmouth on said PRHA land and air rights, in connection with the public development of a conference center on that same site; and WHEREAS economic and market conditions, including record Iow interest rates and strong luxury hotel and conference market demand, now combine to create uniquely favorable conditions for construction of a conference center and first-class destination hotel in downtown Portsmouth; and