Minutes 01/27/1998 - Laserfiche WebLink

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.~ Jan~rv 27. 1998 WHEREAS~a confer~ence center and first-class destination 299 hotel in the downtown Portsmouth area would significantly aid the regional economy by adding to the "critical mass" of the regional downtown waterfront and thereby complementing the region's ability to attract major conventions; and by independently providing *cont'muing numbers of new visitors and patrons to such regional attractions as Waterside, the Virginia Marine Science Museum, Harbor Park, Colonial Williamsburg, Jamestown, the Virginia Air and Space Museum, and the Mariner's Museum; and WHEREAS the City hereby finds and determines that the direct economic bonefits, indirect economic benefits, cultural benefits, and community benefits of a conference center and first-class destination hotel in the downtown Portsmouth area are manifestly in the public interest and fully justify the City's economic and admi~fistrative support of such a project both for present and future generations; NOW, THEREFORE be it RESOLVED by the Council of the City of Portsmouth: That the City hereby approves and ratifies the development and operation of a conference center and related parking facilities by the Portsmouth Industrial Development Authority ("the IDA") in conjunction with a hotel to be developed by STC on the terms contained in the Letter of Intent which is attached hereto and incorporated by reference; That the City shall provide such financial and administrative support as may be required to effect the development and operation of the project by the IDA, subject to maximum City investment being guaranteed which is within limits acceptable to the City, and subject to the adoption by City Council of a bond authorization resolution which sets forth the parameters of the City's financial support, and also, if deemed advisable, a Cooperation Agreement with the IDA and/or PRHA; That the City Manager be, and hereby is, authorized and directed on behalf of the City to sign a Letter of Intent substantially in conformity with that which is attached hereto and incorporated by reference, and to transmit the Letter of Intent to the other signatory parties thereto; That the City Manager and the City Attorney shall take such other actions as may be advisable and prudent to make legally binding and then to implement the understandings set forth in the Letter of Intent; That the City Manager shall exercise due diligence to protect the City's immediate and long-term financial interests in all negotiations which proceed as a result of this resolution; and 6. That the City Manager shall work with the IDA and PRHA to develop and present to Council for its ~consideration such bond authorization resolutions and other financial and legal approvals as may be necessary for the project to be considered finally approved, with that final approval permitting construction to commence no later than summer of 1998." Ayesi Benn, Clemons, Griffin, Martin, Pitts, Robinett, Holley Nays: None 98-19 Adoption of a motion to transfer $~100,000~ from the Grants Conti~ency Account for the Abandoned Housing Clearance Fund Grant (AHCFG) Program~ Recommendation · Adoption a motion to transfer $100,000 from the Grants Contingency Account for the AbandOned HoUSing Clearance Fund Grant (AHCFG) Program.