Minutes 05/13/1997 - Laserfiche WebLink

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:1:28 May13.1997 b. Adoption of an ordinance to appropriate a total of $12.42 million for: $6 million in infrastructure costs and $6.42 million for land purchase costs of designated Parcels One and Two. Recommendatio_n: Approval of a motion authorizing the City Manager to enter into development agreements with Portsmouth Partners of Virginia (the Bush Companies) to purchase and options to purchase Parcels of Fairwood Homes (See Attachment 1 for Property Summary and. Attachment 2 for Land Purchase Details). Adoption of an ordinance to appropriate $12.42 million for: , * Infrastructure cost of $6 million, which includes $295,000 for anticipated storm water costs (See attachment 3 for Infrastructure Cost); and * Land Purchase Price of $6.42 million for Parcels 1 and 2 * See Attachment 4 for Total Project Costs ~Need: For Portsmouth to compete for commercial/light industrial space in Hampton Roads, available land for development is needed. Fairwood Homes provides an ideal location with its interstate access and central location in the region. Fairwood Homes, in its existing state, is a drain on city-services and presents an obstacle to revitalization of the AirlineJictory Boulevard of the City, including Tower Mall and the planned improvements to be made to the Bide-a-wee Golf Course. From a land use perspective, the current housing does not represent the highest and best use long-term for the City. The City will purchase cleared land from PortsmOuth Partners, who will be responsible for relocation of the tenants. Currently tenants are on month-to- month leases. Repairs will be made to homes that will remain and will be brought up-to-the standards required by the BOCA National Property Maintenance Code and will be monitored through customary rental inSpections of the department of Community Quality and Planning Services (See Attachments 6, 7 and 8) · Project will be financed with a combination of General Obligation Bonds for infrastructure costs and Private Placement financing. · .Revenues to be generated from the sale of land and taxes resulting from business investment are projected to more than cover anticipated debt service (See Attachment 5 for Cash Flow Analysis). The following spoke/n support of the proposed development agreements and ordinance for funding: 1. Louis Whitehead, 4415 county Street ¢). Charles Proffit,*633 McLean Street 3. Pete Shackley, 200 Beazley Drive 4. Patricia Taylor, 2632 Greenwood Drive 5. Jimmy Spruill, 4297 Hatton Point Lane 6. Lawrence I'Anson, 3114 Honeysuckle Lane, spoke on the proposed funding for the project.