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273
<br /> October 24, 1995
<br />
<br />95-421 - Letter~f~ ~ity. Manager recommending
<br />adoption of a re~ authorizing the Acting City Manager to
<br />execute a sixth amendment to the Development Agreement with
<br />Portsmouth Parkside Development Associates for Phase II of the
<br />Crawford Condominium project. Deferred from the September 12,
<br />1995 regular meeting.
<br />
<br /> "Portsmouth Parkside Development Associates has requested
<br />an extension for its completion date for the Crawford Square
<br />Condominium Project until July 31, 1996. The Board of
<br />commissioners of the Portsmouth Redevelopment and Housing
<br />Authority has authorized its Executive Director to enter into
<br />suchl an extension upon City Council's authorization for the
<br />Acting City Manager to execute such an amendment.
<br />
<br /> I, therefore, recommend adoption of this resolution
<br />authorizing execution of an amendment extending the completion
<br />date for this project to July 31, 1996."
<br />
<br /> Motion by Mr. Clemons, and seconded by Mr. Pitts, to adopt
<br />the following resolution, and was adopted by the following vote:
<br />
<br /> "A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A 6TH
<br />AMENDMENT TO THE DEVELOPMENT AGREEMENT AMONG THE CITY OF
<br />PORTSMOUTH, PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY,
<br />PORTSMOUTH PARKSIDE DEVELOPMENT ASSOCIATES AND W.B. MEREDITH,
<br />II, INC.
<br />
<br /> WHEREAS, the City of Portsmouth, Portsmouth Redevelopment
<br />and Housing, Portsmouth Parksid9 Development Associates and W.B.
<br />Meredith, II, Inc., entered into a Development Agreement
<br />providing for the development by Portsmouth Parkside Development
<br />Associates and W.B. Meredith, II, Inc., of an area known as
<br />Parcel 28 in the Crawford Urban Renewal Project; and
<br />
<br /> WHEREAS, said Development Agreement has been amended on
<br />five (5) prior occasions due to the inability of Portsmouth
<br />Parkside Development Associates and W.B. Meredith, II, Inc.,
<br />complete the project within the time specified in the
<br />Development Agreement; and
<br />
<br />to
<br />
<br /> WHEREAS, Portsmouth Parkside Development Associates and
<br />W.B. Meredith, II, inc., have requested a 6th amendment to the
<br />Development Agreement providing a further extension of time to
<br />comp!ere said project; and
<br />
<br /> WHEREAS, the Executive Director of the Portsmouth
<br />Redevelopment and Housing Authority has been authorized to
<br />execute said 6th amendment extending the completion date upon
<br />the adoption by the Council of the City of Portsmouth of a
<br />resolution authorizing the City Manager to execute the 6th
<br />amendment on behalf of the City.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City
<br />of Portsmouth, Virginia, that the City Manager be, and he hereby
<br />is authorized to execute a 6th amendment to the Development
<br />Agreement entered into by the City of Portsmouth, Portsmouth
<br />Redevelopment and Housing Authority, Portsmouth Parkside
<br />Development Associates and W.B. Meredith, II, Inc., on July 28,
<br />1986, which said sanendment would extend the time for completion
<br />of the project provided for in the Development Agreement,
<br />providing that completion of the project would be accomplished
<br />on or before July 31, 1996."
<br />
<br />Ayes,: Clemons, Griffin, Hawks, Martin, Pitts, Robinett, Webb
<br />Nays': None
<br />
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