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June 26, 2001 <br /> <br />Purpose and Need: <br /> <br />· On May 22, 2001, the City Council adopted a resolution authorizing the City <br />Manager to enter into a purchase contract for the Middle Street Parking Garage. <br /> <br />· The garage is being developed and constructed by GEM Portsmouth Parking, L.L.C. <br />Upon satisfactory completion of the project, the City will acquired the garage for an <br />estimated purchase price of $7 million. <br /> <br />· GEM is responsible for obtaining construction financing and in order to obtain that <br />financing, their lender is requiring an appropriation by City Council in addition to the <br />authorization of the purchase contract. <br /> <br />Financial Impact: <br /> <br />· The decision to purchase the garage rather than the lease from GEM will save the <br />City approximately $300,000 annually. <br /> <br />· Over the next six months, the Chief Financial Officer in conjunction with the City's <br />financial advisor, will develop a financing structure for this garage that will require <br />further Council action to authorize the issuance of bonds once the type of financing is <br />determined. <br /> <br />· The purchase price is estimated at $7 million. An additional $500,000 is included in <br />the appropriation to cover costs associated with the development of the financing <br />structure and costs of issuance of bonds. <br /> <br /> Motion by Mr. Griffin, and seconded by Mr. Whitehurst, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />"AN ORDINANCE TO APPROPRIATE $7,500,000 IN THE CAPITAL <br />IMPROVEMENTS FUND TO FUND THE MIDDLE STREET PARKING GARAGE <br />AND RELATED COSTS." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Whitehurst, Holley <br />Nays: None <br /> <br />- New Business - <br /> <br />01 - 197 - Mr. Griffin offered the following nominations for the History Commission: <br /> <br />HISTORY COMMISSION <br /> <br />Mae Haywood <br />Ida Kaye Jordan <br />Barbara Early <br />Alan Flanders <br />Orion Willis <br />Billie Cook <br />Margaret Windley <br />Sheri Bailey <br />Cecilia Kelly <br />James T. Martin <br />Duff Porter <br />Lena Simmons <br /> <br /> Motion by Mr. Griffin, and seconded by Mr. Benn, to close the nominations, and <br />there being no further nominations, the above nominations were adopted by unanimous <br />vote. <br /> <br />01 - 198 - Items Submitted by Council Members <br /> <br />There were no items. <br /> <br /> <br />