Minutes 06/11/2002 - Laserfiche WebLink

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June 11,2002 (d) Z-02-06 INTERSTATE 1-264 AND FREDERICK BOULEVARD - The City of Portsmouth Planning Commission requests to rezone property at 2219 Frederick Boulevard, owned by the Southeastern Public Service Authority, from Industrial M-1 to Commercial C-1. The request is being submitted in order to have a more appropriate zoning in this area. The Comprehensive Plan recommends Public/Quasi Public uses in this area. Motion by Mr. Pitts, and seconded by Mr. Moody, to concur with the recommendation of the Planning Commission that Z-02-06 be approved on first reading, and was adopted by unanimous vote. - Unfinished Business - 02 - 159 - Adoption of a resolution authorizing a Memorandum of Intent (MOl) with the Portsmouth Museum Foundations, Inc., relating to the Children's Museum of Virginia, the Fresnel lens and the Lightship Museum. Deferred from the May 28, 2002 City Council meeting. Recommendation: · Adoption of a resolution authorizing the attached Memorandum of Intent ("MOl") with the Portsmouth Museums Foundation, Inc. Purpose and Need: · The MOl will help to make possible three immediate major improvements to downtown by clarifying the immediate financial relationship between the City and the Foundation as follows: (1) The purchase of 233 High Street, which is needed in order to begin Phase III of the Children's Museum of Virginia; (2) The placement and public display of the Coast Guard's Fresnel lens at High Street Landing; and (3) Phase I of restoration of the Lightship. · Under the MOl, these improvements will all be done in the immediate future with primary funding by the Foundation in the approximate amount of $1.2 million and only limited supplemental funding from the City. · The MOl will also help to ensure a stable long-term relationship between the City and the Foundation, by stating the present primary purposes of future fundraising by the Foundation, and requiring regular consultation between the parties concerning long-term projects, funding, and fundraising. The immediate objects of future fundraising will be completion of Phase III of the Children's Museum and Phases II and III of the Lightship Museum, in the aggregate amount of approximately $3.5 million. · The MOl has been approved by the Executive Board of the Foundation, its Executive Director, and its general counsel. Financial Impact: · The MOl will not create a legal obligation of the City to spend any funds. It will set in motion the three immediate projects identified, and the City will pay a portion of the direct costs of these projects, in amounts which have either been already budgeted and appropriated, or which are a part of next year's proposed capital budget. · The construction of the three projects in question will have a positive indirect financial impact, through providing major projects to help ensure the continued growth and vitality of downtown, and thus maintaining the momentum of the Portsmouth Renaissance. The amount of this indirect financial impact, while difficult to quantify, will be substantial.