Minutes 10/29/2002 - Laserfiche WebLink

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October 29, 2002 02 - 324 - Adoption of a resolution authorizing the City Manager to execute a deed and such other documents as may be necessary and appropriate to convey the former Portsmouth Health Department site located at the northwest corner of Crawford Parkway and Effingham Street to Portsmouth Redevelopment and Housing Authority. This action will facilitate the economic development of this site. Recommendation: · Adoption of a resolution authorizing the City Manager to execute a deed and such other documents as may be necessary and appropriate to convey the former Portsmouth Health Department site located at the northwest corner of Crawford Parkway and Effingham Street to Portsmouth Redevelopment and Housing Authority. Purpose and Need: · This site is to be included by the Portsmouth Redevelopment and Housing Authority (PRHA) in its plans for redevelopment of the former Portsmouth General Hospital site that abuts this property to the west. Financial Impact: · None as a direct result of this conveyance. Future impacts will be associated with the economic development of the site. Motion by Mr. Benn, and seconded by Mr. Pitts, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY A PARCEL OF LAND FORMERLY KNOWN AS THE PORTSMOUTH HEALTH CENTER TO THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to execute all necessary and appropriate documents to convey to the Portsmouth Redevelopment and Housing Authority the following described parcel, to-wit: Beginning at a point on the Northern side of Crawford Parkway at the Western end of the 15 foot radius at the Northwest corner of Crawford Parkway and Effingham Street; thence Westward along the Northern side of Crawford Parkway N 73° 07' 27" W, 130.23 feet to a point; thence continuing along said Northern line along the arc of a curve to the left whose radius is 1,226.80 feet a distance of 52.59 feet to a point; thence leaving Crawford Parkway N 16° 52' 33" E, 191.65 feet to a point; thence S 83° 01' 00" E, 173.01 feet to a point in the Western side of Effingham Street; thence Southwardly along the arc of a curve to the right whose radius is 783.36 feet a distance of 207.67 feet to a point; thence along the arc of a curve to the right whose radius is 15.00 feet a distance of 23.56 feet to the point of beginning; said parcel containing 0.899 acres." Ayes: Benn, Griffin, Moody, Pitts, Randall Nays: None 02 - 325 - Adoption of resolutions authorizing the execution of interest rate protection agreements to protect the City against future increases in interest rates on debt outstanding for the Performing Arts Center and acquisition of Parcels 1 and 2 of Fairwood Homes. Currently, market conditions exist that make the cost of interest rate protection very affordable, as the costs of these products are at historic lows.