Minutes 07/08/2003 - Laserfiche WebLink

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July 8, 2003 Recommendation: · Adoption of a resolution authorizing the City Manager to execute a deed to release all or a portion of the restrictions on land now owned by Miller Home and Day Nursery, and/or authorizing the City Manager to allow Miller to mortgage a part of its lands by written instrument. Purpose and Need: · These restrictions were imposed when a parcel of property at 1400 Camden Avenue, now owned by Miller, was conveyed by the City to PRHA for subsequent conveyance to Miller Home and Day Nursery. · The restrictions provide in brief that Miller may not use the land for any other use than as a non-profit day care facility, that its property may not be sold, encumbered, leased etc. without prior written approval of the City Manager, that real estate taxes, or payment in lieu thereof will be paid on the parcel, and that if any of such conditions are violated, the property shall revert to ownership of the City. These restrictions are to expire on December 15, 2004. · The obvious intent of the City deed was to prevent any other use of the property for a period of ten (10) years. Financial Impact: · If released, Miller, or a bank or other lender to Miller, or Miller could sell the property before the expiration of the term of the restrictions to an entity other than one providing the services now provided by Miller. · The City currently receives full tax payments. Motion by Mr. Benn, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A DEED OF RELEASE TO RELEASE ALL OR A PORTION OF THE RESTRICTIONS ON LAND NOW OWNED BY MILLER HOME AND DAY NURSERY AND/OR AUTHORIZING THE CITY MANAGER TO ALLOW MILLER TO MORTGAGE A PART OF ITS LANDS BY WRITTEN INSTRUMENT. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to execute a Deed of Release to release all or a portion of the restrictions on land now owned by Miller Home and Day Nursery and/or to allow Miller to mortgage a part of its lands by written instrument, and such other documents as may be necessary." Ayes: Benn, Griffin, Moody, Randall, Whitehurst Nays: None - New Business - 03 - 245 - Boards and Commissions There were no appointments. 03 - 246 - Items Submitted by Council Members Mr. McCoy introduced the new bottled water with the Portsmouth Lightship logo. 02 - 247 - Non-Agenda Speakers There were no speakers.