Minutes 01/13/2004 - Laserfiche WebLink

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January 13, 2004 "A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A DEED TO CONVEY THE FORMER I. C. NORCOM HIGH SCHOOL SITE TO THE PORTSMOUTH INDUSTRIAL DEVELOPMENT 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 such deeds or other documents as may be necessary to convey the former I. C. Norcom High School site to the Portsmouth Industrial Development Authority, said property being described as follows: Former I. C. Norcom High School site, to be more accurately described by a current boundary survey and containing 22 acres, more or less." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None 04 -11 - Adoption of a resolution authorizing the settlement of certain claims for additional compensation by certain beneficiaries of the Portsmouth Fire and Police Retirement System. Recommendation: · Adoption of a resolution authorizing the settlement of certain claims for additional compensation by certain beneficiaries of the Portsmouth Fire and Police Retirement System. Purpose and Need: · For an approximately two-year period from 1974 to 1976, the Portsmouth Fire and Police Retirement System committed to future cost of living adjustments ("COLAs") for retirees. This commitment was repealed in 1976, and thereafter all future increases in retirement compensation were within the discretion of City Council and subject to appropriation. · Several individuals retired into said retirement system during said two-year period. Since that time, they have been granted various increases in retirement compensation by various City Councils, but less than COLAs. · There are now approximately twenty-seven retirees and survivors who retired during this two-year window, and who have arguable legal claims to additional retirement compensation. · A settlement with these approximately twenty-seven retirees and survivors would be equitable for them under the circumstances and would avoid the risk and expense of possible litigation. Financial Impact: · The settlement will entail a lump sum payment to each such beneficiary, and a one-time prospective increase in retirement compensation, with any possible additional future increases being in the sole discretion of City Council, and subject to appropriation. · The lump sum will be in the approximate amount of $500,000. The future increase in compensation will be 30% for each such beneficiary. Motion by Mr. Moody, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION AUTHORIZING THE SETTLEMENT OF CLAIMS MADE BY CERTAIN MEMBERS OF THE PORTSMOUTH FIRE AND POLICE RETIREMENT SYSTEM.