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<br />June 28. 2005 <br /> <br />Background: <br />. The Developer of New Port desires to have certain capital infrastructure items paid <br />for through a CDA. The CDA will issue bonds, and there will be annual assessments <br />on all property owners in New Port to amortize the bonds. In addition, the developer <br />has agreed to give good faith consideration to certain additional quality enhancements <br />above and beyond the design guidelines already in effect. These related subjects will <br />be included in an MOU between the City, the developer, and the Portsmouth Public <br />Schools. <br /> <br />Discussion: <br />. Elementary school students from New Port will be assigned to Hodges Manor <br />Elementary School until renovations to Highland-Biltmore Elementary School are <br />complete. Students from other areas may also be assigned to the renovated <br />Highland-Biltmore Elementary School, in the discretion of the Superintendent and the <br />School Board. <br />. Financial Impact: The City has previously committed to $5,000,000 in capital <br />improvements over the next three years for Highland-Biltmore Elementary School. <br />That prior commitment, which has not been increased, is memorialized in the MOU <br />with no additional material costs to the City. The MOU will help facilitate prompt <br />development of New Port, resulting in very significant additional real estate tax and <br />sales tax revenues to the City, but the exact amounts of those financial benefits <br />cannot be accurately measured at this time. <br /> <br />Staff Recommends: <br />Adoption of a resolution authorizing the City Manager to sign a Memorandum of <br />Understanding (MOU) between the City, L.M. Sandler & Sons, Inc. and the <br />Portsmouth Public Schools. Vision Principles: Robust and Prospering Economy & <br />Neighborhood and Community Transformation. <br /> <br />Next Steps Following Council Action: <br />. The City Manager and City Attorney will execute the MOU. <br />. A legal process will be initiated leading to creation of the CDA by official action at a <br />later meeting of City Council. <br /> <br />1. Mark Geduldig-Yatrofsky, 363 Middle Street spoke in opposition to this item. <br /> <br />Motion by Mr. Whitehurst, and seconded by Ms. Randall, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />"A RESOLUTION AUTHORIZING A MEMORANDUM OF UNDERSTANDING <br />BETWEEN THE CITY OF PORTSMOUTH, PORTSMOUTH VENTURE ONE, L.L.C <br />AND THE PORTSMOUTH CITY PUBLIC SCHOOL BOARD, CONCERNING A <br />COMMUNITY DEVELOPMENT AUTHORITY AND RELATED MATTERS. <br /> <br />BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City <br />Manager, acting for and on behalf of the City, is authorized and directed to enter into a <br />Memorandum of Understanding with Portsmouth Venture One, L. L. C. and the <br />Portsmouth City Public School Board which is substantially the same as the <br />instrument attached hereto and made a part hereof. The Memorandum of <br />Understanding deals generally with creation of a Community Development Authority <br />and related matters. <br /> <br />This resolution shall be effective immediately upon its adoption." <br /> <br />Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley <br />Nays: None <br />