Minutes 06/26/2007 - Laserfiche WebLink

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June 26. 2007 Recommended Action . Adoption of an ordinance to close a portion of Cavalier Boulevard to all vehicular traffic except that involved in public transportation. . Adoption of a resolution authorizing the City Manager to execute an agreement of Lease with the Transportation District Commission of Hampton Roads to construct and operate a Public Transfer and Transportation Center on the Portion of Cavalier Boulevard closed to all except public transportation vehicles. Next Steps following City Council Action: . The City Manager will execute the Lease to Transportation District Commission of Hampton Roads in order to carry out the proposed plan. . The Offices of the City Attorney and City Surveyor will draft appropriate plats and documents in order to effectuate the exchange. Motion by Mr. D. Smith, and seconded by Ms. Psimas, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT OF LEASE WITH THE TRANSPORTATION DISTRICT COMMISSION OF HAMPTON ROADS TO PROVIDE FOR THE DEVELOPMENT OF THE PORTSMOUTH PUBLIC TRANSFER AND TRANSPORTATION CENTER WITHIN THE PORTION OF CAVALIER BOULEVARD CLOSED. WHEREAS, the Transportation District Commission of Hampton Roads and the City of Portsmouth are desirous of developing a Public Transfer and Transportation Center along the northerly portion of Cavalier Boulevard as it lies between the right of way of McLean Street and the right of way of the Victory Boulevard on ramp onto 1-264 from Victory Boulevard, and WHEREAS, in order to implement such development it is necessary for Transportation District Commission of Hampton Roads and the City to enter into an Agreement of Lease for the construction and operation of said proposed center on a portion of Cavalier Boulevard lying between the right of way of McLean Street and the eastbound ramp from Victory Boulevard onto Route 264. NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Portsmouth, Virginia that the City Manager be, and he is hereby authorized to enter into and execute an Agreement of Lease and such other documents and surveys as may be required with the Transportation District Commission of Hampton Roads for the operation and lease of a portion of Cavalier Boulevard closed to private vehicular traffic upon which Transportation District Commission of Hampton Roads shall operate a Public Transfer and Transportation Center." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 07 - 287 - Adoption of a resolution approving the authorization and issuance by the Economic Development Authority of the City of Norfolk of such Authority's new Empowerment Zone Facility Revenue Bonds (Fort Norfolk Plaza, LLC Project), Series 2007, in an aggregate amount not to exceed $85,000,000, and designating a portion of such bonds as new Empowerment Zone Facility Bonds. Vision Principle: A Robust and Prospering Economy. Background: . The Industrial Development and Revenue Bond Act of the Virginia Code empowers the Economic Development Authority to assist Fort Norfolk Plaza, LLC, by the issuance of New Empowerment Zone Facility Bonds to finance a portion of the costs of acquiring, constructing and equipping a mixed-use building on approximately two acres of land located at 301 Riverview Avenue in the City of Norfolk.