Minutes 12/12/2000 - Laserfiche WebLink

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December 12, 2000 Financial Impact: · The property is to be purchased for $1.8 million. It is fully leased and lease revenues are anticipated to fully offset debt service. · There will be a loss of approximately $25,000 per year in real estate taxes, but this loss is anticipated to be offset by broadly enhanced downtown economic activity made possible in part by the parking garage. Motion by Mr. Moody, and seconded by Mr. Whitehurst, to adopt the following resolution and ordinance, and was adopted by the following vote: "A RESOLUTION AUTHORIZING THE ACQUISITION OF PROPERTY COMMONLY KNOWN AS THE FIRST UNION NATIONAL BANK BUILDING. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that: The City Manager, acting for and on behalf of the City of Portsmouth, is authorized to negotiate and execute a contract for the acquisition of certain property commonly known as the First Union National Bank Building, containing approximately 1.42 acres, more or less, containing approximately 34,298 square feet of floor area, and located at 430 Crawford Street, Portsmouth, Virginia. The purchase price shall not exceed $1,800,000, with closing to be scheduled as soon as reasonably practicable. The contract shall provide for leasing back a portion of the property to First Union, and it shall contain such other terms and conditions as are customarily used in the trade, and as the City Manager deems advisable to protect the interests of the City, and it shall be subject to review and approval by the City Attorney. The City Manager is further authorized to assign the contract to the Portsmouth Redevelopment and Housing Authority ("PRHA"), and/or to execute on behalf of the City a Cooperation Agreement with PRHA which obligates the City to provide all resources reasonably needed by PRHA to perform said contract, if entered into by PRHA instead of the City." "AN ORDINANCE TO APPROPRIATE $1.8 MILLION IN THE CAPITAL IMPROVEMENT FUND FOR ACQUISITION OF PROPERTY CONTAINING THE FIRST UNION BANK BUILDING AND PARKING LOT AT 430 CRAWFORD STREET." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 00 - 316 - Adoption of a resolution authorizing the conveyance of Sleepy Hole Park to the City of Suffolk. Recommendation: · Approval of a resolution authorizing the conveyance of Sleepy Hole Park to the City of Suffolk. Purpose and Need: · Sleepy Hole Park is located in Suffolk and is so distant from Portsmouth that it provides no real benefit to our citizens. · Transfer to Suffolk will provide enhanced recreational opportunities to all citizens and will aid regional cooperation. · Portsmouth citizens will be guaranteed full future access to the Park, on the same terms as Suffolk citizens.