Minutes 06/10/2008 - Laserfiche WebLink

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June 10. 2008 (m) Taxes and fees associated with the property shall be paid when due. (n) The existing structure(s) located at 739 High Street shall not be demolished. The owner may demolish one or more of the structures after the substantial destruction of such structure or structures by fire, explosion, act of God or the public enemy to the extent of sixty percent (60%) or more of its replacement value as determined by the Building Official using the RS Means or a similar cost evaluation system for comparable construction. 3. EXPIRATION OF PERMIT: Unless extended as provided under Section 40-115 of the Code of the City of Portsmouth, Virginia (2006), the housing use permit shall expire for any portion of the approved project for which building permits have not been issued if the applicant fails to apply for all building permits for the entire project within one year of the adoption of this resolution. 4. REVOCATION OF PERMIT: Violation of any of the above conditions may serve as grounds for revocation of the permit by the City Council." Ayes: Heretick, Psi mas, Randall, R. Smith, Holley Nays: None Abstain: Moody (lack of information on subject), D. Smith (Mr. Smith noted that his client is negotiating to lease space from the applicant) - City Manager's Report - 08 - 278 - Adoption of an ordinance authorizing the transfer of $1,500,000 from the FY 2007 -2008 Risk Management Fund and appropriating said sum in the FY 2007-2008 General Fund Operating Budget. Vision Principle: Thriving Neighborhood and a Sense of Community. Background: . On September 9, 2007, a fire damaged the gym and a classroom at Hunt-Mapp Middle School. The property was insured by St. Paul Travelers under the City's Risk Management program. . On April 22, 2007 City Council appropriated the full amount of the insurance settlement ($2,291,732) into the Risk Management Fund. This request for additional City Council action will result in a transfer of $1.5 million of the settlement into the General Fund to offset projected revenue shortfalls in FY08. Discussion: . Based on a joint review of the Risk Management Fund by the Chief Financial Officer and the Director of Procurement and Risk Management, funds are available from the insurance settlement for transfer to the General Fund. Financial Impact: . $1,500,000 to be transferred to the General Fund Operating Balance to offset the FY08 General Fund projected revenue shortfall. Staff Recommends: Adoption of ordinance. Vision Principle: Bo/d New Directions. Next Steps Following Council Action: . The Chief Financial Officer will have the authority to transfer funds from the Risk Management Fund to the General Fund. Motion by Mr. D. Smith, and seconded by Ms. Randall, to adopt the following ordinance, and was adopted by the following vote: