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NOVEMBER 28, 2000 <br /> <br /> 1. That the City Manager is authorized, for and on behalf of the City, to execute <br />and deliver a Cooperation Agreement with the Industrial Development Authority of the <br />City of Portsmouth related to the development and operation of a yachting center on the <br />downtown Portsmouth waterfront, commonly known as the Ocean Marine project. <br /> <br /> 2. The City Manager is further authorized to give such further assurances and <br />take such additional actions required in order to effectuate the intent of the Cooperation <br />Agreement. <br /> <br /> 3. The Cooperation Agreement shall be substantially in the form attached to this <br />resolution, and made a part hereof." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br />00 - 293 - Adoption of a resolution authorizing conveyance to the Industrial <br />Development Authority (IDA) the land intended to be used for the Ocean Marine <br />Yachting Center. <br /> <br />Recommendation: <br /> <br />· Adoption of a resolution authorizing conveyance to the Industrial Development <br />Authority (IDA) the land intended to be used for the Ocean Marine Yachting Center. <br /> <br />Purpose and Need: <br /> <br />· The Ocean Marine Project is more fully summarized in the companion transmittal <br />form authorizing a Cooperation Agreement with the IDA for this project. The Project will <br />be administered by the IDA, and in order for the IDA to be able to do so, it must own the <br />land which it will transfer to Ocean Marine. That land is currently titled in the City, and <br />thus this resolution, authorization, and transfer are required for the Project. <br /> <br />Financial Impact: <br /> <br />· The land will be transferred by the IDA to Ocean Marine for $25,000 per acre, <br />with the price to be calculated so as to include certain land which is to be leased as well <br />as the land which is to be conveyed outright. The total acreage to be conveyed by deed <br />or lease is approximately 18 acres, for a total purchase price of approximately <br />$450,000. <br /> <br />· The real financial impact of this land transfer will be in the economic consequences <br />of the Project, which are more fully summarized in the transmittal form accompanying <br />the Cooperation Agreement for the Project. <br /> <br /> Motion by Mr. Benn, and seconded by Mr. Whitehurst, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />"A RESOLUTION AUTHORIZING CONVEYANCE OF CERTAIN PROPERTY <br />NEEDED FOR A SOUTH WATERFRONT DEVELOPMENT PROJECT TO THE <br />INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH. <br /> <br /> BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the <br />City Manager, acting for and on behalf of the City, is hereby authorized to convey to the <br />Industrial Development Authority of the City of Portsmouth a parcel of land located <br />generally along the south waterfront of the City, as more particularly shown on the <br />attached "Exhibit Showing Property for South Waterfront Development Project," which <br />exhibit is attached hereto and made a part hereof." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br />00 - 294 - Adoption of a resolution authorizing the City Manager to release and vacate <br />sanitary sewer easements no longer necessary in the Highland Biltmore subdivision. <br /> <br /> <br />