Minutes 05/27/2008 - Laserfiche WebLink

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May 27.2008 Background: . A Portsmouth site (near Effingham and ih Streets) was contaminated with asbestos and other carcinogens by brake manufacturer Pneumo Abex Corporation, a subsidiary of Whitman Corporation. . As a result of the contamination a settlement agreement was awarded to the City in the amount of $2.25 million to construct a site for a public purpose. Fire Station #1, the Effingham Street Fire Station, was constructed. . The settlement funds were placed in an interest-bearing account per the terms of the Joint Litigation and Cost Sharing Agreement. Interest accrued on the account was remitted to the Whitman Corporation on a quarterly basis. The total amount expended to construct the Effingham Street Fire Station was $3.033 million. . The City did not reimburse itself for the total construction cost, and the account continued to accumulated interest earnings. The remaining amount of interest earned is due the City and can be appropriated by Council. The accumulated interest as of April 30,2008 is approximately $191,050.18 Discussion: . Based on a review of the Pneumo Abex Escrow Account by the Chief Financial Officer, funds are available from the accumulated interest for transfer to the General Fund. Financial Impact: . $191,050.18 to be transferred to the General Fund Operating Balance. Staff Recommends: Adoption of ordinance. Vision Principle: Bold New Directions. Next Steps Following Council Action: . The Chief Financial Officer will have the authority to transfer funds to Miscellaneous Revenue in the General Fund. Motion by Ms. Psimas, and seconded by Mr. D. Smith, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TRANSFERRING THE SUM OF $191,050.18 FROM THE FY 2007- 2008 CAPITAL IMPROVEMENTS FUND AND APPROPRIATING SAID FUNDS IN THE FY 2007-2008 GENERAL FUND OPERATING BUDGET." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 08 - 256 - Adoption of a resolution authorizing the City Manager to execute a deed and other necessary instruments to convey to the Economic Development Authority of the City of Portsmouth, Virginia two parcels of land located at or near the intersection of Victory Boulevard and Greenwood Drive. Vision Principle: A Robust and Prospering Economy. Background: . There are two parcels of property owned by the City of Portsmouth which are located at or near the intersection of Victory Boulevard and Greenwood Drive, designated as Map and Parcel 0534-0310 and 0535-0012. . The Economic Development Authority has requested that the City convey these properties for the purpose of redevelopment. Discussion: . A resolution is requested authorizing the City Manager to execute a Deed and any other necessary documents to convey to the Economic Development Authority of the City of Portsmouth, Virginia those parcels of land located at or near the intersection of Victory Boulevard and Greenwood Drive known as Tax Parcels 0534-0310 and 0535-0012, and to do any and all acts necessary to effect said conveyance.