Minutes 05/27/2008 - Laserfiche WebLink

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May 27.2008 Financial Impact: . The conveyance of the two parcels will provide the opportunity for development of this property which is now vacant land. Staff Recommends: Adoption of a resolution. Vision Principle: A Robust and Prospering Economy. Next Steps following City Council Action: . The City Manager will execute the Deed conveying the property subject to such easements as may be necessary to be reserved for any City infrastructure lying within said parcel, and to do any and all acts necessary to affect said conveyance. Motion by Mr. R. Smith, and seconded by Ms. Psimas, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A DEED AND OTHER NECESSARY INSTRUMENTS TO CONVEY TO 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. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is authorized to execute a deed and other necessary instruments to convey to 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, designated as Tax Map and Parcel Numbers 0534-0310 and 0535- 0012 as described by an appropriate plat and boundary survey, and to do any and all acts necessary to effect said conveyance." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 08 - 257 - Adoption of resolution approving the exercise by the Economic Development Authority of the City of Portsmouth, Virginia, of powers conferred by the Industrial Development and Revenue Bond Act, in conjunction with the issuance for Olde Towne Hospitality L.L.C., a Virginia Limited Liability Company, of not to exceed $12,000,000 of the Authority's new Empowerment Zone Facility Revenue Bonds to finance a portion of (1) the cost of a 120 room Holiday Inn and Suites Hotel, (2) a Debt Service Reserve Fund, (3) capitalized interest, and (4) the costs of issuing such bonds and designating them as new Empowerment Zone Facility Bonds for purposes of Section 1394(f)(2)(A) of the Internal Revenue Code of 1986, as amended. Vision Principle: A Robust and Prospering Economy. Background: . The Economic Development Authority of the City of Portsmouth executed an Agreement with Old Towne Hospitality, L.L.C on March 9, 2006. This Agreement received an Amendment, which was executed on April 13, 2007. The site is 3.949,:!: acres (this hotel will encumber approximately 2.5 acres of the site) AKA the Crawford Connector site. It is bordered by 1-264 (north), Massimo Zannetti (south) PortCentre Parkway (east) and Seventh Street (west). A License Agreement was executed on July 20, 2006 between Holiday Hospitality Franchising, Inc. and Old Town Hospitality, L.L.C. These documents collectively will facilitate the construction and operation of the new Holiday Inn Hotel. . On June 12, 2007, Portsmouth City Council approved a prior resolution for this same purpose. In light of delays related to the project and its construction not being initiated within the one year time period of that approval, reaffirmation by this resolution is required. . The Economic Development Authority of the City of Portsmouth reconfirmed its approval of the issuance of the Empowerment Zone Facility Revenue Bonds by a unanimous vote at its April 15, 2008 meeting.