Minutes 07/22/2008 - Laserfiche WebLink

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July 22. 2008 A The Department of Transportation will engage in a compassionate relocation process for all residents who will be displaced by the Project in accordance with 49 CFR Part 24 Uniform Relocation Assistance and Real Property Acquisition Program. To that end, qualified relocation specialists will work with each such resident, devoting adequate time to the relocation effort so that each resident is treated with respect. Further, the relocation specialists shall offer relocation choices to residents that not only provide improved, safe, and sanitary housing to each resident, but that also meet other reasonable resident needs, such as proximity to services and to friends and family, and also providing a sense of safety in a secure and peaceful neighborhood, with relocation expenses being paid as required by law. In particular, the relocation specialists shall work with the appropriate authorities within available statutes and regulations to seek HOPE VI housing for the residents. The Department will from time to time report to the City Manager on the status of its efforts under this paragraph. B. The City of Portsmouth has previously committed its entire Urban Allocation for many years to the Department of Transportation so that the Pinners Point Connector, a state and regional project, could be constructed without tolls. The present proposal for regional road transportation projects includes the imposition of tolls at multiple locations, including the Pinners Point Connector. In order to honor the spirit of the agreement initially reached for construction of the Pinners Point Connector, the Department of Transportation shall work with the City of Portsmouth to explore the options available to fully restore Portsmouth's Urban Allocation for all future years. C. Any tolls that may be imposed in the area of the Pinners Point Connector and the Martin Luther King Freeway Extension Project shall be reasonable and shall not impose an undue burden on Portsmouth residents having access to other South Hampton Roads areas, consistent with the financial considerations of the project. D. Portsmouth shall have reasonable representation on the Independent Review PaneL" Ayes: Heretick, Moody, Psi mas, Smith, Whitehurst, Holley Nays: Randall - City Manager's Report - 08 - 331 - Adoption of a 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 Victory Conference Center Hotel, LLC, a Virginia Limited Liability Company, of not to exceed $30,000,000 of the Authority's tax-exempt new Empowerment Zone Facility Revenue Bonds to finance a portion of (1) the cost of a 200-250 room full-service hotel, and the land associated therewith, (2) a debt service reserve fund, (3) capitalized interest, and (4) the costs of issuing such bonds, and designating a portion of such bonds 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 principal of Victory Conference Center Hotel, LLC is in the process of negotiating and executing an agreement to purchase a 7 .:!: acre parcel in the new mixed use development of Victory Village. The master developer, Victory Crossing Developers II, LLC has acknowledged the issuance of a purchase agreement for the land. The proposed hotel will be a companion development to a conference center to be developed by Victory Conference Center, LLC. These two projects are compatible with the mixed use concept of Victory Village. Discussion: . A 200-250 room full service hotel will be constructed. It is projected that the hotel will commence construction in November 2008, with completion in April 2010. The project's estimated cost is $50,000,000.