Minutes 11/14/2000 - Laserfiche WebLink

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NOVEMBER 14, 2000 Motion by Mr. Robinett, and seconded by Mr. Moody, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION AUTHORIZING A COOPERATION AGREEMENT WITH THE INDUSTRIAL DEVELOPMENT AUTHORITY FOR THE CITY OF PORTSMOUTH, A PERFORMANCE AGREEMENT WITH CFW COMMUNICATIONS, INC., AND THE TRANSFER OF AN APPROXIMATELY 2.33 ACRE PARCEL OF LAND IN THE PORTCENTRE COMMERCE PARK TO THE INDUSTRIAL DEVELOPMENT AUTHORITY. WHEREAS, the Industrial Development Authority of the City of Portsmouth ("IDA") has entered into a contract to sell the PortCentre I Building in the PortCentre Commerce Park to CFW Communications, Inc., ("CFW"); and WHEREAS, the terms of that contract may require that the IDA expend funds in fulfillment of certain obligations under the contract such as complying with the terms of a Master Lease for a portion of the PortCentre I Building; and WHEREAS, the IDA may require financial assistance from the City of Portsmouth ("City") in order to satisfy said obligations; and WHEREAS, the City is willing to enter into a Cooperation Agreement with IDA by which the City agrees to provide such financial assistance to the IDA as is required for the IDA to perform said obligations; and WHEREAS, the City has also applied for and will receive a grant from the Governor's Opportunity Fund to fund certain improvements to the PortCentre I Building; and WHEREAS, the terms of the grant require that the City enter into a Performance Agreement with CFW by which CFW obligates itself to certain capital investment and employment figures and agrees to use the grant funds only to fund improvements to the PortCentre I Building; and WHEREAS, the City and CFW are willing to enter into such a Performance Agreement; and WHEREAS, the terms of the PortCentre I Building sale contract grant CFW an option to purchase a parcel of land of approximately 2.33 acres adjacent to the PortCentre I Building site, which parcel is currently owned by the City; and WHEREAS, the City is willing to transfer title of the parcel to the IDA in order for the IDA to perform its obligations under the contract. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that the City Manager, for and on behalf of the City, is authorized: 1. To execute and deliver to the Industrial Development Authority of the City of Portsmouth a Cooperation Agreement for the purpose of enabling said Authority to meet its financial obligations to CFW Communications, Inc., under the Authority's contract to sell the PortCentre I Building to CFW Communications, Inc. The Cooperation Agreement shall be substantially in the form as set out in Attachment A hereto, subject to such changes as the City Manager determines to be needed. 2. To execute and deliver to CFW Communications, Inc., a Performance Agreement containing such terms and conditions as are required by the regulations governing grants from the Governor's Opportunity Fund. The Performance Agreement shall be substantially in the form as set out in Attachment B hereto, subject to such changes as the City Manager determines to be needed.