Minutes 04/27/2010 - Laserfiche WebLink

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April 27. 2010 Discussion: . In order to expend funds on the project an appropriation by City Council is required. This appropriation ordinance is a companion agenda item that should have been on Council's October 13, 2009 agenda and is not in addition to the previous action taken by City Council. Financial Impact: . There is no new financial impact; this ordinance is a technical correction. Staff Recommends: . Adoption of proposed appropriation ordinance. Vision Principle: Lifelong Learning Community. Motion by Mr. Whitehurst, and seconded by Mr. Heretick, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO APPROPRIATE $17,222,170 IN THE FY 2009-2010 ECONOMIC STIMULUS FUND IN MONIES RECEIVED FROM THE VIRGINIA DEPARTMENT OF EDUCATION FOR THE ACQUISITION, CONSTRUCTION, AND EQUIPPING OF THE NEW SIMONSDALE ELEMENTARY SCHOOL." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 10 - 205 - Adoption of a resolution authorizing a Memorandum of Intent with Portsmouth City Center, LLC, concerning the proposed Portsmouth City Center Development Project. Vision Principle: Bold New Directions. Background: . Bon Secours Health System desires to proceed with a major expansion of Maryview Hospital. In order to make the expansion feasible, extensive support facilities and amenities will be necessary at an adjacent location or locations. The facilities and amenities will be collectively referred to as "Portsmouth City Center." This resolution authorizes a Memorandum of Intent ("MOl") with Portsmouth City Center, LLC (the "Developer") to develop Portsmouth City Center, contingent on Maryview committing to the expansion. Discussion: . The Maryview expansion is ultimately expected to entail capital investment in excess of $200,000,000. It will create numerous additional jobs and will enhance Maryview's status as a regional "hub" for medical services. . Portsmouth City Center will be developed on land currently owned by the City. It will be developed in phases over several years. It will include medical office buildings, retail, entertainment, housing, and structured parking. It will be privately owned and fully taxable and it will generate very substantial new tax revenues to the City. . Following execution of the Memorandum of Intent, a legally binding Development Agreement will be negotiated by the City Manager and City Attorney. It will be subject to the approval of City Council. . Approval of the MOl comprises a preliminary legislative finding that the project is in the public interest. Financial Impact: . The Project is expected to have a significant positive impact on the City's revenues, but the projected additional revenues will not be calculated until the Development Agreement is complete. Recommended Action: . Adoption of the resolution is recommended. Vision Principle: Bold New Directions.