Minutes 06/22/2010 - Laserfiche WebLink

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June 22.2010 Background: . A developer, Hull's Creek Properties, LLC wishes to develop this property for owner-occupied residences. This resolution authorizes a non-binding Memorandum of Intent ("MOl") for that purpose. Discussion: . Following the MOl, the parties shall conduct due diligence to validate that the project will be feasible. . If there is a positive determination, the parties shall negotiate a legally binding Sale and Development Agreement consistent with the MOl. . The property will be transferred to the Economic Development Authority for the purpose of facilitating the project. This transfer will require authorization by City Council by duly recorded vote. Financial Impact: . There will be immediate revenue generated by the sale of the property, and additional future tax revenues will also be generated. These amounts cannot be reasonably determined at the present time. Recommended Action: . Adoption of the resolution is recommended. Neighborhoods and a Sense of Community. Vision Principle: Thriving Next Steps Following Council Action: . Conduct due diligence. . If there is a positive outcome from due diligence, negotiate a legally binding sale and development agreement. . Then, if the transaction meets with the approval of City Council, authorize conveyance of the property to EDA to implement the project. 1. Debra Massenburg, 500 Barlow Drive, spoke in opposition to this item. 2. Monica Williams, 400 Lake Shores Drive, spoke in opposition to this item. 3. John Lifsey, 229 Mount Vernon Avenue, spoke in opposition to this item. 4. Jim Windley, 443 Douglas Avenue, voiced his concern with the property being in a flood zone. 5. Margaret Windley, 443 Douglas Avenue, voiced her concern with the proposed Memorandum of Intent. Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING A MEMORANDUM OF INTENT WITH HULL'S CREEK PROPERTIES, LLC FOR DEVELOPMENT OF THE FORMER PORT NORFOLK ELEMENTARY SCHOOL SITE. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That the City Manager is hereby authorized and directed to execute and deliver a Memorandum of Intent substantially the same as that which is attached hereto, for the purpose of facilitating residential development of the former Port Norfolk Elementary School site. The developer shall be Hull's Creek Properties, LLC. 2. That the City Manager and City Attorney shall take all steps reasonably necessary to implement the intent of this resolution, and they shall report to City Council from time to time about the status of the matter."