Minutes 07/27/2010 - Laserfiche WebLink

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July 27.2010 Background: . Oxford Properties, an established developer of high-quality residential projects in urban areas, wishes to consider developing two major sites in the downtown area. Those sites are the Civic Center parking lot and the property commonly known as the "Desks, Inc." property, which is across Crawford Street from City Hall. Discussion: . The resolution authorizes a non-binding Memorandum of Intent ("MOl") between the City and Oxford. . Under the MOl, Oxford would be given a certain period of time to explore the feasibility of developing these properties for the desired purpose. . If Oxford determines the development to be feasible, it will then proceed to a planning and design phase. . During the planning and design phase, there will be direct interaction with the City and the community about all details of the possible development. . If there is agreement on the project, and only if there is agreement, the parties will proceed to a legally binding Sale and Development Agreement, which will be subject to the ultimate approval of City Council. If there is no agreement, then the properties will remain available for other developers. . The project could contribute to relocating the jail away from the downtown waterfront. Financial Impact: . If the project goes forward, there will be material positive impact on the City's financial condition, but the exact amount cannot be determined at this time. Recommended Action: . Adoption of the resolution is recommended. Vision Principles: Bold New Directions and Thriving Neighborhoods and a Sense of Community. Next Steps Following Council Action: . Work as needed with Oxford on determining feasibility. . If the project is deemed feasible, work with Oxford on planning and design. 1. Garland Alexander, 3400 Nelson Street, spoke in opposition to this item. Motion by Ms. Psimas, and seconded by Ms. Randall, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING THE EXECUTION OF A MEMORANDUM OF INTENT WITH OXFORD PROPERTIES, LLC, CONCERNING THE DEVELOPMENT OF CERTAIN DOWNTOWN PROPERTIES. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager is hereby authorized and directed to sign a Memorandum of Intent with Oxford Properties, LLC, that is substantially the same as the instrument which is attached to, as approved by the City Attorney. BE IT FURTHER RESOLVED that the City Manager and the City Attorney shall thereafter take such other and further steps as may be needed to implement the intent of the Memorandum of Intent, and they shall report to City Council from time to time about the status of the matter. BE IT FURTHER RESOLVED that this resolution shall be effective immediately upon its adoption." Ayes: Cherry, Heretick, Moody, Psi mas, Randall, Whitehurst Nays: None