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300 <br /> <br />December 13, 1988 <br /> <br /> 88-500 - Letter from the City Manager recommending <br />adoption of a mo~ion to authorize the City Manager to executive <br />a Development Agreement With the Industrial Development <br />Authority, Realty Equities, Inc. and~Salasky-Sedet, Inc.._for <br />the sale and 'development df ~the property now'used as ~he <br />present Churc~land Hlg~h Scnool~slt~. ~- ~ .~ <br /> <br /> "After a number of discussions which included the City <br />Attorney, Director cfi E~onomic De~elop~en~ myseT~and o~hers~ <br />we developed a proposed a~ree~enE~wiE h: Ehe~ de~op~rs:~o~ h~ve <br />been selected for ~he~.si~e of the ex,st ng Ch~r~bl~nd~Hi~h <br />School. A proposed Agreement betwee~the~it~ <br />the Industrial De~lo~ent A~tho~i~ ~f the ~Ci~yvo~Por~s~mO~th, <br />Realty Equities, Inc. and Salasky-Sedel, Inc. 'h~s 5eon prepared <br />for your approval <br /> <br /> As propose~, the existing Churchland High School site <br />would be developed as a mix of high quality retail shops and <br />restaurants, professional offices and home ownership <br />residential un,ts. There are a humber of~condi~ions detailed <br />in the Agreemen% that must be satisfied prior~.to~Cember. 31, <br />1989. These and other aspects of the Agreement ~will be <br />su~arized and reviewed with you by the City Attorney and me at <br />your meetin~O~'-~December 13, 1988. <br /> <br /> Total development cost for~this project is es~ima%ed at <br /> $22,000,000. This would yield over $605,000 in local taxes ~n <br /> the first year Of operation, including over~ $28~000 in sales <br /> and food taxes, and would result in the creatton~f~ <br /> approximately 4~0 jobs. In addition, the City will receive <br /> $3,000,000 in h~t~'~ahd sal~s pr6ceeds. 'I~ ~m ~s~cially pleased <br /> to have reached thi~ milestone ~n liqht of our don~iaui~g lag <br /> in retail sales ~r~th in the City of Portsmouth. The demand <br /> f~r re%ail development ~n the Church~and area %$. <br /> ~tinue-~o~gr~w i~ the future. T~ls aemand' Wi'~t be filled, if <br /> ~nt ih" P0r~smo~h; then ~in' Chesapeake and S~fo~k. <br /> ~ategic: loca$~n~of the ~xisting Churchland~:~igh~ School site <br /> will allow the Cit~ of Portsmouth to capture ~tf share 0f this <br /> retail growth ~'~benefit[ing tne entire City~ <br /> <br /> ~her~for~-;~I ~eeo~n~d that the City Couh~il aPproge a <br /> moti~ to~ a~'~O~iZ~.~, .~ . ~he -~i~tY~ Manager to exe.cut~. <br /> Develbpment ~ent wlt~ .the Ind~st~i~S~e~n~ncl for <br /> Authority,~ R~i~iY~ Squiti'es~ Inc. and ~ ~: Y~ ~:: ~ <br /> ~h~ s~le a~d~<~e~e'nt ~f: the property n~ ~h~.~d..3as" <br /> pres~nt Chu~an~High SChool slt~. ~ % <br /> Mike Evans, 3108 Garland Drive, representing Woodbine <br /> neighborhood, requested a brick wall be built ~ a buffer <br /> between the proposed development and their neighborhood. <br /> <br /> Motion of Mr. Gray and seconded by: Mrs., L~as~ the <br /> following motion was adopted, granting autho~.i~t~ion to the <br /> City Manager to execute the development agree~ .~nd was <br /> adopted by the following vote: <br /> <br /> Ayes: Barnes, Gray, Hawks~ Lucas, Simpson, ~Wehb <br /> Nays: Corprew <br /> <br /> <br />