Minutes 10/12/2010 - Laserfiche WebLink

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October 12. 2010 Discussion: . The Cooperation Agreement calls for the Portsmouth Redevelopment and Housing Authority ("PRHA") to acquire the property from the City and then convey it to a private developer. . The private developer will then restore the property at developer's sole cost and expense. . The developer will remediate all environmental concerns and honor all exterior design requirements related to historic preservation. . The property, once thus acquired by the private developer and restored, will be returned to the tax rolls. It may also stimulate further private sector investment and development in the immediate area. Financial Impact: . The project will result in additional net tax revenues to the City. The exact amount cannot be determined at this time. Recommended Action: . Adoption of the resolution is recommended. Neighborhoods and a Sense of Community. Vision Principle: Thriving Next Steps Following Council Action: . Execute Cooperation Agreement. . Acquire property from Navy. . Convey property to PRHA, and thence to private developer. . Property to be restored by developer. Motion by Mr. Whitehurst, and seconded by Ms. Psimas, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING A COOPERATION AGREEMENT WITH THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY FOR THE PURPOSE OF FACILITATING RENOVATION AND ADAPTIVE RE-USE OF THE FORMER NAVY YMCA BUILDING AT 517 KING STREET. WHEREAS, the building commonly known as the "Navy YMCA" located at 517 King Street was constructed as St. Joseph's Academy in 1916, was expanded and renamed as St. Paul's Elementary School in 1949, and has been deemed a contributing resource to the Portsmouth Downtown Historic district by the State Historic Preservation Officer; and WHEREAS, the building has fallen into a state of extreme disrepair, and WHEREAS, the United States Navy, which owns the property, no longer has any need for it and is willing to convey it to the City for the purpose of restoration and adaptive re-use as a historic structure, and WHEREAS, the City, working in cooperation with the Portsmouth Redevelopment and Housing Authority ("PRHA"), has made arrangements with a private developer to bring about the needed restoration, and WHEREAS, City Council has authorized a Programmatic Agreement with the Navy by Resolution R-09-58, adopted October 13, 2009, for the general purpose of acquisition of the property; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1 . That the City Manager is hereby authorized to enter into a Cooperation Agreement with PRHA substantially the same as that which is attached hereto, for the purpose of facilitating the private sector restoration of the Navy YMCA.