Minutes 10/26/2010 - Laserfiche WebLink

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October 26. 2010 Discussion: . The revenue received from Dominion was not anticipated in the City's adopted budget. . Allowing the EDA to retain these funds as full payment for the two lots will enable the resolution of an issue that has been outstanding for an extended period of time. Financial impact: . There is no direct financial impact to the City's general fund budget. However, the implicit value of this resolution is to memorialize the City's financial support for acquisition of the Frederick Boulevard properties. Recommended Action: . Adoption of the resolution. Vision Principle: A Robust and Prospering Economy. Next Steps Following Council Action: . None. Motion by Mr. Heretick, and seconded by Ms. Psi mas, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING THE ECONOMIC DEVELOPMENT AUTHORITY TO RETAIN A PAYMENT OF $223,960 RECEIVED BY THE AUTHORITY FROM DOMINION VIRGINIA POWER FOR AN EASEMENT OVER PROPERTY OWNED BY THE CITY OF PORTSMOUTH IN THE CITY OF SUFFOLK. WHEREAS, the Economic Development Authority (EDA) has received $223,960 from Dominion Virginia Power (Dominion) for an easement across City owned property in Suffolk; and WHEREAS, payment was made to the EDA as a result of a cooperation agreement between the City and EDA under which the City conveyed its interests in the property to the EDA for the purpose of having the EDA convey them to Dominion in accordance with Virginia law concerning property transfers by public entities; and WHEREAS, the EDA desires to retain the funds received from Dominion in full satisfaction of expenses incurred by it in the acquisition and demolition of properties at 3100 Dartmouth Avenue and 3100 Brighton Avenue in furtherance of the City's development of the former I.C. Norcom High School site. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that it hereby authorizes the Economic Development Authority (EDA) to retain funds totaling $223,960 received by the EDA from Dominion Virginia Power for an easement across City property in the City of Suffolk. BE IT FURTHER RESOLVED that said funds shall be in full satisfaction of all expenses incurred by the EDA during its acquisition, demolition and other costs related to the clearing of properties at 3100 Dartmouth and 3100 Brighton Avenues for the benefit of the City. BE IT FURTHER RESOLVED that the City Manager is hereby authorized to execute any documents that he deems necessary and in the interest of the City to accomplish the purposes of this resolution." Ayes: Cherry, Heretick, Moody, Psi mas, Randall, Whitehurst, Griffin Nays: None - New Business - 10 - 497 - Boards and Commissions There were no appointments.