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268 <br /> <br />November 22, 1988 <br /> <br />component of River Pointe. In anticipation of marketing the <br />office component, River Pointe Corporate Center, we are ready to <br />accomplish the necessary land transactions. The total acreage <br />in the office parcel has been determined by survey to be 43.7 <br />acres. The City - E~.S.G~ Ente~rprises Agreement Of May 14, 1985, <br />stipulated that E.S.G. was to'release sufficient property in. <br />this parcel to pay their share of the joint public improvements. <br />The cost of the public improvements was certified by the City <br />Engineer to be $688,~46..50% In accordance w~th the Agreement, <br />the cost to be absorbed-by E~S%G. in, the form Df property <br />released is computed as fol~lows: <br /> <br />E.S.G Costs = 1/2 x $688,646.50 = $344,323.25 <br /> <br />Acres~to City = E.S.G. Costs ~-CY 1988 price per acre = $344,323.26 ~ $12,59~.75" <br /> = 27.3 acres <br /> <br /> The Portsmouth Port and Industrial Commission and the <br />Portsmouth Industrial Development Authority, through a- <br />combination of land e~changes and out~i~ht purchase, will <br />acquire the remaining 16.36 acres of the office parcel. In <br />order to market the property t~r~gh the P~rtsmouth Port and <br />Industrial Commission, I recommend that all of the office <br />parcel, including the property to'be acquired by the City of <br />Portsmouth, be conveyed to the Portsmouth Port and Industrial <br />Commission. Upon sale of the property, the Portsmouth Por%~and <br />Industrial Commission will return to the Cit~ its pro rata share <br />(62.6%) of the net sale proceeds. <br /> <br /> The City Attorney has prepared a resolution to effect <br />these transitions and I recommend its approval. <br /> <br />*Based upon $11,580/acre in 1985 adjusted annually by CPI <br />increases. Confirmed by Department of Economic Development." <br /> <br /> Motion of Mr. Gray and seconded by Mr. Barnes, the <br />following resolution was adopted and by the following vote: <br /> <br /> "A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY 43.7 <br />ACRES OF REAL PROPERTY TO THE PORTSMOUTH PORT AND INDUSTRIAL <br />COMMISSION. <br /> <br /> WHEREAS, by Deed dated June 10, 1986, the City acquired <br />certain hereinafter~ described real property from ESG <br />Enterprises, Inc. for the purpose of creating a CommerCial and <br /> Industrial Office Park; and <br /> <br /> WHEREAS, Said prOperty was a~quired subject to the terms <br /> of a certain Deed of Trust dated June 10, 1986 recorded in the <br /> Clerk's Office of t~he Circuit Court of the City of Portsmouth, <br /> Virginia, in Deed Book 962, Page 571, for the payment of the <br /> purchase price thereof; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth deems it to <br />be in the best interest of the City to convey said property to <br />the Portsmouth Port and Industrial Commission for the purpose of <br />marketing and development of the Commercial and Industrial <br />Office Park; and <br /> <br /> WHEREAS, Section 2.09 (K) of the Charter of the City of <br />Portsmouth provides that the City may convey real property to <br />the Commonwealth of Virginia or political subdivision thereof; <br />and <br /> <br /> <br />