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November 22, 1988 <br /> <br />269 <br /> <br /> WHEREAS, the Portsmouth Port and Industrial Commission is a <br />political subdivision of :the Commonwealth of,Virginia; and <br /> <br /> WHEREAS, the Portsmouth Port and Industrial Commission has <br />agreed to pay to the City as the purchase price for the subject <br />property the sum of 62.6% of the net proceeds of the sale of each <br />parcel created within the said 43.7 acre tract of land. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />Portsmouth, Virginia, that the City Manager be, and hereby is, <br />authorized to convey to the Portsmouth Port and Industrial <br />Commission the following described property, to-wit: <br /> <br />of <br /> <br />Ail that certain piece or parcel of land, <br />situate, lying and being in the City of <br />Portsmouth, Virginia, as shown on that certain <br />plat entitled "Plat of Parcel 1 of River Pointe <br />to be conveyed to City of Portsmouth, Virginia <br />dated May 21, 1986, prepared by Talbot and <br />Associates, Ltd., which plat is recorded in the <br />Clerk's Office of the Circuit Court of the City <br />of Portsmouth, Virginia, in Map Book 13, Page 140. <br />Said parcel consisting of 43.7 acres. <br /> <br /> BE IT FURTHER RESOLVED that the City Manager be, and hereby <br />is, authorized to sign such deeds and other documents as may be <br />necessary to carry out the intent of this resolution." <br /> <br /> Ayes: <br /> Nays: <br />Abstained: <br /> <br />Barnes, Corprew, Gray, <br />None <br />Hawks - <br /> <br />Lucas, Webb <br /> <br /> Mr. Hawks abstained from voting on this item because he <br />legal representative of one of the parties involved in this <br />action. <br /> <br />is a <br /> <br />88-463 - Letter from the City Manager recommending adoption <br /> <br />of: <br /> <br />(A) <br /> <br />Ordinance appropriating $16,000 from the CIP for an <br />option to purchase the site from the Portsmouth <br />Industrial Foundation. <br /> <br /> (B) Motion to authorize the City Manager to execute an <br /> option agreement with the Portsmouth Industrial <br /> Foundation. <br /> <br /> "The Portsmouth Industrial Foundation, Inc. on December 4, <br />1986, offered to sell the City property it owns off of Ceda~ Lane <br />for the proposed new Churchland High School. This letter <br />established a price of.$15,000 an acre with the agreement t~at th~ <br />"old Churchland High School" site be used for non-residential <br />development. This condition was modified on July 11, 1988 Go rea~ <br />as follows:. <br /> <br />"That 40% of the usable land should be <br />used for non-residential development." <br /> <br />Attached are copies of the December 4, 1986 and July 11, 1998 ~ <br />correspondence from the Portsmouth Industrial Foundation. The <br />original PIE site~totaled 47.908 acres. In 1986, PIF sold ~o tk~l <br />State Highway Department 3.318 acres for $252,300 or $76,03~.78 ~ <br />acre. T~erefore, the site now totals 44.59 acres ($15,000 ~ 44. <br />= $668;850). As you can see, $15,~00 is. an extremely favorable <br />price when one considers that the otate H~ghway Department ~aid <br />five times our price. The PIF has agreed to g~ant an optio~ to <br /> <br /> <br />