Minutes 11/23/2010 - Laserfiche WebLink

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November 23. 2010 That the General Assembly of Virginia is hereby requested to amend the Charter of the City of Portsmouth, Virginia, as follows: 1. Overall modernization of the Charter through removal of outdated and unnecessary provisions, rewording so as to make the Charter shorter and more understandable, and various other revisions of similar import, as more particularly set forth in the Report of the William B. Spong Charter Review Commission, a copy of which is attached hereto and made a part of this resolution. 2. Elimination of the requirement that a Council Member must resign in order to run for the Office of Mayor. 3. Moving the date of City Council elections from May to the November date on which other general elections are held." Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright Nays: None 10 - 540 - Adoption of a resolution authorizing the City Manager to execute a cooperation agreement, deed and any other documents as may be necessary to convey 3101 Detroit Street, 0 Detroit Street and 424 Douglas Avenue to the Economic Development Authority of the City of Portsmouth. Background: . The City of Portsmouth owns three properties totaling approximately 7.5 acres that collectively form the site of the former Port Norfolk Elementary School. . The properties are the subject of a Memorandum of Intent executed between the City and Hull's Creek Properties, LLC dated July 7, 2010 wherein the City stated its desire to have the properties developed for a beneficial and taxable use that contributes to the quality of life and Hull's Creek Properties stated its desire to develop the property in accordance with the City's goals. . The property has a zoning designation that allows for Urban Residential development. . Hull's Creek Properties initially proposed a mix of single family attached and detached, single family, for sale, market rate homes for the property. At the time of execution, the MOl was revised to allow approximately 40 single family detached housing units; excluding attached units. . All due diligence contemplated under the MOl has been completed. . Hull's Creek Properties has advised the City it wishes to proceed with the transaction. Discussion: . The developer has worked in good faith with community representatives and the City Planning Department. As a result of this work, the plan has been substantially revised from its initial concept. It now calls for approximately 20 housing units, larger lots fronting on Hamilton Avenue and significant reservation of property for open space or wetland restoration. Financial impact: . There is no financial contribution to this development contemplated by the City. . The appraisal conducted by the City values the property for subdivision purposes at $10,000 per newly created lot. Initially expected to yield a sales price of $400,000, the developer is now proposing a cash offer of $230,000 based on the development of 23 lots. . A Fiscal Impact Study conducted by the developer shows net annual revenues to the City resulting from the development to be approximately $52,000. Over a twenty year period, discounted at 5%, the net present value of the development is $839,000. . There will be a short term economic impact from the construction activity and the proceeds from the sale detailed in the attached Fiscal Impact Analysis. . The property is currently not taxable and the City pays for its maintenance. These expenses in the City's operating budget will be eliminated.