Minutes 02/08/2011 - Laserfiche WebLink

Home Browse Search

February 8. 2011 Recommended Action: . Authorize the transfer of the subject properties to the Economic Development Authority of the City of Portsmouth. Vision Principles: A Robust & Prospering Economy, and Thriving Neighborhoods & a Sense of Community. Next Steps Following Council Action: . Development of a Cooperation Agreement between the City of Portsmouth and the Economic Development Authority (EDA). . The EDA will negotiate a final Sales and Purchase Contract and Development Agreement with Oxford Properties that codifies the expectations for the project. Motion by Mr. Whitehurst, and seconded by Ms. Randall, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A COOPERATION AGREEMENT, DEED, AND ANY OTHER DOCUMENTS NECESSARY TO CONVEY THOSE PROPERTIES COMMONLY REFERRED TO AS THE DESKS, INC., AND CIVIC CENTER PARKING LOT SITES COMPRISING ALL OR PORTIONS THEREOF OF 1 WATER STREET, 0 WATER STREET, 805 GUARDIAN COURT, 800 CRAWFORD STREET, AND ANY ASSOCIATED EASEMENTS OR REMNANT AND OUTLIER PARCELS AS MAY BE DETERMINED NECESSARY TO THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. The City Manager is hereby authorized and directed to execute and deliver to the Economic Development Authority of the City of Portsmouth (the "EDA") a deed conveying to the EDA certain property commonly referred to as the Desks, Inc., and Civic Center Parking Lot sites comprising all or portions thereof of 1 Water Street, o Water Street, 805 Guardian Court, 800 Crawford Street, and any associated easements or remnant and outlier parcels as may be determined necessary to the Economic Development Authority of the City of Portsmouth, Virginia, as authorized by Portsmouth City Charters2.09(c) and Code of Virginia S15.2-4917. 2. The purpose of the conveyance is to allow the EDA to facilitate private development of the property in a way that preserves and enhances community quality. The City Council hereby finds and determines that a conveyance for this purpose is in the public interest. 3. The deed shall be delivered to the EDA to hold in escrow. The terms of the escrow are that the deed shall not be recorded until City Council has approved a Cooperation Agreement between the City and EDA setting forth in detail satisfactory to City Council how the property shall be developed and used. A further escrow condition is that should such a Cooperation Agreement not be authorized by City Council within one year of the date of this resolution, City Council shall have the right to have the deed returned to the City, unrecorded. 4. The City Manager is hereby authorized to take such further actions and grant such further assurances as may be reasonably necessary to implement the intent of this resolution. The City Attorney shall provide all legal representation and assistance needed to implement this resolution. 5. matter." The City Manager shall report to Council as needed on the status of the Ayes: Cherry, Edmonds, Moody, Randall, Whitehurst, Wright Nays: None