Minutes 05/11/1988 - Laserfiche WebLink

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May 11, 1988 f) on ~otion of Mr. Simpson ~nd'seco~ded by Mrs. Lucas, the following~ordinan~ce was approved on first reading, and by unanimou~ vote: "AN ORDINANCE TO AMEND ARTICLE VII OF CHAPTER 35 OF THE CODE OF THE CITY OF PORTSMOUTH,~VIRGINIA, 1973, BY ADDING THERETO SECTION 35-120.1, PERTAINING TO UTILITY TAX FOR EMERGENCY (E-911) TELEPHONE SYSTEM. 88~1~93- Letter from the City Manager recommending adopt- ion of a resolution authorizing portions of the CSX Railroad Right-of-Way property in Churchland be purchased by IDA for sale to adjoining land owners as purchaser agreements are completed. "Purchase of the former CSX Railroad Right-of-Way in Churchland .by'the City of Portsmouth has been completed at a cost of $155,525 which includes the purchase price, the survey and the appraisal. In order-to recoup our investment in this property and to maximize its potential use, I recommend that you authorize conveyance of portions of the Right-of-Way to the Industrial Development Authority for sale to adjoining lard owners as sales agreements are concluded. The Director of Economic Development has prepared an analysis of projected sales revenues from the primary purchase candidates based upon a recommended sales price of $44,867 per acre ($1.03 per square foot) as shown on the attached. This will enable'the City to receive revenues of $156,945 from the primary purchase ~andidates~, thus ensuring revenues~-sufficient to offset our expenses which should not exceed $157,000. The owners of both Churchland Shoppi~ng Center and Towne Point Associates I are prepared to purchase and develop portions of the Right-of-Way frontage adjoins property designated as a future fire station site. It would be in the City's best interest to retain that portion of the Right-of-Way until a decision regarding the fire station is made. Should the City not purchase the site for a fire station, the additional Right-of-Way could be sold to Towne Point Associates at that ~time~' Similarly, the Churchland High School frontage can be conveyed once final decisions regarding that site are made. The attached resolution has been prepared by the City Attorney and I recommend its approval." On motion of Mrs. Lucas and seconded by Mr. Simpson, the following reSoluti'on was adopted, and by the following vote: "A RESOLUTION AUTHORING THE CITY MANAGER TO CONVEY PORTIONS OF THE FORMER CSX TRANSPORTATION, INC., RAILWAY RIGHT-OF-WAY TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH. WHEREAS, by deed dated March 25, 1988, recorded in the Clerk's Office of the Circuit Court of the City of Portsmouth, Virginia, in Deed Book 1004, page 1403, the City of Portsmouth purchased the abandoned railroad right-of-way of CSX Transportation, Inc., extending from the boundary between Portsmouth and Chesapeake to Town Point Road; and