Minutes 07/12/2011 - Laserfiche WebLink

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July 12. 2011 Financial Impact: . There is no financial impact to the City. Recommended Action: . Adoption of an ordinance. Vision Principle: Thriving Neighborhoods and a Sense of Community. Next Steps Following Council Action: . If the requested appropriation is approved, the Director of DBHS will ensure funds are properly dispersed and are used for the Part C program. Motion by Mr. Edmonds, and seconded by Ms. Randall, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO APPROPRIATE IN THE FY 2011-12 BEHAVIORAL HEAL THCARE SERVICES FUND THE SUM OF $5,246 RECEIVED FROM THE VIRGINIA DEPARTMENT OF BEHAVIORAL HEALTH AND DEVELOPMENTAL SERVICES AS ONE-TIME ADDITIONAL FUNDS FOR THE EARLY INTERVENTION TARGETED CASE MANAGEMENT PROGRAM." Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright Nays: None 11 - 283 - Adoption of a resolution approving a Cooperation Agreement between the Economic Development Authority for the City of Portsmouth and Oxford Properties LLC concerning the sale and development of the Civic Center and Desks, Inc., sites at 0 Water Street, 1 Water Street, 800 Crawford Street and 805 Guardian Court. Vision Principle: Bold New Directions. Background: . The City of Portsmouth owns several lots in Downtown collectively totaling approximately 4.5 acres that form the properties commonly referred to as the Civic Center and Desk Inc. sites. . The properties are the subject of a Memorandum of Intent executed between the City and Oxford Properties, LLC dated July 31, 2010 and 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 Oxford stated its desire to develop the property in accordance with the City's goals. . Resolution No. R-11-06, adopted February 8, 2011, authorized the City Manager to execute a cooperation agreement, deed and any other documents necessary to convey those properties to the EDA for the purpose of facilitating the development subject to City Council review of the agreement between the EDA and Oxford. Discussion: . The project will have a significant positive impact on Downtown and is consistent with the City's comprehensive and area master plans. The addition of these buildings will bring an influx of new residents, have a beneficial fiscal impact, convert two vacant lots into income producing properties that house attractive structures and monetize the assets through sale to a private party. Financial impact: . There is no direct financial contribution to this development contemplated by the City. . The buildings are projected to total approximately 300,000 square feet and have an estimated construction cost approaching $40,000,000. . The gross price for which the EDA will sell the Property to the Developer shall be $3,600,000, based on a per unit price of $12,068.97 per residential unit for 298 units, subject to adjustment in the event fewer units are approved for construction. The final sales price takes into consideration poor soil conditions requiring significant additional investment by Oxford. These considerations have a direct bearing on the actual property value.