Minutes 07/12/2011 - Laserfiche WebLink

Home Browse Search

July 12. 2011 . Proceeds from the transaction will be distributed in such manner as determined by City Council at a future time. . There will be a positive short term economic impact from the construction activity and the proceeds from the sale. . The property is currently not taxable and the City pays for its maintenance. These expenses in the City's operating budget will be eliminated. . Currently the City utilizes these lots for surface parking and a plan for alternative arrangements will need to be developed. Recommended Action: . Authorize the execution of the Cooperation Agreement. Next Steps Following Council Action: . The EDA will execute final Sale and Development Agreements with Oxford Properties. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in support of this item. Motion by Mr. Heretick, and seconded by Mr. Moody, to adopt the following resolution, and was adopted by the following vote: "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. WHEREAS, the City of Portsmouth owns several properties in Downtown totaling approximately 4.5 acres that collectively form the sites commonly referred to as the Civic Center and Desks, Inc, sites; and WHEREAS, the properties are the subject of a Memorandum of Intent executed between the City and Oxford Properties, LLC ("Developer"), dated July 31, 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 the Developer stated its desire to develop the property in accordance with the City's goals; and WHEREAS, all due diligence contemplated under the Memorandum of Intent has been completed by the Developer; and WHEREAS, Sale and Development Agreements for each of the two sites have been negotiated between the Developer and the Economic Development Authority of the City of Portsmouth, Virginia (EDA); and WHEREAS, the approval of the terms of a proposed Cooperation Agreement will permit the EDA to convey the subject properties to the Developer; and WHEREAS, proceeds from the sale of the properties will be distributed in such manner as determined by City Council at a future date; and WHEREAS, the proposed development is consistent with the City's comprehensive and area master plans and will bring an influx of new residents to Downtown, will have a beneficial fiscal impact, including the conversion untaxed vacant parcels into taxable income-producing properties that house attractive structures, and will monetize the assets through sale to a private party. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that the City Manager is hereby authorized to execute a Cooperation Agreement with the Economic Development Authority of the City of Portsmouth, Virginia containing terms substantially similar to those recited above."