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501 <br /> <br />November 10, 1987 <br /> <br />Avenue and now known as Beacon Road and a line drawn <br />parallel to and distant 150 fee~ wesb~ from the <br />western line of Beacon Road. Said street is shown on <br />tax map 475 and adjoins Parcels 6, 7, 8 and 33 as <br />shown on said map and is designated,~as Kart'on Street <br />on said map." <br /> <br />Ayes: Barnes, <br />Nays: None <br /> <br />CqrPrew, Gray, Lucas, Simpson-,~ Ne~b.,~ Holl~y <br /> <br /> 87-476 - Letter from the City Manager recommending adop- <br />tion of a resolution authorizing the City Man.ager to execute an <br />agreement with the Virginia Port Authority regarding development <br />of property in the Pinner's Point area. <br /> <br /> "I am writing to recommend that City Council authorize the <br />execution of an Agreement with the Virginia Port Authority ("VPA") <br />concerning exchange, sale and development of property in the <br />Pinner's Point area. <br /> <br />Highlights of this Agreement are: <br /> <br />1. The City agrees to exchange 2.462 acres of property <br />adjacent to the Pinner's Point Sewage Treatment Facility for <br />~2.462 acres of VPA owned property adjacent to the <br />northeastern boundary of the NISSAN facility. The needs of <br />the Hampton Roads Sanitation District Commission related to <br />the Virginia Initiative Project are protected. <br /> <br />2. The property to be acquired by VPA~will be made availabls <br />for conveyance to CSX Transportation, Inc, ~CSXT") pursuant <br />to an exchange of property between UPA and CSXT totaling <br />9pp~oxi~atel¥ 22.660 acres each. Therefore, there will be <br />~o l~crease in net VPA property. CSXT pla~s to. utilize the <br />former City property (~1 above) for support~of~Sea-Land <br />operations. The remainder of the property to be acquired by <br />CSXT from VPA will be improved to accommodate an intermodal <br />transfer facility costing not less than $850,000.00. <br /> <br />3. The property to be acquired by the City adjacent to NISSAN <br />will be conveyed to the Portsmouth Port and Industrial <br />Commission (PPIC) for sale to the purchaser of the NISSAN <br />facility to be utilized for future expansion of NISSAN in <br />Portsmouth. <br /> <br /> I believe that this Agreemen~ is an excellent example of <br />public/pri~ate cooperation. The City.Attorney,s office has <br />prepared the.~attached resolution authorizin~ exeeution of this <br />Agreement, and I recommend City Council's approval." <br /> <br /> Motion of Mrs. Lucas and seconded by Mrs. Webb, the following <br />resolution was adopted and by the following vote: <br /> <br />"A RESOLUTION AUTHORIZING T~E CITY MANAGER TO ENTER INTO AN <br />AGREEMENT WITH THE VIRGINIA PORT AUTHORITY CONCeRNING-THE <br />DEVELOPMENT OF CERTAIN REAL PROPERTY IN THE PORTe-AREA; <br />AUTHORIZING THE CONVEYANCE OF CITY-OWNED PROPERTY TO THE <br />VIRGINIA.PORT AUTHORITY. <br /> <br /> WHEREAS, the City, qwns certain real property adj-acent to the <br />Pinners ~9~nt ~.Sewage Treatment Plant, which prop~.r~y~ is,no longer <br />required for pub%ic u~il,ity put. poses and ~is he~e~y, dee~lared to be <br />excess property; and <br /> <br /> <br />