Minutes 11/10/1987 - Laserfiche WebLink

Home Browse Search

50.2 November 10, 1987 WHEREAS, the Virginia Port Authority has requested that said property be transferred in order to facilitate expansion of the operations of CSX Transportation, Inc., and Nissan and has agreed to enter into development agreements in order to provid~.for the construction of said .faci~.ities;' and WHEREAS, ~the~ app'rdised value of the c~it~'owned property is $i60,736.'~40; and WHEREAS, the City Council deems it to be in the best interest of the City to provide for such development to expand the use of taxable property in the City; and WHEREAS, Section 2.09 (c) of the Charter of the City of Portsmouth provides that property may be conveyed to the Commonwealth of Virginia or a political subdivision thereof~ without advertisement and receipt of bids; WHEREAS, t~9 Virginia Port Authority is a political subdiviki~'~'o~ th'~"C6mm~n~ealth~of Virginia. NOW, THEREFORE, BE IT RESOLVED by the Council of the 'City of Portsmouth, Virginia, that the City Manager be, an'd he hereby is, authorized to enter into an agreement with the Virginia Port Authority conce~nihg the development of certain real property in the Port area. BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, authorized to cohvey to the Virginia Port Authority for the sum of $160,736.40 the following described property, to-wit: All that certain lot or parcel of land located in the City of Portsm6uth, Virginia, totaling 2.462 acres located east of and adjacent to the Pinners Point Sewage Treatment Plant of the City of Portsmouth bounded on the north and east by Seaboard Avenue~ on the south~by property of the Elizabeth River Tunnel Commission and Martin Luther King Freeway; and on the west by the property of the City of Portsmouth. BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, authorized to sign such deeds and other documents as may be necessary to convey such property and to carry out the intent of said development agreement." Ay~':~B~n~'~C~r~ew~ Gray, Lucas, Simpson, Webb, Holley Nays: None 87-477 - Letter from the City Manager recommending adop- tion of a motion to authorize the execution of a Fifth Amendment to the development agreement to Seaboard Coastline Associates. "Seaboard Coastline Associates has requested that the City and PRHA agree to a revision of their existing Development Agreement for the Seaboard Coastline Building. Due to certain unforeseeable causes, the developer has been unable to complete construction of the high quality restaurant to be located in the building by September 1, 1987 as provided in the Fourth Amendment to the Development Agreement. In addition, the completion of the publicly-owned parking garage currently under construction adjacent to the Seaboard Building requires revisions of the parking conditions as contained in the Development Agreement, as amended. I, therefore, recommend adoption of a Motion authorizing the execution of a Fifth Amendment to the Development A~reement with Seaboard Coastline Associates."