Minutes 02/28/2012 - Laserfiche WebLink

Home Browse Search

February 28, 2012 Background: • A developer seeks to redevelop the site of the former Cradock High School for single family residential use. The transaction will be implemented by the Housing Authority. This resolution authorizes a cooperation agreement between the City and the Housing Authority to make the redevelopment possible. Discussion: • The development site is approximately forty-two acres. • It will be developed in four phases and will ultimately have approximately 200 single family residences of good quality for working families. • The developer will pay for demolition of Cradock High School and construction of all new infrastructure for the new development. • Anew recreation center, to include new baseball and football fields, will be built on the grounds of Cradock Middle School to replace the present recreation center in Cradock High School. • Final approval of the new recreation center is still needed from the School Board, which has already given conceptual approval. • The development is expected to stabilize and improve community quality in this entire area of the city. Financial Impact: • The new recreation center will cost $670,000. The City will apply the sale proceeds of $220,000 toward that cost, and it has already appropriated $450,000. Once developed, the new residences will generate significant new tax revenues from a property that presently generates no taxes and does not support any retail sales. The amount of the new tax revenues cannot be predicted at this time. Recommended Action: • Adoption of the resolution is recommended. Vision Principle: Neighborhoods and a Sense of Community. Next Steps Following Council Action: • Sign Cooperation Agreement. • School Board approves new recreation center. • Housing Authority proceeds to implement Development Agreement. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, Portsmouth, VA, asked that the recreational facility be replaced before the original is destroyed. Motion by Mr. Moody, and seconded by Mr. Heretick, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION AUTHORIZING A COOPERATION AGREEMENT WITH THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY CONCERNING REDEVELOPMENT OF THE FORMER CRADOCK HIGH SCHOOL SITE. WHEREAS, the site of the former Cradock High School (the "Property") is approximately forty-two acres in size, and WHEREAS, Cradock High School, with its distinguished history, has been closed since 1992, and WHEREAS, the Property currently houses a recreation and community center for the primary use and benefit of nearby neighborhoods, and WHEREAS, Cradock Properties, LLC (the "Developer"), has been created by a well-established and accomplished Portsmouth developer, Bob G. Arnett, to bring about a positive redevelopment of the Property to benefit all nearby neighborhoods and the City as a whole, and WHEREAS, the Developer has made a proposal to develop the Property in phases so that there will eventually be approximately 200 residences there, and