Minutes 05/28/2013 - Laserfiche WebLink

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May 28, 2013 Financial Impact: • The Pension Plan's Actuary, New York Life, has estimated the cost of eliminating the Social Security offset to be a roughly $21 million liability which will be included in the sale of the pension obligation bonds in June 2013. This additional liability will increase the City's Annual Required Contribution to cover the debt service by approximately $2 million per year. The General Fund portion of this cost is estimated to be approximately $900, 000. Recommended Action: • Adoption of the amended ordinance. Vision Principles: A Robust Economy for the Working Men and Women, and Pride of Past. Next Steps Following Council Action: • The City Code will be updated to reflect the language change. 1. Mark Geduldig-Yatrofsky, P.O. Box 50141, spoke in opposition to this item. Motion by Mr. Moody, and seconded by Mr. Meeks, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO AMEND CHAPTER 30 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) BY AMENDING SECTIONS 30-117(a) AND 30- 119(a), AND BY REPEALING SECTION 30-133, ENTITLED "SOCIAL SECURITY BENEFITS," TO ELIMINATE THE "SOCIAL SECURITY OFFSET" REDUCTION OF BENEFITS FOR RETIREES UNDER THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM." Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Wright Nays: None 13 - 224 -Adoption of a resolution accepting title to various properties owned by the Portsmouth Port and Industrial commission in the Sugar Hill section of the City. Vision Principle: Neighborhoods and a Sense of Community. Background: • The City and its affiliates (primarily PPIC, although PRHA owns one of the improved lots) are the majority landowners of those various lots within the Sugar Hill neighborhood. • Beginning in 1978 the City of Portsmouth and PPIC began acquiring property in the Sugar Hill neighborhood. The acquisitions were begun as a redevelopment project that anticipated dredging Scott's Creek and constructing a marina and waterfront community. • The two political subdivisions have subsequently become the majority landowners within the neighborhood and collectively own 11.02 acres with an assessed land value of $1,203,930. This includes the recent commitment to purchase 318 and 319 Roberta Streets for $9,000. Many of these lots had previously contained buildings which were demolished. There are no buildings remaining on these public properties. • The Portsmouth Redevelopment and Housing Authority is the owner of a single, improved lot consisting of .28 acres with an assessed value of $147,610. • The privately held properties in the neighborhood total 1.35 acres consisting of 15 lots with an assessed value of $892,020. This includes 10 improved lots. • There are no current plans for the development or redevelopment of those properties within Sugar Hill. Future use of the public properties potentially includes redevelopment as a residential subdivision or for either active or passive recreational use. • PPIC recommends that the publicly held property in Sugar Hill be consolidated under single ownership and that the City of Portsmouth accept a transfer of all those various lots owned by it.