Minutes 11/12/2013 - Laserfiche WebLink

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November 12, 2013 Financial Impact • The construction estimate for this project is approximately $25 million. The City of Portsmouth is requesting $5 million at this time. • The City must provide a $5 million match. This requires a $5 million commitment in the City CIP. • City staff will be applying for federal grants in an effort to obtain the $15 million balance. Funding already in place will serve as matching funds. Recommended Action: • Adoption of the resolution. Vision Principles: Neighborhoods and a Sense of Community, and a Robust Economy for Working Men and Women. Next Steps Following Council Action: • Submit resolution to VDOT by November 12, 2013. Motion by Mr. Meeks, and seconded by Ms. Psimas, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION SUPPORTING PARTICIPATION IN THE VIRGINIA DEPARTMENT OF TRANSPORTATION FISCAL YEAR 2015 REVENUE SHARING PROGRAM FOR THE REPLACEMENT OF THE CHURCHLAND BRIDGE (NORTHBOUND LANES). WHEREAS, the planned replacement of the Northbound Lanes of the Churchland Bridge is estimated to cost $25,000,000; and WHEREAS, the City of Portsmouth desires to submit an application for an allocation of funds in the amount of $5,000,0000 through the Virginia Department of Transportation Fiscal Year 2015 Revenue Sharing Program; and WHEREAS, these funds are requested to partially fund construction costs for the Churchland Bridge (Northbound Lanes) project and will be supplemented with City Capital Improvement funds and funds from other sources. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that it hereby supports the application for an allocation of $5,000,000 through the Virginia Department of Transportation Revenue Sharing Program. BE IT FURTHER RESOLVED that the City Manager or his designee is authorized to execute project administration agreements for any approved revenue sharing projects." Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Randall, Wright Nays: None 13 - 463 -Adoption of a resolution authorizing the City Manager to execute a cooperation agreement, deed, and any other documents as may be necessary to convey those properties bounded Portsmouth Fire Station No. 1, Effingham Street, Lincoln Street, and Green Street and any associated easements or remnant and outlier parcels as may be determined necessary to the Economic Development Authority of the City of Portsmouth. Vision Principles: A Robust Economy for Working Men and Women, and Neighborhoods and a Sense of Community. Background: • The City of Portsmouth owns 20 lots as described above and shown on the attached map which collectively total 3.935 acres. • The lots are the subject of proposed contracts between the EDA and two separate developers who collectively propose to rezone, subdivide and develop the lots into three sites for retail use. Two of the users have been identified and a third is prospective.