Minutes 01/13/2015 - Laserfiche WebLink

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January 13, 2015 15 - 24 - Adoption of an ordinance authorizing the refunding of $10,771 to Bank of America for Bank Franchise Taxes erroneously paid during calendar years 2010 through 2012. Vision Principle: Efficient, Responsive Government. Background:  In accordance with §58.1-3990 of the Code of Virginia and §35-14 of the Portsmouth City Code, the Commissioner of Revenue reviewed information submitted by Bank of America related to overpayment in bank franchise taxes for Calendar Years 2010 – 2012. Discussion:  A letter dated December 4, 2014, from the Commissioner of Revenue and addressed to the Department of Finance and the City Treasurer’s Office outlines the request for reimbursement of the overpayment related to bank franchise taxes.  According to the letter, the Commissioner of Revenue reviewed the case based on Bank of America’s filing and through an appeal with the Virginia Department of Tax affecting each locality in the State resulting in a refund.  Pursuant to §58.1-2260 and in agreement with the appeal filed, the Commissioner of Revenue calculated that the amount of $10,771 is due to Bank of America. Financial Impact:  The amount of the bank franchise tax refund due to taxpayer is $10,771 and will not have a material impact on City finances. Recommended Action:  Adoption of the ordinance. Vision Principle: Efficient, Responsive Government. Next Steps Following Council Action:  The City Treasurer’s Office will take the necessary steps to issue the refund. Motion by Mr. Meeks, and seconded by Ms. Psimas, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE TO REFUND THE SUM OF $10,771 TO BANK OF AMERICA FOR ERRONEOUSLY PAID BANK FRANCHISE TAXES.” Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Whitaker, Wright Nays: None 15 - 25 - Adoption of a resolution authorizing the City Manager to execute a Cooperation Agreement with the Economic Development Authority in conjunction with the conveyance of 700 Crawford Street. Vision Principle: A Robust Economy for Working Men and Women. Background:  The acquisition of the 55,000 square foot building 801 Water Street allows for the consolidation of most of the Portsmouth Police Department functions into a single structure. As a result, the Fiscal and Administration Divisions will vacate the single story buildings at 700 Crawford Street.  The property at 700 Crawford Street is 0.99 acres. The two single-story office buildings on the property are 3,854 square feet and 5,000 square feet.  Because of its downtown location and proximity to other commercial and residential redevelopments, 700 Crawford Street is ideally situated for redevelopment. The City can more effectively facilitate redevelopment by transferring ownership of the property to the Economic Development Authority (EDA).  On September 9, 2014 Council passed a resolution to execute a deed to convey the property to EDA. Discussion:  In keeping with the procedure for the conveyance of real estate, the City and EDA need to enter into a Cooperation Agreement.