Minutes 03/24/2015 - Laserfiche WebLink

Home Browse Search

March 24, 2015  The total cost for this project is $351,872. Funds for this project will come from the Donation Fund.  Work on both of these projects is expected to begin in early Spring. Financial Impact  The appropriation will increase the funding in the Fiscal Year 2014 – 2015 City’s Capital Improvement Plan, and will also increase appropriations in the General Fund and Donations Fund. Recommended Action:  Adoption of the ordinance. Vision Principles: Quality of Life and Lifelong Learning Community. Next Steps Following Council Action:  Finance will complete the necessary budget adjustments. Motion by Mr. Meeks, and seconded by Ms. Psimas, to adopt the following ordnance, and was adopted by the following vote: “ORDINANCE APPROPRIATING $458,872 IN THE FY 2014 – 15 CAPITAL IMPROVEMENT FUND TO UPDATE TWO MUSEUM FACILITIES IN ORDER TO COMPLY WITH FEDERAL AMERICANS WITH DISABILITIES ACT REQUIREMENTS.” Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Whitaker, Wright Nays: None 15 - 131 - Adoption of a resolution authorizing the City Manager to vacate and release the City of Portsmouth’s interest in 104 parking spaces in the Proctor Square parking lot (711 King Street). Vision Principle: A Robust Economy for Working Men and Women. Background:  In 2008, the Proctor Square parking lot was conveyed to the developers of Montgomery Square, a 69 unit apartment development located in the 700 block of High Street.  In the deed of conveyance, the City imposed a restrictive covenant requiring that 104 spaces in the parking lot remain available for public use (the “Public Parking Restriction”).  Montgomery Square and the Proctor Square parking lot were acquired through foreclosure by the Virginia Housing Development Authority (“VHDA”).  VHDA has been marketing the property for sale for several years, but the Public Parking Restriction has impacted the property’s marketability.  VHDA has executed a contract to sell the property a private owner, but the contract provides that the purchaser will not close unless the City releases the Public Parking Restriction. Discussion:  Because VHDA is a political subdivision exempt from real estate taxation, Montgomery Square and the Proctor Square parking lot are currently off the tax rolls.  If the properties are conveyed to a private owner, the City will receive real estate tax revenues.  Conveyance may also result in new retail development in the first floor of Montgomery Square. The first floor is currently vacant.  The Proctor Square parking lot is not necessary to satisfy the demand for public parking in this area. Financial Impact:  Conveyance of Montgomery Square and the Proctor Square parking lot to a private entity will increase the City’s real estate tax revenue. Any development of the first floor of Montgomery Square will also increase City tax revenues.