Laserfiche WebLink
December 8, 2015 <br /> <br />Discussion: <br /> <br /> As of October 31, 2015, EDA has incurred net expenses of approximately <br />$473,000 to acquire and maintain 311 County. <br /> <br /> A Cooperation Agreement has been prepared providing that when the City <br />decides to vacate 311 County and the property is ultimately conveyed to a private entity <br />for use or development, EDA will have the right to recover its net expenses from the <br />sale proceeds. <br /> <br /> A Council Resolution is required to authorize the City Manager to accept the <br />Deed conveying title to the property and execute the Cooperation Agreement. <br /> <br />Financial Impact: <br /> <br /> <br /> Conveyance of 311 County to the City will result in a net savings of public funds <br />by eliminating the current lease arrangement for the PPD office space. <br /> <br />Staff Recommends: <br /> <br /> <br /> Adoption of the resolution.Vision Principle: Efficient, Responsive Government. <br /> <br />Next Steps Following Council Action: <br /> <br /> The City Manager and EDA will execute the Cooperation Agreement and the <br />documents necessary to convey 311 County to the City. <br /> <br />Motion by Ms. Psimas, and seconded by Mr. Meeks, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />“RESOLUTION ACCEPTING THE CONVEYANCE OF TITLE TO 311 COUNTY <br />STREET FROM THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF <br />PORTSMOUTH, VIRGINIA TO THE CITY OF PORTSMOUTH AND AUTHORIZING <br />THE CITY MANAGER TO EXECUTE DOCUMENTS TO EFFECTUATE THE <br />CONVEYANCE. <br /> <br /> WHEREAS, <br /> the Economic Development Authority of the City of Portsmouth, <br />Virginia (“EDA”) is the current owner of certain property having an address of 311 <br />County Street (Tax Parcel 0007-0930) (the “Property”); and <br /> <br /> WHEREAS, <br /> the City currently leases a portion of the Property for Police <br />Department offices and anticipates moving certain Department of Fire, Rescue and <br />Emergency Services offices into the Property; and <br /> <br /> WHEREAS, <br /> a net savings of public funds will be achieved if the current lease <br /> <br />structure is eliminated and the City takes title to the Property; and <br /> <br /> WHEREAS, <br /> the City has requested that EDA convey title to the Property and <br />EDA has agreed; and <br /> <br />WHEREAS, <br /> in conjunction with the conveyance a Cooperation Agreement has <br />been prepared providing that when the City decides to vacate the Property and the <br />Property is ultimately sold to a private entity for use or development, EDA will have the <br />right to recover its net expenses related to the Property from the proceeds of the sale. <br /> <br />NOW THEREFORE BE IT RESOLVED <br /> by the Council of the City of Portsmouth, <br />Virginia, that the City is willing to accept ownership of the Property. <br /> <br />BE IT FURTHER RESOLVED <br /> that the City Manager be, and she hereby is, <br />authorized to execute such documents as may be necessary or desirable to complete <br />the City’s acquisition of the Property from EDA, including without limitation executing a <br />Cooperation Agreement in substantially the form attached as Exhibit A hereto, a Deed, <br /> <br />and such other related documents as may be necessary or desirable.” <br /> <br />Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Whitaker, Wright <br />Nays: None <br /> <br />15 - 435 - Adoption of a motion accepting the 2016 Calendar of City Council <br />Meetings. . <br />Vision Principle: Efficient, Responsive Government <br /> <br /> <br /> <br />