Minutes 02/23/2016 - Laserfiche WebLink

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February 23, 2016  In addition, the Lincoln and Dale properties were assembled jointly by the City and PRHA 70 years ago and there are certain closed rights of way within the area. It is desirable to grant the City Manager authority to quitclaim any lingering title interests the City may have in the properties if necessary for PRHA to obtain the title insurance required for financing.  To finance the redevelopment and rehabilitation of the communities through the use of financing vehicles included but not limited to tax credits, it is necessary for PRHA to create legal entities on its own behalf and with other entities with the approval of the City in accordance with Section 36-19 of the Code of Virginia. Financial impact:  None. Recommended Action:  Adoption of the resolution. Vision Principle: Neighborhoods and a Sense of Community. Next Steps Following Council Action:  City staff will prepare any necessary deeds or other instruments for execution by the City Manager. Motion by Dr. Edmonds, and seconded by Mr. Meeks, to adopt the following resolution, and was adopted by the following vote: “RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE SUCH INSTRUMENTS AS ARE NECESSARY OR DESIRABLE TO VACATE, RELEASE, CONVEY AND/OR QUITCLAIM EASEMENTS OR OTHER PROPERTY INTERESTS OF THE CITY IN THE PROPERTIES CURRENTLY OPERATED BY PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY AS LINCOLN PARK AND DALE HOMES AND FURTHER AUTHORIZING THE CREATION BY PRHA OF ANY ENTITIES NECESSARY OR DESIRABLE TO LEVERAGE FINANCING VEHICLES FOR THE REDEVELOPMENT OF LINCOLN PARK AND THE REHABILITATION OF DALE HOMES. WHEREAS, the Portsmouth Redevelopment and Housing Authority (PRHA) intends to demolish the existing Lincoln Park public housing community and replace it on substantially the same property with newly constructed affordable housing; and WHEREAS, PRHA intends to perform a substantial rehabilitation of the Dale Homes public housing community; and WHEREAS, the City of Portsmouth may have certain easement or other interests in the Lincoln Park and Dale Homes properties which may need to be released or relocated to enable the redevelopment and rehabilitation to proceed; and WHEREAS, the redevelopment and rehabilitation will be financed through vehicles, including but not limited to tax credits, which will require PRHA to form legal entities on its own behalf and with other entities; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That the City Manager is hereby authorized to execute and deliver all such recordable instruments as may be necessary or desirable to vacate, release, convey and/or quitclaim any easements or other property interests the City of Portsmouth may have in or to the properties currently operated by the Portsmouth Redevelopment and Housing Authority as Lincoln Park and Dale Homes.