Minutes 01/13/1987 - Laserfiche WebLink

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January 13, 1987 actions to permit this formerly nontaxable site developed will aid greatly in the retention and tail sales in Pcrtsmouth. to be commercially improvement of re- In order to complete this process it is necessary to convey this property to PIDA. Proceeds from the land sale, less marketing expenses, will be returned to the City. The property was appraised October 1S, 1986, and its fair market value was estimated at 0,000. It is expected that the sale to a private developer will be based on its value. The City Attorney has prepared the attached resolution and I recommend its approval." On motion of Mrs. Webb and seconded by Mr. Gray, the following iution was adopted, and by the fcllowing vote: "A RESOLUTION AUTHORIZING THE CITY ~ANAGER TO CONVEY CITY- OWNED PROPERTY TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH (CHURCHLAND ACADEMY). WHEREAS, the Churchland Academy Elementary School has been -elocated to new facilities on Rivershore Road; and WHEREAS, the School Board of the City of Portsmouth, by resolu tion duly adopted, has certified to the City of Portsmouth that the property located on Churchland Boulevard formerly occupied by the Churchland Academy Elementary School is no longer required for school purposes; and WHEREAS, the Industrial Development Authority of the City of Portsmouth has received and reviewed proposals for development of said property; and WHEREAS, the Council of the City of Portsmouth, Virginia, deem~ it ro be in the best interest of the City that said property be con veyed to the Industrial Development Authority of the City of Ports- muth for marketing by a private developer; and WHEREAS, the City will received the sum of Six Hundred Twenty 'housand Dollars ($620,000) for the sale of said property. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to convey to the Industrial Development Authority of the City of Portsmoouth the following described property, to-wit: Ail that certain piece or parcel of land consisting of 12.504 acres, shown as Parcel A on that certain plat entitled "Boundary Survey of Churchland Academy Property Owned by the City of Portsmouth" dated September 24, 1986, revised December 12, 1986, prepared by Stephen I. Boone & Associates, P. C., said property being bounded generally on the north by Churchland Boulevard; on the east by Academy Avenue, property now or formerly owned by Tidewater Funeral Home, and property now or formerly owned by P. H. Boyette, Jr., g Company, Inc., on the south by the Norfolk, Franklin & Danville Railroad and High Street West; and on the ~est by the 1968 Portsmouth-Chesapeake corporate limit boundaries. The City of Portsmouth further reserves unto itself a 30' drainage easement along the western boundary of said properly from Churchland Boulevard to High Street West and a 20' drainage easement extending from the western inter- section of Academy Avenue and Village Stree~ to the western boundary of said Froper~y.