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October 14, 1986
<br />
<br /> All that certain piece or parcel of land, situate~,
<br />lying and being in the City of Portsmouth, Virginia,
<br />bounded on the south by ~ythe Street, on the east by
<br />First Street; on the north by property of the Virginia~
<br />Department of Highways and Transportation; and on the
<br />wes~ by S~cond Street as said street would be extendec
<br />in a northerly direction beyond its intersection with
<br />Wythe Street. '
<br />
<br />Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Web~, Holle'
<br />Nays: None
<br />
<br /> 86-365 Letter from the City Manager recommending adoption of
<br />a resolution amending, by joint action of the Councils of the ~itie~
<br />of Hampton, Newport News, Portsmouth, Norfolk, Virginia BeaCh,
<br />Chesapeake, and Suffolk, and the Board of Supervisors of Isle of
<br />Wight County, the Articles of Incorporation of the Sports Authority
<br />o£ Hampton Roads, Virginia.
<br />
<br /> "On May 13, 1986, the Council, following the b~lding oW a
<br />public hearing, adopted a Resolution creating jointly with ~he Citi¢
<br />of Newport Ne~, Hampton, Norfolk, Virginia Beach, Chesapeake and
<br />Suffolk and the County of Isle of Wight, the Sports Authority of
<br />Hampton Roads, Virginia. On August 26, 1986, the Council, at the
<br />request of the City of Virginia Beach, adopted a Resolution amendin~
<br />the Articles of Incorporation of the Sports Authority, which amend-
<br />ment would have provided that the Authority would be dissolved on
<br />December 3~, 2050 unless there were outstanding obligations w~ich
<br />had not been fully paid or discharged. T~is amendment was ~nly
<br />effective upon the adoption of a similar amendment by the other
<br />Cities and the County. Not all of the participating Political Sub-
<br />divisions adopted the proposed amendment and, therefore, same ~as
<br />~ot, to-date, taken effect.
<br />
<br /> The negotiations with the operator of the speedway would
<br />to indicate ~at the lease which will ultimately be agreed mpon may
<br />~ave a term of which extends to ninety-nine (99) years. Th~s ~erm
<br />extend beyond the proposed dissolution date. The City A'
<br />been requested by the attorneys £or the Sports Authority to
<br />prepare a new Resolution and to advertise same ~n accordance with
<br />~he State law which will provide for the amendment to the Articles
<br />~f Incorporation to establish a dissolution date of 20~0 as opposed
<br />~o 2050~ The City Attorney has advised that the appropriat~ adver-
<br /> of same has been published and a public hearing scheduled
<br />~t 7:00 p.m. on October 14th. I would, therefore, recommen~ that
<br />~he Council adopt this revised Resolution which h~s the effect of
<br />~eplacing the previous Resolution adopted and establishing ~ecember
<br /> 2090 as the dissolution date."
<br />
<br />On motion of Mr. Gray and seconded by Mrs. Webb, the f~llowing
<br /> _on was adopted, and by the following vote:
<br />
<br />'A RESOLUTION AMENDING, BY THE JOINT ACTION OF THE COUNCILS
<br />OF THE CITIES OF HAMPTON, NEWPORT NEWS, PORTSMOUTH, NORFOLK,
<br />VIRGINIA BEACH, CHESAPEAKE AND SUFFOLK, VIRGINIA, AND ?HE
<br />BOARD OF SUPERVISORS OF ISLE OF WIGHT COUNTY, VIRGINIA, THE
<br />ARTICLES OF INCORPORATION OF THE SPORTS AUTHCRITY OF HAMPTON
<br />ROADS, VIRGINIA.
<br />
<br /> WHEREAS, by concurrent action of the Cities of Hampton, Newport
<br /> Portsmouth, Norfolk, Virginia Beach, Chesapeake, and ~uffolk,
<br />the County of Isle of Wight ~collectively, the "Participating
<br /> Subdivisions"), the Sports Authority of Hampton R~ad~,
<br />inia (the "Authority") was created on May 27, 1986; and
<br />
<br /> WHEREAS,
<br /> the Articles of Incorporation of the Authority
<br />~ermitte~ by ~15.1-1275 (a) of the Code of Virginia,
<br /> specific term of existence for the Authority; and
<br />
<br />the participating Political Subdivisions desire to
<br />
<br />tO
<br /> provide, as ~
<br />1950, ~s amende~,
<br />
<br />
<br />
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