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June 9, 2020 <br /> <br />20 - 147 - Adoption of a resolution authorizing the conveyance of 2520, 2610 and <br />2614 Turnpike Road to the Economic Development Authority. <br /> <br />Background: <br /> <br /> The Virginia Department of Transportation acquires the property necessary for <br />certain state-funded road projects in the city. <br /> <br /> VDOT has established a policy requiring that, at the end of each project, the locality <br />must accept a Deed from VDOT conveying title to all of the remnant property that was not <br />incorporated into the right of way. <br /> <br /> Most of this remnant property is of minimal value and serves only to deplete City <br />finances because of the required regular mowing and maintenance. <br /> <br />Discussion: <br /> <br /> 2520, 2610 and 2614 Turnpike Road were among the parcels conveyed by VDOT <br />to the City at the conclusion of the Turnpike Road widening project. <br /> <br /> The Economic Development Authority has agreed on terms to convey these three <br />parcels to Gary Muhammad for a purchase price of $71,590, contingent upon the City <br />conveying the parcels to EDA. The assessed value of the parcels is $79,660. <br /> <br /> Mr. Muhammad intends to construct single family detached residential dwellings <br />on the parcels. <br /> <br />Financial impact: <br /> <br /> The conveyance of the parcels to EDA will benefit the City and its residents <br />financially by returning property to the tax rolls and saving mowing and maintenance <br />costs. <br /> <br />Recommended Action: <br /> <br /> Adoption of the Resolution. <br /> <br />Next Steps Following Council Action: <br /> <br /> The City Manager will execute a Deed to convey the properties to EDA. <br /> <br />Motion by Mr. Battle, and seconded by Ms. Psimas, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />“RESOLUTION AUTHORIZING THE CONVEYANCE OF 2520, 2610 AND 2614 <br />TURNPIKE ROAD TO THE ECONOMIC DEVELOPMENT AUTHORITY. <br /> <br />WHEREAS, <br /> the Virginia Department of Transportation performed a project to <br />widen Turnpike Road in Portsmouth; and <br /> <br />WHEREAS, <br /> VDOT acquired property necessary for the road widening project and <br />upon completion of the project it conveyed all remnant parcels of the property that were <br />not necessary for the project to the City of Portsmouth; and <br /> <br />WHEREAS, <br /> the remnant parcels include 2520 Turnpike Road (Tax Parcel 0183- <br />0480), 2610 Turnpike Road (0183-0550), and 2614 Turnpike Road (0183-0560) (the <br />“Property”); and <br /> <br />WHEREAS, <br /> the Economic Development Authority intends to convey the Property <br />for single family residential development; and <br /> <br />WHEREAS, <br /> the development of the Property would provide new housing stock, <br />and would benefit the City and its residents financially by returning the Property to the tax <br />rolls and saving the City costs for mowing and other maintenance; <br /> <br />NOW, THEREFORE, BE IT RESOLVED <br /> by the Council of the City of Portsmouth, <br />Virginia, that it approves and authorizes the conveyance of the Property to the Economic <br />Development Authority; and <br /> <br /> <br /> <br /> <br /> <br /> <br />