Minutes 11/24/2020 - Laserfiche WebLink

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November 24, 2020 20 - 301 - Adoption of a resolution authorizing the City Manager to release easements and other property interests of the City of Portsmouth in furtherance of the proposed Entertainment District development. Background:  The Economic Development Authority owns property generally bounded by Victory Boulevard, I-264, McLean Street and Greenwood Drive.  The Authority has entered into a Agreement with Rush Street Gaming for the development of an entertainment district on the property, to include a casino, hotel/conference center, and other entertainment uses.  On November 3, 2020, the citizens of Portsmouth approved a referendum authorizing the development of a casino gaming establishment within the city. Discussion:  The property on which the entertainment district will be located is subject to various easements and other restrictions in favor of the City.  Some of these easements or other restrictions may need to be revised or relocated to allow for construction of the entertainment district.  The proposed resolution authorizes the City Manager to release easements and restrictions when deemed appropriate, and to accept replacement or revised easements and restrictions, so that the development of the entertainment district can proceed expeditiously while the City’s interests remain protected. Financial Impact:  The development of a casino gaming establishment and accompanying entertainment district will have a major positive financial impact for the City. Recommended Action:  Adoption of the resolution. Next Steps Following Council Action:  Site planning and permitting work for the entertainment district will continue and, when appropriate, easements and other encumbrances will be released and/or relocated. Motion by Ms. Lucas-Burke, and seconded by Mr. Clark, to adopt the following resolution, and was adopted by the following vote: “RESOLUTION AUTHORIZING THE CITY MANAGER TO RELEASE EASEMENTS AND OTHER PROPERTY INTERESTS OF THE CITY OF PORTSMOUTH IN FURTHERANCE OF THE PROPOSED ENTERTAINMENT DISTRICT DEVELOPMENT. WHEREAS , Rush Street Gaming has proposed to develop an entertainment district, to include a casino, hotel/conference center, and other entertainment uses (the “Development”) on certain property owned by the Economic Development Authority and generally bounded by Victory Boulevard, I-264, McLean Street and Greenwood Drive (the “Property”); and WHEREAS, on November 3, 2020 the citizens of Portsmouth authorized the development of a casino gaming establishment in the city, and the Development will accordingly proceed; and WHEREAS, the Property is encumbered by several easements and other agreements conferring property rights in which the City has an interest, including without limitation for utilities and stormwater management; and WHEREAS, in order for the Development to be designed and constructed, it will be necessary to release some or all of the City’s rights in the Property, and to accept substitute easements that better match the site plan for the buildout of the Development;