Minutes 12/08/2020 - Laserfiche WebLink

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December 8, 2020 1. That it authorizes the conveyance of the North Pier by EDA to Waterfront Acquisition, LLC or its assigns, and that it further authorizes the City Manager to execute and deliver an instrument releasing the restriction contained in the City Deed at closing on conveyance of the North Pier. 2. That the City Manager is authorized and directed to enter into a Cooperation Agreement between the City and EDA, in a form substantially similar to Exhibit A attached hereto.” Ayes: Battle, Clark, Glover, Lucas-Burke, Moody, Psimas, Rowe Nays: None 20 - 319 - Adoption of a resolution authorizing the execution of a Cooperation Agreement with the Economic Development Authority regarding the marketing and development of 2 Harbor Court, 3 Harbor Court, and 2 Crawford Parkway, and further authorizing the conveyance of the said properties to EDA. Background: • In September of this year, EDA closed on acquisition of all of the properties that were formerly owned by the Greater Portsmouth Development Corporation (8 Crawford Parkway, 301 Columbia Street, 1121 High Street, 1117 High Street, 1107 High Street, and a parcel located in Crawford Bay). • The GPDC properties were acquired for the assumption of the existing debt on the properties (approximately $1.7 million), which is far below the properties’ total assessed value of approximately $5 million. No money was paid to GPDC as part of the acquisition. • One of the properties EDA acquired is 8 Crawford Parkway (Tax Parcel 0004- 0022), commonly referred to as the “Holiday Inn property”. • EDA now intends to engage in a Request for Qualifications/Request for Proposal process to solicit development of the Holiday Inn Property. • The City currently owns three adjacent properties (2 Harbor Court, commonly known as the Harbor Court Garage Parcel, 3 Harbor Court, commonly known as the Visitor Center Parcel, and 2 Crawford Parkway, commonly known as Portside). • The City has always anticipated that development of the Holiday Inn Parcel would include the Harbor Court Garage Parcel, the Visitor Center Parcel, and part of the Portside Parcel. • The purpose of including these parcels is to maximize the quality and scope of the development and the revenues received by the City. • It is desirable to enter into a Cooperation Agreement that authorizes EDA to market the City Properties and authorizes the conveyance of the properties to EDA. This will confirm EDA’s authority to include the City Properties as part of the RFQ/RFP process. Discussion: • The proposed form of the Cooperation Agreement is attached to the Resolution presented for City Council consideration. • The Cooperation Agreement obligates EDA to obtain City Council approval prior to conveying the City Properties and the Holiday Inn Property for development. This will ensure that any proposed development is acceptable to City Council and that any concerns of City Council related to the development are addressed. Financial Impact: • The development of the Holiday Inn Property and the City Properties will create substantial revenue for the City. Recommended Action: • Adoption of the resolution. Next Steps Following Council Action: • The City Manager will execute the Cooperation Agreement and, at the appropriate time, execute a Deed conveying the City Properties to EDA. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, asked that the Visitor’s Center be excised from the resolution.