Minutes 12/08/2020 - Laserfiche WebLink

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December 8, 2020 Discussion:  The proposed Resolution authorizes the City Manager to release the restriction in the City deed and therefore to allow EDA to convey the North Pier property for the proposed development.  The proposed Resolution also authorizes execution of a Cooperation Agreement with EDA to memorialize and govern EDA’s reservation of half the purchase price for four years to address any adverse impacts of the development on the Pavilion. Financial Impact:  The development of the North Pier will create significant employment opportunities for City residents and result in increased tax revenue. 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 and deliver an instrument releasing the restriction in the City Deed. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in opposition to this item. Motion by Mr. Clark, and seconded by Ms. Lucas-Burke, to adopt the following resolution, and was adopted by the following vote: “RESOLUTION AUTHORIZING THE CONVEYANCE OF 0 HARBOR CENTER COURT (COMMONLY KNOWN AS THE NORTH PIER) BY THE ECONOMIC DEVELOPMENT AUTHORITY TO WATERFRONT ACQUISITION, LLC, A SUBSIDIARY OF FAIRLEAD INTEGRATED, AND FURTHER AUTHORIZING THE EXECUTION OF A COOPERATION AGREEMENT WITH EDA ADDRESSING DEVELOPMENT OF THE PROPERTY. WHEREAS, the City of Portsmouth conveyed 0 Harbor Center Court (Tax Parcel 0003-0010), commonly known as the North Pier, to the Economic Development Authority by Deed dated May 31, 2001 and recorded as Instrument Number 007208 in the Portsmouth Circuit Court Clerk’s Office (the “City Deed”); and WHEREAS, the City Deed contained a restriction providing that the EDA shall not convey the North Pier without the prior written consent of the City of Portsmouth; and WHEREAS, EDA has entered into a Purchase and Sale Agreement with Waterfront Acquisition, LLC, a subsidiary of Fairlead Integrated, for the purpose of development of the North Pier for the fabrication, preservation, outfitting and storage of sections of Naval vessels and other similar maritime industrial uses; and WHEREAS, the Agreement provides that restrictive covenants will be recorded at closing to protect adjacent non-industrial uses, including but not limited to the Atlantic Union Bank Pavilion, from adverse effects from the proposed development; and WHEREAS, to provide further protection for the Pavilion, EDA has agreed to enter into a Cooperation Agreement to reserve $250,000 of the purchase price to be paid by the developer for a period of four years to fund any renovations to the Pavilion deemed necessary by the City to provide further protection from the North Pier use; and WHEREAS, by ordinance adopted on this date City Council has approved the rezoning of the North Pier to authorize the proposed use. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: