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May 28~ 1985
<br />
<br /> 85-155 Letter from the City Manager recommending adoption of a motion to authorize
<br />City Manager to execute an amendment to the Development Agreement with Seaboard CoastIine
<br />Associates.
<br />
<br />the
<br />
<br /> "At your October 9, 1984 Council meeting, I recommended to you the acceptance of Seaboard
<br />Coastline Associates' proposal for the adaptive reuse of the old Municipal Building. Council
<br />at that meeting, authorized the execution of a development agreement outlining the conditions
<br />for the sale of the property.
<br />
<br /> I have received from Winship C. Tower, Bond Counsel for Seaboard Coastline Associates,
<br />a request for an amendment to the original development agreement. The proposed amendment rec
<br />a change in wording to allow Seaboard Coastline Associates to meet bonding requirements of the
<br />Internal Revenue Service as it relates to tax exempt financing for multi-family developments.
<br />
<br /> As you are aware, renovation of the old Municipal Building is underway and when the new
<br />facility is open, the restaurant, offices, and housing units will represent an i~vestment of
<br />
<br />~sts
<br />
<br />approximately 5 million dollars.
<br />
<br /> I recommend that City Council approve
<br />Associates.
<br />
<br /> Motion of Mr. Beamer and seconded by
<br />an amendment to the Development Agreement
<br />and was adopted by unanimous vote.
<br />
<br /> 85-156 Letter from the City Manager
<br />Report for the period ended March 31, ]985.
<br />
<br /> the amendment as requested by Seaboard Coastline
<br />
<br />Mr. Whitlow, that authorization be granted to execu~
<br />with Seaboard Coastline Associates, as requested,
<br />
<br /> transmitting the City Manager's Quarterly Finance
<br />
<br /> "I~ accordance with Section 11-43 of the City Code, the Quarterly Financial Report
<br />period ended March 31, 1985, is herewith submitted.
<br />
<br />for t]
<br />
<br /> For the third quarter of the fiscal year, revenues and expenditures are even with last
<br />Fear. Actual revenues to date stand at 68 percent of the revenues estimated for the year, and
<br />65 percent of the appropriations have been expended as of March 31, 1985. It may be noted
<br />that revenues exceeded expenditures by a difference of 3% during the same period reported last
<br />year. At this point, there dces not appear to be any indication of substantial probiems with
<br />respect to either revenues or expenditures."
<br />
<br /> Zotion of Mr. Gray and seconded by Mrs. Webb, that the Quarterly Financial Report to be
<br />received as information, and was adopted by unanimous vote.
<br />
<br /> 85-157 Letter from the
<br />the bid of Thomas D. Woodward,
<br />and authorizing conveyance of
<br />
<br />City Manager recommending adoption of
<br />Jr., to purchase City-owned property
<br />this property.
<br />
<br />a resolution accepting
<br />at 4805 West Norfolk Road
<br />
<br /> "On May 14, 1985, you approved a resolution authorizing the sale of property at 4805 West
<br />Norfolk Road to Warren G. Civson for the sum of $58,000. Mr. Gibson has since indicated that
<br />his plans have changed and he no longer wishes to purchase the property.
<br />
<br /> The next highest hid received was that of Thomas D. Woodward, Jr. in the amount of
<br />$55,000.
<br />
<br /> In light of these circumstances, I recommend the adoption of a resolution to accep~ the
<br />bid of Mr~ Woodward and authorize me to convey the property. This resolution would also
<br />authorize the City Attorney to institute legal proceedings to collect from Mr. Gibson the
<br />amount of $3,000."
<br />
<br />and
<br />
<br />On metion of Mr. Gray and seconded by Mrs. Webb, the [ollowing resolution was adoFted,
<br />by the following vote:
<br />
<br />"A RESOLUTION ACCEPTING THE BID OF THOMAS D. WOODWARD, JR. TO PURCHASE CITY'"OWNED
<br />PROPERTY AT 4805 WEST NORFOLK ROAD; ~UTHORIZING THE CITY MANAGER ~0 CONVEY.
<br />
<br /> WHEREAS, the City owns certain real Froperty located at 4805 West Norfolk Road, which
<br />property is no longer required for public purposes and is, hereby, declared to be excess
<br />property; and
<br />
<br /> WHEREAS, pursuant to the Charter of the City
<br />tised for sale and bids received~ and
<br />
<br />of Portsmouth siad property has been adver-
<br />
<br /> WHEREAS, Thomas D. Woodward, Jr. has bid the sum of Fifty Five Thousand Dollars ($55,000[
<br />for the purchase of said property; and
<br /> WHEREAS, the Council of the City of Portsmouth deems it ro be in the best interest of
<br />the City to accept the bid of Thomas D. Woodward, Jr. and sell the hereinafter-described
<br />property.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />the bid of Thomas D. Woodward, Jr. to purchase City-owned property at 4805 West Norfolk Road
<br />for the sum of Fifty Five Thousand Dollars ($55,000) be, and the same hereby is, accepted.
<br />
<br /> BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, authcrized to convey
<br />to Thomas D. Woodward, Jr. the following described property, to-wit:
<br />
<br />
<br />
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