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256
<br />
<br />October 3, 1984
<br />
<br />The following letter of transmittal from the City Manager was presented:
<br />
<br />"It ii with great plesure that I recommend the acceptance of a proposal from Seaboard
<br />Coastline Associates for the adaptive reuse of a ninety-year old structure at the foot of Higt
<br />Street, formerly known as the Seaboard Coastline Building. The acceptance of this proposal by
<br />the City Council transforms what was once considered a "~hite elephant" into prominenc~ in the
<br />overall develo[ment of our Central Business District and will be the anchor of private develop
<br />merit on High S~reet to spur other private, economic interest. ·
<br />
<br /> I feel the snrge of economic revitalization of Portsmouth would not have begun had not
<br />the City Council initiated the infusion Of public funds!~and the adoption of a plan to capital-
<br />ize on Portsmouth!s historical assets. To recapture the Federal and Victorian Era that ms
<br />prominent in Olde Towne in our commercial district will stimulate economic development for all
<br />of our residents. I feel Council's plan creates the present degree of enthusiasm which is
<br />shared by not only investors, but citizens in our community and in Greater Hampton Roads.
<br />
<br /> Partners of Seaboard Coastline Associates are William C. Creecy, Vincent J. Mastracco, J~
<br />John E. Pappas, Marc F. Poutasse, Charles H. Sears, Jr., preston M. White, Jr., and James P.
<br />Woodard. Each of the partners have been residents of Hampton Roads many years and are cogni-
<br />zant of recent changes in the City of Portsmcuth initiated by City Council. Each brings to
<br />this project a significant amount of expertise, knowledge, and enthusiasm for successfully
<br />developing the approximately $3,500~000 project.
<br />
<br /> I, therefore, recommend City Council authorize me to sign the attached development agree
<br />ment outlining the conditions For the sale of the property and an option for expansion of the
<br />project at a later date. Also, at this joint meeting of the City Council and the Housing
<br />Authority, the Acting Executive Director will be recommending a similar request to the member~
<br />of the Authority."
<br />
<br /> Motion of Mr. Whitlow and seconded by Mr. Beamer, to authorize the
<br />execute an agreement with Seaboard Coastline Associates for the prolect,
<br />was adopted by the following vote:
<br />
<br />City Manager to
<br />as requested, and
<br />
<br />Ayes: Beamer, Corprew, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> Danny Cruce, Acting Execu~gve Director.of Portsmouth Redevelopment and Housing Authority,
<br />made the folloging presentation:
<br />
<br /> "The remarks that have already been made leave very little else to be said to describe
<br />this proposal. However, I would point our that the residential and commercial character of
<br />this development scheme addresses the need to creaae a 24-hour people-oriented environment
<br />which ms necessary to successfully revitalize the Downtown area. The additional permanent
<br />residents residing in these apartments as well as the patrons of the restaurant should increas
<br />pedestrian traffic on High Street and benefit the retail trade. Hopefully, as similar type
<br />uses on the waterfront materialize, a momentum will be established and we will realize the
<br />spin-off benefits of merchants improving their facilities as their business increases.
<br />
<br /> We feel this proposal embodies the uses, quality, and character of the type of develop-
<br />ment that is needed in the Downtown area and recommend approval to execute this development
<br />agreement."
<br />
<br /> William H. Oast, III, Chairman of Portsmouth Redevelopment and Housing Authority, offer-
<br />ed the following resolution, adopted by the Commissioners of ?R}tA:
<br />
<br />':'RESOLUTION AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT WITH SEABOARD
<br />COASTLINE ASSOCIATES, A VIRGINIA GENERAL PARTNERSHIP, FOR THE DEVELOPMENT OF THE
<br />FORMER SEABOARD COASTLINE BUILDING.
<br />
<br /> WHEREAS, it has been determined that it is appropriate to make available
<br />the structure and land identified as the former Seaboard Coastline Building in
<br />Urban Renewal Project; and
<br />
<br />for development
<br />the Crawford
<br />
<br /> WHEREAS, negotiations have produced an offer from Seaboard Coastline Associates, a
<br />V~rginia general partnership, to develop said property for uses in accordance with the Craw-
<br />ford Plan; and
<br />
<br /> NOW, THEREFORE, BE I~ RESOLVED that it is appropriate for the Authority to execute a
<br />developmenz agreement with Seaboard Coastline Associates to facilitate the development of the
<br />former Seaboard Coastline Building, and the Acitng Executive Director is authorized to execute
<br />said agreement."
<br />
<br /> Nayo~.Holley expressed the Council's appreciatmon of all the work that had been involved
<br />to make this project possible and to move Portsmouth forward in its revitalization.
<br />
<br />On motion meeting adjourned.
<br />APPROVED - ~
<br />
<br />~/ ~ Mayor ~
<br />
<br />
<br />
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