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251
<br />
<br />Septemh~r ?5, 1q84
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb Whitlow, Holley
<br />Nays: None '
<br />
<br /> 84-362 Letter from the City Manager recommending adoption of a resolution authorizing
<br />the conveyance of City-owned property located at 4801 West Norfolk Road.
<br />
<br /> "As instructed by Council, the house located at 4801 West Norfolk Road has been advertis
<br />for sale.
<br />
<br /> Bidders for this property are Robert Horton, $15,)00.00; Darnill Lang, $13,001.00;
<br />Jeffrey D. Harrison, $5,000.00; and Maury B. Brickhouse, $4~500.00. It is intended by the
<br />highest bidder to remove the house from the property and clear the property of debris and
<br />building materials. Finally, it is intended that we will then be in a position to combine a
<br />portion of this land with the adjoining City-owned property and offer that prcperty for sale
<br />with the existing house remaining in place.
<br />
<br /> I req2~men& approval of the resolution to convey the house at 4801 West Norfolk Road to
<br />Robert Horton. '
<br />
<br /> On motion of Mr. Beamer and seconded by Mrs. Webb, the following resolution was adopted
<br />and by the folIowing vote: '
<br />
<br />"A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY CITY-OWNED PROPERTY (4801
<br />WES7 NORFOLK ROAD).
<br />
<br /> WHEREAS, the City owns certain improvements to real property which are no longer require¢
<br />for public purposes and are, hereby declared to be excess property; and
<br />
<br />WHEREAS, said improvements have been advertised for sale as required by law; and
<br />
<br /> WHEREAS, an offer to purchase said zmprovements .has been made by Robert Horton in the
<br />amount of Fifteen Thousand Dollars ($15,000.): and
<br />
<br /> WHEREAS, said improvements will be removed from the property at the expense of the pur?
<br />chaser; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth deems it to be in the best interest of the
<br />City to convey said improvements.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth that the City
<br />Manager be, and he hereby is, authorized to convey to Robert Horton certain City-owned property
<br />located at 4801 West Norfolk Road for the sum of Fifteen Thousand Dollars ($15,000.)."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 84-363 - Letter from the City Manager recommending adoption of a resolution to approve
<br />the issuance of Industrial Development Revenue Bonds by the Industrial Development Authority
<br />of the City of Portsmouth in an amount not ro exceed $300,000 for the purchase of and improve-
<br />merits to property located at 1224 Cavalier Boulevard.
<br />
<br /> "On September 21, 1984, the Industrial Development Authority approved the issuance of
<br />Industrial Development Revenue Bonds for 1224 Cavalier Boulevard, Inc. in an amount estimated
<br />at $300,000 for the purchase of and improvements to property at 1224 Cavalier Boulevard. In
<br />accordance w~th the applicable federal and state law, the IDA has requested City Council to
<br />approve the issuance of such bonds.
<br />
<br /> The intent of these bonds is to finance the acquisition and renovation of an existing
<br />vacant building into a professional office complex. As noted in the enclosed Development
<br />Summary, this project meets both the job and tax threshold criteria as established in the
<br />Council's bond approval policy.
<br />
<br /> The attached resoluiion has been prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> On motzon of Mrs. Lucas and seconded by Mr. Whitlow, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br />BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />IN AN )jvIO~UNT NOT TO EXCEED $300,000. FOR THE PURCHASE OF AND IMPROVEMENTS TO
<br />PROPERTY LOCATED AT 1224 CAVALIER BOULEVARD AT PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA)
<br />has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEREAS., ~he IDA has considered an application for the issuance of IDA Industrial Develop-
<br />ment Revenue Bonds in an amount not to exceed Three Hundred Thousand ($300,000.) Dollars to -
<br />assist 1224 Cavalier Boulevard, Inc., a Virginia Corporation, in financing the purchase of and
<br />improvements to property located at 122~ Cavalier Boulevard, Portsmouth, Virginia, and has
<br />a public hearing thereon on September 21, 1984; and
<br />
<br />
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