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January 11, 2000 <br /> <br />All that piece or parcel of land situated in the City of Portsmouth, Virginia <br />containing approximately 7.88 acres, more or less, being bounded on the west by <br />property of the Commonwealth of Virginia and property now or formerly <br />belonging to T.O.Williams, on the south by the right of way line of Wythe Street, <br />on the east by the body of water commonly referred to as the "South Inlet," and <br />on the north by property now or formerly belonging to the Portsmouth Parking <br />Authority and the right of way of the Crawford Connector. The boundaries of the <br />Property are more particularly described on the attached plat. <br /> <br /> BE IT FURTHER RESOLVED by the Council of the City of Portsmouth, Virginia <br />that the City Manager be, and he hereby is, authorized to execute and to deliver such <br />other deeds, documents and plats as may be necessary, and as he may deem <br />appropriate and in the best interest of the City of Portsmouth to implement the intent of <br />this resolution. If any portion of the Property is not owned by the City as of the effective <br />date of this resolution but is to be later acquired by the City, this resolution authorizes <br />the conveyance thereof to the IDA, either by deed or by assignment of the right of <br />acquisition. <br /> <br />This resolution is effective upon the date of enactment." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br />00 - 11 - Adoption of a resolution authorizing the City Manager to enter into a <br />Cooperation Agreement with the Industrial Development Authority (IDA) related to the <br />Waterfront Performing Arts Center. <br /> <br />Recommendation: <br /> <br />· Adoption of a resolution authorizing the City Manager to enter into a Cooperation <br />Agreement with the Industrial Development Authority (IDA) related to the Waterfront <br />Performing Arts Center. <br /> <br />Purpose and Need: <br /> <br />· The Waterfront Performing Arts Center (the "Project") is to be developed by the IDA. <br /> <br />· In order for the IDA to obtain financing and to develop the Project, assistance is <br />needed from the City. <br /> <br />· The Cooperation Agreement specifies the assistance to be provided by the City. <br /> <br />Financial Impact: <br /> <br />· The Project has an anticipated development budget of $8 million. <br /> <br />· The Project is expected to pay for itself through a combination of Project revenues <br />and new taxes generated. <br /> <br /> Motion by Mr. Whitehurst, and seconded by Mr. Pitts, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />"A RESOLUTION AUTHORIZING A COOPERATION AGREEMENT WITH THE <br />INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH FOR A <br />WATERFRONT PERFORMING ARTS CENTER. <br /> <br /> BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the <br />City Manager, for and on behalf of the City, is authorized to execute and deliver to the <br />Industrial Development Authority of the City of Portsmouth a Cooperation Agreement for <br />the purpose of enabling said Authority to create a Waterfront Performing Arts Center. <br />The Cooperation Agreement shall be substantially in the form attached, subject to such <br />changes as the City Manager determines to be needed." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br /> <br />