Minutes 10/26/1999 - Laserfiche WebLink

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October 26, 1999 This lease purchase agreement is for the buildings and property bounded by Crawford Street, County and Columbia Streets, to the Crestar Bank property. Title examination revealed a small portion of the street has never been dedicated as a public right-of-way. Recommendation: · a) Adoption of a resolution authorizing the City Manager to enter into a lease purchase agreement for property owned by Sweetbriar Development Corporation on Crawford Street. · b) Adoption of a resolution authorizing the City Manager to dedicate a parcel of property for the widening of Crawford Street. Purpose and Need: · This lease purchase provides for Sweetbriar Development Corporation to convey the property to the City upon completion of the full term of the ten-year lease, or earlier if requested by the City. · This lease purchase agreement is for the buildings and land on Crawford Street bounded by Crawford, County and Columbia Streets to the Crestar Bank property. · Title examination for Crawford Street revealed a small portion of the street has never been dedicated as a public right-of-way. Financial Impact: · This lease purchase agreement requires quarterly lease payments of $32,933. If approved, it will require appropriation of funds for lease payments each year, and will be considered a part of the City's debt structure. 1. Mark Geduldig-Yatrofsky, 363 Middle Street, asked for additional information on the item. Motion by Mr. Whitehurst, and seconded by Mr. Pitts, to adopt the following resolutions, and was adopted by the following vote: 99-239(a): "A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A LEASE AGREEMENT WITH SWEETBRIAR DEVELOPMENT CORPORATION FOR PROPERTY LOCATED ON CRAWFORD STREET BETWEEN COUNTY STREET AND COLUMBIA STREET." BE IT RESOLVED by the Council of Portsmouth, Virginia that the City Manager be, and he hereby is, authorized to enter into a lease with Sweetbriar Development Corporation for property located on Crawford Street between County Street and Columbia Street, by which agreement the City of Portsmouth will lease said property for a period of ten (10) years, said lease to provide further (1) that should the lease run for its full term, Sweetbriar Development Corporation will convey fee simple title to the City of Portsmouth in consideration of the Lease Payments and the sum of Two Hundred ($200.00) Dollars, (2) that the City may accelerate its purchase of the property by appropriate notice to Sweetbriar Development Corporation, and which said lease shall be a binding upon the City. Said property is to be more particularly described in the lease and by survey, as approved as to form and accepted by the Office of the City Attorney." 99-239(b): "A RESOLUTION AUTHORIZING THE CITY MANAGER TO DEDICATE A STRIP OF LAND FOR THE WIDENING OF CRAWFORD STREET.