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Portsmouth Industrial Commission approves minutes, extends inspection period and authorizes $265,000 local match
Summary
At its Dec. 23 meeting the Portsmouth Industrial Commission unanimously approved minutes, extended an inspection deadline for a Superfund‑site property for additional due diligence, authorized up to $265,000 in local matching funds for Project CRM and moved into a closed session to discuss bargaining strategy.
The Portsmouth Industrial Commission on Dec. 23 approved routine minutes, extended the inspection period for a purchase agreement linked to a Superfund‑affected property, authorized a local funding match for a development project and voted to meet in closed session, all by unanimous roll‑call votes.
Chair opened the meeting and the commission approved the Sept. 23 and Nov. 25 minutes after a member moved and another seconded the motion; the roll‑call tally was 6‑0. The chair then introduced old business concerning the property referenced in the record as 39203930 (Burns/Burton Point Road).
A commission member asked the body to extend the inspection period under the purchase‑and‑sale agreement with Stonewall Financial Group, saying, “Because of the government shutdown, there were some delays in obtaining the necessary EPA sign offs for certain aspects of the property due to its history as a Superfund site.” The member said the proposed extension would provide the buyer through Feb. 16 for additional due diligence. Commissioners approved the extension by roll call, 6‑0. The presenter said Stonemont expects to close after that deadline and projected construction to start in May or June.
Later in the meeting commissioners voted to enter a closed session under the cited Virginia code to discuss “investment of public funds where competition or bargaining is involved,” specifically regarding a project identified in the record as CRM. The motion to convene a closed meeting passed by roll call, 6‑0.
The commission also approved adding an agenda item under 'Project C ARC' and, after discussion, adopted a motion “to authorize funding in an amount of not to exceed $265,000 in a local match, plus opportunity to fund the land in support of the project CRM.” That funding authorization was seconded and approved by a 6‑0 vote.
No dissenting votes or abstentions were recorded on the motions taken at the meeting. The chair closed the public portion of the meeting after the scheduled agenda was completed.
