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EDA adopts $75,000 agreement to transfer 53 Afton Parkway for rehabilitation
Summary
The Portsmouth City Economic Development Authority approved a resolution authorizing a purchase-and-sale agreement for 53 Afton Parkway to a developer for $75,000 to rehabilitate the property and support neighborhood tax base growth; the vote was unanimous after a closed-session discussion.
The Portsmouth City Economic Development Authority voted to adopt a resolution authorizing a purchase-and-sale agreement for 53 Afton Parkway, directing the chair, vice chair and secretary to execute closing documents. Staff said the developer will buy the property for $75,000 and rehabilitate it to benefit the Prattic neighborhood and increase the city's tax base.
Board members considered the resolution after a closed-session negotiation about acquisition and disposition strategy. The resolution states the conveyance and subsequent rehabilitation will benefit the surrounding neighborhood; it also requires any amendment that alters the purchase price to return to the board for prior authorization. The motion to adopt the resolution passed in a recorded unanimous vote.
