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R-98-35 <br /> <br />A RESOLUTION AUTHORIZING JOINT APPLICATION WITH THE CITY OF <br />NORFOLK TO THE UNITED STATES DEPARTMENT OF HOUSING AND <br />URBAN DEVELOPMENT FOR CREATION OF AN EMPOWERMENT ZONE <br />ENCOMPASSING PORTIONS OF PORTSMOUTH AND NORFOLK. <br /> <br /> WHEREAS the United States Department of Housing and Urban Development is <br />accepting nationwide competitive applications for a new designation referred to as an <br />"Empowerment Zone"; and <br /> <br /> WHEREAS being designated as an Empowerment Zone will result in a wide <br />variety of substantial federal benefits, including direct grants of $10 million per year for <br />ten years, a total of $100 million; and also enhanced eligibility for tax-exempt bond <br />financing of up to $230 million, increased Section 179 deductions to permit enhanced tax <br />deductions for businesses, and federal technical assistance in a number of areas; and <br /> <br /> WHEREAS Portsmouth and Norfolk are adjoining cities bound together by the <br />fabric of a common history, enjoying a common downtown waterfront, participating in <br />the same regional economy, and experiencing common urban challenges; and <br /> <br /> WHEREAS Portsmouth and Norfolk have established an admirable record of <br />working together cooperatively on projects of common interest, including support for <br />critical regional transportation initiatives such as the Third Crossing, expansion of the <br />Midtown Tunnel and development of the Pinners Point Connector, and creation of a <br />Fourth Terminal for the Virginia Port Authority; and also state compensation for state <br />tax-exempt properties, special events, and heritage tourism through the "Trail of Two <br />Cities" program; and <br /> <br /> WHEREAS it is in the common interest of Portsmouth and Norfolk to apply <br />jointly for designation as an Empowerment Zone to enhance the chance of selection and <br />the resulting benefits that will flow to both cities and their citizens; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia, that the City Manager be and hereby is authorized to apply, jointly <br />with the City of Norfolk, to the United States Department of Housing and Urban <br />Development for designation of Portsmouth and Norfolk as an Empowerment Zone. The <br />Manager is also authorized to take such other and further actions in support of this <br />application as he deems advisable and proper. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on <br />August 25, 1998 <br /> <br /> Teste: <br /> <br /> <br /> City Clerk <br /> <br /> <br />