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<br />. <br /> <br />/,..,. <br /> <br />WHEREAS the Portsmouth Industrial Development <br />has the authority to develop a conference center <br />exempt financing and to own and operate it as an <br />facility; and <br /> <br />Authority <br />wi th tax <br />authority <br /> <br />WHEREAS a potential hotel developer, Stormont Trice <br />Corporation ("STC"), has been identified "which has demonstrated <br />its ability to prosper in the Hampton Roads market through its <br />highly successful development and management of the Waterside <br />Marriott, and STC has indicated a willingness to invest <br />approximately $15,000,000 in private capital in order to <br />develop a first-class destination hotel in downtown Portsmouth <br />on said PRHA land and air rights, in connection with the public <br />development of a conference center on that same site; and <br /> <br />WHEREAS economic and market conditions, including record <br />low interest rates and strong luxury hotel and conference <br />market demand, now combine to create uniquely favorable <br />conditions for construction of a conference center and <br />first-class destination hotel in downtown Portsmouth; and <br /> <br />",'.'~ <br /> <br />WHEREAS a conference center and first-class destination <br />hotel in the downtown Portsmouth area would significantly aid <br />the regional economy by adding to the "critical mass" of the <br />regional downtown waterfront and thereby complementing <br />the region's ability to attract major conventions; and by <br />independently providing continuing numbers of new visitors and <br />patrons to such regional attractions as Waterside, the Virginia <br />Marine Science Museum, Harbor Park, Colonial Williamsburg, <br />Jamestown, the Virginia Air and Space Museum, and the Mariner's <br />Museum; and <br /> <br />WHEREAS the City hereby finds and determines that the <br />direct economic benefits, indirect economic benefits, cultural <br />benefits, and community benefits of a conference center and <br />first-class destination hotel in the downtown Portsmouth area <br />are manifestly in the public interest and fully justify the <br />City's economic and administrative support of such a project <br />both for present and future generations; <br /> <br />NOW, THEREFORE be it RESOLVED by the Council of the City <br />of Portsmouth: <br /> <br />1. That the City hereby approves and ratifies the <br />development and operation of a conference center and related <br />parking facilities by the Portsmouth Industrial Development <br />Authority ("the IDA") in conjunction with a hotel to be <br />developed by STC on the terms contained in the Letter of Intent <br />which is attached hereto and incorporated by reference; <br /> <br />"/"" " <br />