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63 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO MAKE APPLICATION <br />FOR A SECOND ENTERPRISE ZONE DESIGNATION; AUTHORIZING THE CITY <br />MANAGER TO SUBMIT ALL INFORMATION NECESSARY FOR SUCH <br />APPLICATION AND TO ADMINISTER THE PROGRAM AND REPORTING <br />REQUIREMENTS UPON RECEIPT OF SUCH DESIGNATION. <br /> <br /> WHEREAS, the General Assembly of Virginia has adopted the <br />Enterprise Zone Act, Section 59.1-270 et seq. of the Code of <br />Virginia, for the purpose of stimulating business and <br />industrial growth and private sector investment, which would <br />result in neighborhood revitalization in areas of the <br />Commonwealth as may be designated by means of regulatory <br />flexibility and tax incentives; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth deems it to <br />be in the best interest of the City to make application to the <br />Virginia Department of Housing and Community Development for <br />designation of a certain portion of the City as an Enterprise <br />Zone, comprising generally the Mid-town, Tower Mall, Fairwood <br />and Truxton areas of the City, to be eligible for the benefits <br />of said Act; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth has <br />reviewed and considered the regulations and the application <br />concerning the regulatory flexibility and tax incentives to be <br />provided, which will include (1) permit fee exemptions; (2) the <br />Facade Loan Program through Portsmouth Redevelopment and <br />Housing Authority; and (3) ten (10) year partial real estate <br />tax abatement for rehabilitated structures; and the <br />administration of such areas and deems the same to be <br />appropriate; and <br /> <br /> WHEREAS, the City of Portsmouth's Department of Economic <br />Development has agreed to be designated as program <br />administrator. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that the City Manager be, and he <br />hereby is, authorized to make application for designation of <br />certain portions of the City as a second Enterprise Zone. <br /> <br /> BE IT FURTHER RESOLVED that the City of Portsmouth's <br />Department of Economic Development shall be designated as the <br />program administrator. <br /> <br /> BE IT FURTHER RESOLVED that the City Manager be, and he <br />hereby is, authorized to submit all information necessary in <br />connection with such application and to meet all other <br />administrative and reporting program requirements upon such <br />designation. <br /> <br /> <br />