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A RESOLUTION ENDORSING THE EXPANSION OF THE URBAN ENTERPRISE ZONE DESIGNATION AND AUTHORIZING THE CIT~ MANAGER TO SUBMIT ALL INFORMATION NECESSARY FOR SUCH APPLICATION. 55 WHEREAS, the General Assembly of Virginia had adopted the Urban Enterprise Zone Act for the purpose of stimulating business and industrial growth and private sector investment which would result in neighborhood revitalization in such areas as the Commonwealth as may be designated by means of regulatory flexibility and tax incentive; and WHEREAS, the City of Portsmouth and the City of Norfolk made a joint application for Urban Enterprise Zone Designation to the Department of Housing and Community Development of the Commonwealth of Virginia, and such application was approved and a certain portion of the City designated as an Urban Enterprise Zone to be eligible for the benefits under said Act; and WHEREAS, the existing Enterprise Zone in Portsmouth has been tremendously successful with new investment of twenty million dollars ($20,000,000) and the creation of approximately five hundred (500) new jobs; and WHEREAS, the Enterprise Zone success has been so rapid that the City is exhausting new commercial and industrial construction sites located therein and are ~nable to find locations for many b~sinesses wanting to locate in the Zone; and WHEREAS, there is located adjacent to the Zone approximately one hundred twenty-seven acres of vacant land, seventy (70) of which has been dedicated to the~development of a highly controlled commerce park to be designated "PortCentre"; and WHEREAS, this Council held a public hearing on the proposed expansion of the Urban Enterprise Zone on May 27, 1986 and duly reviewed and considered same. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia endorses the extension of the Urban Enterprise Zone to include that area bordered by the Southern branch of the Elizabeth Rive~ on the east, Norfolk Naval~ Shipyard on the south~ Effingham Street on the west, and Interstate 264 on the north, and that the City Manage~ be, and he hereby is, authorized to make application fo~ extension of the U~ban Enterprise Zone.