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36 A RESOLUTION APPROVING THE APPLICATION FOR AN URBAN DEVELOP- MENT ACTIOH GRANT FOR MOTEL CONSTRUCTION IN THE URBAN ENTER- PRISE ZONE. WHEREAS, under the Urban Development Action Grant Program, financial assistance is available to designated Cities and Urban Counties which are experiencing severe economic distress to help stimulate economic development activity to aid in economic recovery; and WHEREAS, the Governor has designated the High Street Corridor and surrounding neighborhoods as an Urban Enterprise Zone ~nd has approved certain local and state incentives designated to stimulate private investment and jobs in this economically'depressed area; and WHEREAS, the principals of LTD Associates, a Virginia General Partnership, have stated their intention to construct and operate a 62 unit motel at 1031 London Boulevard in the City of Portsmouth in the Enterprise Zone; and WHEREAS, the project can only proceed with the incentives provided in the Enterprise Zone and with an Urban Development Action Grant of $262,000; and WHEREAS, LTD Associates agrees to repay the loan over 25-years, at an annual interest rate of seven per cent (7%). NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the application for a $262,000 Urban Development Action Grant is approved, and the City Manager is hereby authorized to file the application and to provide additional information as may be required by the Department of Housing and Urban Development in order to obtain the grant. BE IT FURTHER RESOLVED that the City Manager is the Certifying Officer and authorized Representative of the City of Portsmouth and shall provide assurances as required by the regulations of the Housing and Community Development Act of 1974, as amended, for the approval of this grant. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held April 24, 1984. Teste: City Clerk