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25 A RESOLUTION APPROVING THE APPLICATION FOR AN UP, AN DEVELOP-~iENT ACTION GRANT FOR REVITALIZATION OF STRUCTURES IN THE ENTERPRISE 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 development activity to aid in economic recovery; and ~EP~EAS, the Governor has designated the High Street Corridor and surrounding neighborhoods as an Urban Enterprise Zone and has approved certain local and state incentives designed to stimulate private investment and jobs in this economically depressed area; and WHEREAS, the City of Portsmouth and the Portsmouth Redevelop- ment and Housing Authority have undertaken significant investment in the downtown area in order to revitalize the infrastructure, commercial and residential components under the Priority Action Program; and WHEREAS, an Urban Action Grant will assist merchants and property owners to expand and accelerate the redevelopment process. NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Portsmouth, that the application for an 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 March 26, 1985. Teste: City Clerk