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76 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO ACCEPT A GRANT <br />FOR UP TO $800,000 FROM THE ECONOMIC DEVELOPMENT ADMINISTRATION <br />AND TO COMMIT UP TO $200,000 LOCAL GOVERNMENT MATCHFOR IN- <br />FRASTRUCTURE IMPROVEMENTS ALONG ELM AVENUE AND VENEER ROAD. <br /> <br /> ~EREAS, the Portsmouth Port and Industrial Commission <br />has signed a lease/purchase agreement with Allied Repair <br />Service, Inc. for the Kerr McGee Industrial Development site; <br />and <br /> <br /> WHEREAS, the terms of the lease/purchase agreement state~ <br />that~A!lied Repair Service will construct a five million <br />dollar shipyard/ship repair facility, upon installation by <br />'the City of a new water line, a sewer force main and an <br />industrial access road to the site; and <br /> <br /> WHEREAS, Allied Repair Service projects to create seven <br />hundred (700) new jobs at the site When fully operational; <br />and <br /> <br /> WHEREAS, the City applied to the Economic Development <br />Administration for a Public Works Grant to fund 80% of the <br />one million dollars required for public improvements; and <br /> <br /> WHEREAS, the City has received notice that the Economic <br />Development Administration has agreed to fu~d the infrastructure <br />improvements with an $800,000 grant that requires $200,000 <br />.local gover~mentmatch. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that the Cit~ Manager is <br />authorized to commit up to Two Hundred Thousand and O0/1OO <br />($200,000) Dollars and to accept a Grant for up to $800,000 <br />by the Economic Development Administration. <br /> <br /> Adopted by'the Council of the City of Portsmouth, Virginia, <br />at a meeting held August 24, 1982. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />