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RESOLVED: THAT WHEREAS, the City of Portsmouth has deemed it desirable and beneficial to the general economy of the City of Portsmouth and the surrounding areas to encourage port development along the waterfront of the City of Portsmouth specifically within the Pinners Point area of said City; and WHEREAS, it has endeavored through council action and through general cp-operation with the Portsmouth Port and Industrial Commission to attract to the City and the surrounding area industries that will advance the economy of the area and provide greater employment opportunities within the City and specifically the economic feasibility of developing marginal marine pier facilities for the Pinners Point area; and WHEREAS, through the joint efforts of the City of Portsmouth, Portsmouth Port and Industrial Commission and Virginia State Ports Authority, Commonwealth Metals, Limited, a major industrial concern has leased premises within the Pinners Point area and has indicated a desire to establish a major ship dismantling activity on said leased premises; and WHEREAS, said CommonWealth Metals, Limited has called upon the Portsmouth Port and Industrial Commission to enter into negotiations with it toward exercising Commission's power granted to it under subparagraph (12) of paragraph 1 of Chapter 157 of the Acts of Assembly, 1954~ and WHEREAS, the said Portsmouth Port and Industrial Commission has requested approval of the City Council to undertake and initiate negotiations with said Commonwealth Metals, Limited under the aforementioned authority~ NOW THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth does hereby authorize and direct Portsmouth Port and Industrial Commission to enter into negotiations with Commonwealth Metals, Limited toward exercising its authority under subparagraph (12), paragraph 1 of Chapter 157 Of the Acts of the General Assembly of Virginia, 1954, namely the issuance of bonds of such tvpe as it may determine.