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R-03-53 A RESOLUTION AUTHORIZING THE CITY MANAGER TO MAKE APPLICATION FOR AN ENTERPRISE ZONE DESIGNATION, TO SUBMIT ALL INFORMATION NECESSARY FOR SUCH APPLICATION, AND TO ADMINISTER THE PROGRAM AND REPORTING REQUIREMENTS UPON RECEIPT OF SUCH DESIGNATION. WHEREAS, the General Assembly of Virginia has adopted the Enterprise Zone Act, Section 59.1-270 et seq. of the Code of Virginia, for the purpose of stimulating business and industrial growth and private sector investment, which would result in neighborhood revitalization in areas of the Commonwealth as may be designated by means of regulatory flexibility and tax incentives; and WHEREAS, the Council of the City of Portsmouth deems it to be in the best interest of the City to make application to the Virginia Department of Housing and Community Developmem for designation of certain areas of the City as an Enterprise Zone, comprising generally certain portions of the Midtown and extended Victory Crossing areas of the City, to be eligible for the benefits of said Act', and WHEREAS, the Council of the City of Portsmouth has reviewed and considered the regulations and the application concerning the regulatory flexibility and tax incentives to be provided, which will include (1) permit fee exemptions; (2) the Facade Loan Program through Portsmouth Redevelopment and Housing Authority; and (3) ten (10) year partial real estate tax abatement for rehabilitated structures; and the administration of such areas and deems the same to be appropriate; and WHEREAS, the City of Portsmouth's Department of Economic Development has agreed to be designated as program administrator. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he herdby ~s, authorized to make application for designation of certain portions of the City as an Enterprise Zone. BE IT FURTHER RESOLVED that the City of Portsmouth's Deparnnent of Economic Development shall be designated as the program administrator. BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, authorized to submit all information necessary in connection with such application and to meet all other administrative and reporting program requirements upon such designation. ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on September 9, 2003. Teste: City Clerk