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R-03-26 A RESOLUTION AUTHORIZING THE CITY MANAGER TO SUBMIT AN APPLICATION TO THE COMMONWEALTH OF VIRGINIA DEPARTMENT OF CONSERVATION AND RECREATION FOR A GRANT IN THE AMOUNT OF $250,000 TO DEVELOP A PASSIVE PARK AT 801 VICTORY BOULEVARD. WHEREAS, the Department of Conservation and Recreation (DCR), provides grant funds of up to $250,000 to reimburse political subdivisions of the Commonwealth of Virgima in acquinng and developing open space and park lands; and WHEREAS. the non-profit Elizabeth River Project and its ream of diverse community stakeholders are completing a Watershed Management Plan for Paradise Creek. as a model for the nanon m how to restore the Chesapeake Bay one creek ar a time; and WHEREAS. The Elizabeth River Project has recommended that the City of Portsmouth acquire and develop a small, passive park at 801 Victory Boulevard, to be referred to as Paradise Creek Park, to serve as a cornerstone of the Watershed Management Plan by providing pubhc access, recreation, conservation and education; and WHEREAS. the subject industrially-zoned property totaling 4.1 acres has a current assessed value of $116,140; and WHEREAS, the proposed Paradise Creek Park will exist in perpetuity regardless of surrounding development; and WHEREAS, in order to obtain grant assistance from DCR, it is necessary that the City of Portsmouth guarantee that it will match equally the amount of grant funds, either with City funds or in-kind servicesl and WHEREAS, The Elizabeth River Project has pledged to secure 5;230.000 in matching funds through grams and donations, over the two years of the grant period, and the City of Portsmouth will provide $20,000 in in-kind services ar a rate of $10,000 per grant year for planning and maintenance if fult DCR funds of $250,000 are secured. NOW, THEREFORE. BE IT RESOLVED by the CounciI of the City of Portsmouth that the City Manager is hereby author/zed to execute a grant application to the Commonwealth of Virginia Department of Conservation and Recreation in furtherance of the creation and development of a passive park at 801 Victory Boulevard and to execute all other documents associated with the ~ant process, as well as to provide any and all information and assistance pertaining to such grant as may be required. AND BE IT FURTHER RESOLVED, the City of Portsmouth, in partnership with The Elizabeth River ProJect. assures that the funds needed as the proportionate share of the cost of the approved program will be provided, up to $20,000 in-kind from the City