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R-04-27 <br /> <br />A RESOLUTION ENDORSING ESTABLISHMENT OF THE CITY DEVELOPMENT <br />COMMISSION, INC. <br /> <br /> WHEREAS, the Urban Land Institute, based on its recent study of development in the <br />City of Portsmouth (the "City"), recommended the formation ora public/private partnership to <br />coordinate economic development efforts in the City; and <br /> <br /> WHEREAS, the CitY Development Commission, InC. (the "Commission") will be <br />organ/zed as a non,stock, not:for-profit corporation; and <br /> <br /> WHEREAS, the mission of the Commission is to improve the econOmy of the City by <br />coordinating an aggressive public/private program to promote development and economic <br />growth in a planned and orderly process; and <br /> <br /> WHEREAS, the member structure of the Commission will consist of members from City <br />Council, the Chamber of Commeme, the Greater Portsmouth Development Corporation, the <br />Industrial Development Authority/Portsmouth Port and Industrial Commission, the Olde Towne <br />Business Association, the Portsmouth Parking Authority, the Portsmouth Redevelopment and <br />Housing Authority, and the Portsmouth Parmership; and <br /> <br /> WHEREAS, the proposed funding sources for the initial capital base for the Commission <br />are anticipated to be the Portsmouth Partnership ($250,000), the Industrial Development <br />Authority/Port and Industrial Commission ($250,000), the Portsmouth Redevelopment and <br />Housing Authority ($250,000), and the City ($250,000): and <br /> <br /> WHEREAS, this coordinated approach to creation of an economic development vision <br />for the City will enable the City to achieve its potential for the future <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmonth, <br />Virginia, that the City officially endorses the establishment of the Commission. <br /> <br /> Be it further resolved that the City encourages those entities which will comprise the <br />member structure of the Commission to fully endorse and support this effort for the improvemem <br />of the quality of life of the citizens of the City. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virgima, at a meeting held on May <br />25, 2004. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />