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R-04-36 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A <br />PERFORMANCE AGREEMENT WITH APM TERMINALS AS REQUIRED <br />FOR EXPENDITURE OF A $500,000 GOVERNOR'S OPPORTUNITY FUND <br />GRANT FOR THE APM TERMINALS PROJECT IN CHURCHLAND. <br /> <br /> WHEREAS, the City of Portsmouth has received a Governor's Opportunity Fund <br />grant in the amount of $500,000 to be used as an incentive for the development of the <br />APM Terminals (APM) project on the Cox Property in Churchland; and <br /> <br /> WHEREAS, as a condition of the grant and prior to payment of any monies to <br />APM, the City must enter into a Performance Agreement with APM, establishing certain <br />job creation goals and levels of financial investment by APM; and <br /> <br /> WHEREAS, if APM fails to meet the established goals, all or part of the grant <br />monies will be required to be returned to the Commonwealth of Virginia by APM. <br /> <br /> NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that the City Manager be, and he hereby is, authorized to execute a <br />Performance Agreement with APM Terminals and such other documents, permits, and <br />agreements, as may be necessary to fulfill the Governor's Opportunity Fund grant <br />requirements and as are in the best interest of the City of Portsmouth. <br /> <br /> BE IT FURTHER RESOLVED that this resolution shall take effect on the date <br />of its adoption. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on June 22, 2004. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />