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. . . _ NO. 2005-71 AN ORDINANCE TO CREATE THE NEW PORT COMMUNITY DEVELOPMENT AUTHORITY AND TO ESTABLISH THE NEW PORT COMMUNITY DEVELOPMENT AUTHORITY DISTRICT. WHEREAS, the City Council of the City of Portsmouth, Virginia (the "City Council") has received a petition (the "Petition") from Portsmouth Venture One, L.L.C., a Virginia limited liability company (the "Landowner"), for the creation of the New Port Community Development Authority (the "CDA"), and the establishment of the boundaries of the New Port Community Development Authority District (the "CDA District"); and WHEREAS, the Landowner has represented that it owns all of the land included in the proposed CDA District with the exception of the public streets and rights of way located therein, and it is currently the owner of at least 51 % of the property included in the CDA District; and WHEREAS, a public hearing has been held on August 23, 2005 by the City Council on the adoption of this Ordinance and notice has been duly provided as set forth in ~~IS.2-SI04 and 15.2-5156 ofthe Virginia Water and Waste Authorities Act, Chapter 51, Title 15.2, Code of Virginia of 1950, as amended (the "Act"); and WHEREAS, the City Council proposes to create the CDA in order to provide the public improvements described in the Petition and to establish the boundaries of the CDA District; and WHEREAS, the creation ofthe CDA to assist in financing certain improvements in connection with the proposed development within the CDA District will benefit the citizens of the City of Portsmouth, Virginia (the "City") by providing additional residential options for the citizens of the City, as well as infrastructure improvements benefiting the citizens of the City, will promote economic development and redevelopment and expansion of the City's tax base and will meet the increased demands placed upon the City as a result of development within the CDA District; and WHEREAS, the Landowner has waived in writing the right to withdraw its signature from the Petition in accordance with ~ IS.2-SIS6(B) of the Act. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1. Creation of Authoritv. The New Port Community Development Authority is hereby created as a public body politic and corporate and political subdivision of the Commonwealth of Virginia in accordance with the applicable provisions of the Act. The CDA shall have the powers set forth in the Act. 2. Boundaries ofCDA. The CDA District is hereby established and the boundaries shall initially include the property identified in the attached Exhibit A. In accordance with