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<br />l1HOINANCE HO.200~-lL <br /> <br />-- <br /> <br />AN ORDINANCE ESTABLISHING A SPECIAL ASSESSMENT FOR THE NEW PORT <br />COMMUNITY DEVELOPMENT AUTHORITY AND AUTHORIZING A SPECIAL <br />ASSESSMENT AGREEMENT WITH THE COMMUNITY DEVELOPMENT <br />AUTHORITY. <br /> <br />WHEREAS, the Council of the City of Portsmouth, Virginia (the "City Council") <br />authorized the creation of the New Port Community Development Authority (the "CDA") by <br />Ordinance enacted August 23,2005 (the "Ordinance"); and, <br /> <br />WHEREAS, the CDA has requested that the City Council establish a special assessment <br />on taxable property within the New Port Community Development Authority District (the "CDA <br />District"); and, <br /> <br />WHEREAS, the City Council proposes to set forth certain agreements with the CDA and <br />the owners of the land within the CDA District (the "Landowner") pursuant to a Special <br />Assessment Agreement among the City Council, the Landowner and the CDA (the "Special <br />Assessment Agreement"); and, <br /> <br />WHEREAS, the CDA proposes to Issue its bonds (the "Bonds") to finance certain <br />improvements within the CDA District; and <br /> <br />. <br /> <br />WHEREAS, the establishment of a special assessment on taxable property within the <br />CDA District and the actions contemplated by the Special Assessment Agreement will benefit <br />the citizens of the City by providing additional residential options for the citizens of the City, <br />providing infrastructure improvements, and promoting economic development and <br />redevelopment and a strengthened economic base and increased tax revenues. <br /> <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br />1. Approval of Special Assessment Agreement. The Special Assessment Agreement <br />is approved in substantially the form presented to the City Manager, with such changes and <br />corrections (including, without limitation, changes in the date thereof) that do not materially <br />adversely affect the City's interests as may be approved by the City Manager and the City <br />Attorney, whose approval shall be evidenced conclusively by the execution and delivery of the <br />Special Assessment Agreement. The City Manager and any Deputy City Manager or anyone of <br />them, is authorized and directed to execute and deliver the Special Assessment Agreement. <br /> <br />. <br /> <br />2. Special Assessment. By agreement between the Landowner and the City Council <br />pursuant to the Special Assessment Agreement, special assessments to pay the costs of public <br />improvements to benefit property within the CDA District are hereby established and <br />apportioned in accordance with the Rate and Method of Apportionment of Special Assessments <br />attached hereto as Exhibit A. The CDA shall cause notice of the special assessments to be <br />reported to the City's Chief Financial Officer, the City Treasurer and Commissioner of Revenue <br />and or other City official responsible for the collection of taxes. The special assessments shall be <br /> <br />