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R-07-52 A RESOLUTION CONCERNING A $2,000,000 FINANCIAL ASSISTANCE AWARD FROM THE UNITED STATES DEPARTMENT OF COMMERCE, ECONOMIC DEVELOPMENT ADMINISTRATION. WHEREAS in September 1998, the City of Portsmouth, Virginia (the "City") was awarded a $2,000,000 Financial Assistance A ward (the "Grant") from the United States Department of Commerce, Economic Development Administration (the "Federal Agency"), to partially pay for infrastructure improvements (the "Improvements") at the planned Portsmouth Commerce Park as it was then known; and WHEREAS the Improvements were constructed by the City or by the Industrial Development Authority of the City of Portsmouth, Virginia, now known as the Economic Development Authority of the City of Portsmouth, Virginia (the "Authority"); and and WHEREAS the Portsmouth Commerce Park was subsequently renamed "Victory Village"; WHEREAS at the time the Grant was awarded, the size of the parcel benefiting from the Improvements was approximately one hundred (100) acres (the "Property"); and WHEREAS the purpose of obtaining the Grant was to develop the Property as an integral part of the community's plans for local economic development and to assist in achieving lasting improvements for the community; and WHEREAS the Property was conveyed to the Authority by deed from the City dated March 19, 1999 and recorded March 26, 1999 in the Clerk's Office of the Circuit Court of the City of Portsmouth, Virginia, in Deed Book 1254, Page 1086; and WHEREAS the Federal Agency has agreed to consent to the transfer of the Property to the Authority on the condition that the Authority becomes the successor recipient of the Grant, requiring it to comply with all applicable federal requirements and the Grant's terms and conditions; and WHEREAS it was determined by the City, the Authority and Tidewater Community College ("TCC") that the construction of a new, urban community college campus (the "College") in the Victory Village would contribute to the development of the Victory Village by providing on-site training and education programs to the workforce, as well as a customer population for any retail, food service, and other service establishments that may locate in the Victory Village; and WHEREAS the City, the Authority and TCC have entered into an agreement pursuant to which the Authority will transfer approximately thirty-five (35) acres of the Property (the "Campus Parcel") to the State Board for Community Colleges (the "Board") for the development of the College; and WHEREAS the Federal Agency has agreed to consent to the transfer of the Campus Parcel to the Board on the condition that (i) TCC become a co-recipient for the Grant, requiring it to comply