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, '. .:"" ,>~, 1..~, ,. ;:~~ ji" ij,f ~~'J t.:-';,i ;-;, ... ti~4DQ.14L AN ORDINANCE TO GRANT A REAL ESTATE TAX EXEMPTION TO CERTAIN PROPERTY OWNED OR TO BE OWNED BY THE ELIZABETH RIVER CONSERVATION AREA I ("ERCA I"), A NONPROFIT CORPORATION, SAID PROPERTY TO BE DEVELOPED AS PARADISE CREEK NATURE PARK. WHEREAS, the Elizabeth River Conservation Area I ("ERCA I") is a nonprofit organization that owns certain property located near Victory Boulevard in the vicinity of Paradise Creek in the City of Portsmouth, Virginia (the "City") containing approximately 24.057 acres, more particularly identified as Parcel B on the attached subdivision plat identified as Exhibit A, having acquired that property by deed recorded January 4,2007; and WHEREAS, ERCA I anticipates that it will in the near future acquire an adjacent property containing approximately 15.624 acres, more particularly identified as Parcel A said Exhibit A; and WHEREAS, it is the intention of ERCA I to develop Parcels A and B, hereinafter reterred to as "the Property," as a public environmental park and thereafter to convey it to the City; and WHEREAS, Article X, section 6 (a) (6) of the ConSlilllliun of Virginia and Section 58.1- 3651 of the Code uf VirRinia in relevant part authorize the City to exempt from real property taxation the property of a nonprofit organization used as a public park; and WHEREAS City Council has, by resolution No. R-06-48, authorized a written agreement with ERCA I concerning development of Paradise Creek Nature Park on the Property (the "Agreement"), and the Agreement, which has been duly executed by the parties, provides that the City shall excmpt the Property from real estate taxation in the manner authorized by law; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: I. That pursuant to the authority granted by Article X, section 6 (a) (6) of the Conslillllion of VirRinia and Section 58.1-3651 of the Cude of Virginia, and in compliance with its obligations under the Agreemellt. the City of Portsmouth hereby exempts ti'om taxation Parcel B of the Property, effective January 4, 2007. 2. That pursuant to said authority. the City of Portsmouth hereby exempts from taxation Parcel A of the Property. The etkctive date of this exemption shall be the future date upon which the Parcel A of the Property is conveyed of record to ERC A I. 3. The exemption granted by section 2, above, shall become effective only ifERCA 1 provides to the City Attorney satisfactory written documentation of said conveyance. 4. The City Attorney shall transmit a copy of the this Ordinance to the City Assessor so that she may properly list the real property in question as exempt from taxation.