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<br />R-09-51 <br /> <br />A RESOLUTION ADOPTING A LOCAL BUSINESS AND EMPLOYMENT <br />PLAN FOR THE CITY OF PORTSMOUTH'S NEIGHBORHOOD <br />STABILIZATION PROGRAM PROJECT. <br /> <br />WHEREAS, the Virginia Department of Housing and Community Development <br />(DHCD) awarded the City $2,000,000 in federal Neighborhood Stabilization Program <br />funds to purchase and rehabilitate residential properties that have been foreclosed upon <br />and to resell them to income-eligible parties; and <br /> <br />WHEREAS, DHCD requires that the City adopt a Local Business and <br />Employment Plan ("Plan"); and <br /> <br />WHEREAS, the City Council has reviewed the proposed Plan, a copy of which is <br />attached hereto and identified as Exhibit A. <br /> <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that it approves and adopts said proposed Local Business and <br />Employment Plan and directs the City Manager or his designee to send a copy of this <br />resolution to the Virginia Department of Housing and Community Development along <br />with such other documents and assurances as may be required and are in the best interests <br />of the City of Portsmouth. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on September 8, 2009. <br /> <br />Teste: <br /> <br />City Clerk <br />