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<br />R-09-57 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO MAKE APPLICATION <br />FOR AN ENTERPRISE ZONE DESIGNATION, TO OFFER CERTAIN INCENTIVES, <br />AND TO ADMINISTER THE PROGRAM. <br /> <br />WHEREAS, the General Assembly of Virginia has adopted the Enterprise Zone Act, <br />Section 59.1-270 et seq. of the Code of Virginia, for the purpose of stimulating business and <br />industrial growth and private sector investment; and <br /> <br />WHEREAS, the Council of the City of Portsmouth deems it to be in the best interest of <br />the City to make application to the Virginia Department of Housing and Community <br />Development for designation of certain areas of the City as an Enterprise Zone, consisting of the <br />areas generally described on Exhibit A, to be eligible for the benefits of said Act; and <br /> <br />WHEREAS, the Council of the City of Portsmouth has reviewed and considered the <br />loans, tax incentives, fee rebates, financial incentives, and regulatory flexibility to be provided, <br />all of which have been approved as to legality by the City Attorney, as more particularly <br />described on Exhibit B; <br /> <br />NOW THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br /> <br />that: <br /> <br />1. The City Manager be, and hereby is, authorized to make application for designation of <br />the property described in Exhibit A to be an Enterprise Zone, and he may offer the incentives <br />described in Exhibit B. <br /> <br />2. The City Manager or his designee shall be designated as the program administrator. <br /> <br />3. The City Manager is authorized to take all other actions reasonably necessary in <br />furtherance of the overall intent of this resolution, including prompt notification to City Council <br />concerning the status of the application. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on <br />September 22,2009. <br /> <br />Teste: <br /> <br />City Clerk <br />