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<br />R-10-16 <br /> <br />A RESOLUTION EST ABLISHING AN ECONOMIC DEVELOPMENT <br />INCENTIVE FUND IN THE FY 2010-2011 OPERATING BUDGET INTO <br />WHICH FUNDS MAY BE APPROPRIATED FOR USE TO ATTRACT <br />COMPANIES THAT WILL HAVE A SIGNIFICANT POSITIVE IMPACT ON <br />THE TAX BASE, THE EMPLOYMENT RATE, AND THE QUALITY OF LIFE <br />IN THE CITY OF PORTSMOUTH. <br /> <br />WHEREAS, at a retreat on November 7, 2009, the City Council recognized <br />economic development as its newest initiative for the next three years; and <br /> <br />WHEREAS, it has been determined that under certain conditions the use of <br />financial incentives to induce economic development is necessary for the City to be <br />competitive and to attract companies that will have a significant positive impact on the <br />tax base, the employment rate, and the quality of life in the City of Portsmouth; and <br /> <br />WHEREAS, the Chief Financial Officer and the Director of Economic <br />Development have recommended the establishment of an Economic Development <br />Incentive Fund into which funds may be appropriated and from which funds may be <br />expended for economic development incentives. <br /> <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that it hereby establishes an Economic Development Incentive Fund <br />to be used in FY 2010-2011 and subsequent fiscal years as a fund into which funds may <br />be appropriated by City Council and from which funds may be expended for incentives <br />for economic development. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on May II, 2010, <br /> <br />Teste: <br /> <br />City Clerk <br />