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<br />PORTSMOUTH VIRGINIA ENTERPRISE ZONE LOCAL INCENTIVES GRANTS <br />FUNDING AGREEMENT <br /> <br />This Portsmouth Virginia Enterprise Zone Local Incentives Grants Funding Agreement <br /> <br />(hereafter "this Agreement") is entered into as of this _ day of <br /> <br />, 2011, between the <br /> <br />CITY OF PORTSMOUTH, VIRGINIA, a Virginia municipal corporation (hereafter "the City"), and <br /> <br />the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, <br /> <br />a political subdivision of the Commonwealth of Virginia (hereafter "the EDA"). The City and the <br /> <br />EDA are collectively referred to as "the Parties." <br /> <br />RECITALS <br /> <br />Whereas, the Governor of Virginia is authorized to establish enterprise zones within the <br /> <br />Commonwealth of Virginia, by Section 59.1-538, et seq. of the Code of Virginia, the boundaries of <br /> <br />such enterprise zones to be established by certain eligible Virginia municipal corporations through <br /> <br />application made to the Commonwealth and approved by the Governor; <br /> <br />Whereas, an enterprise zone consists of an area within the boundaries of a locality in which <br /> <br />certain business enterprises may become eligible to receive financial incentives from the locality for <br /> <br />certain investment and job creation activities; <br /> <br />Whereas, the City has determined that the establishment of enterprise zones will foster the <br /> <br />development of commercial and industrial businesses to the benefit of the public health, safety, <br /> <br />welfare and convenience of the City through the enhancement of public revenues and the creation of <br /> <br />employment opportunities; <br />