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Whereas, on January 1,2010, the Governor of Virginia did so designate an enterprise zone in the City of Portsmouth, in such areas, as may be amended from time to time, that are further described in those official Portsmouth Virginia Enterprise Zone real estate parcel maps, which shall be retained by the Local Enterprise Zone Administrator. Whereas, the EDA is directed by the charter granted to it by the General Assembly of Virginia to participate in economic development activities within the City of Portsmouth; Whereas, the EDA is authorized by its charter to exercise all or any of the powers and authority vested in an industrial development authority established under the Industrial Development and Revenue Bond Act, which is set out in Chapter 49 of Title 15.2 of the Code of Virginia, section 15.2-4905; Whereas, among the powers of industrial development authorities thus granted to the EDA is the power to make grants to any business firm, as later defined herein, for the purpose, among others, of promoting economic development; Whereas, the City is henceforward willing to consider providing funds to the EDA for the purpose of enabling it to make certain grants within the enterprise zones the Governor has established; Whereas, the circumstances under which the City is willing to consider providing such funds to any given business firm relate to the nature of its business, to the monetary value of its taxable capital investments, and to its creation of new positions; Whereas, the City is authorized to enter into agreements with the EDA to contract obligations, both contingent and absolute, and to appropriate, donate or contribute, from tax revenues or from any other sources, funds to assist the authority in the carrying out of any of the purposes of the act creating the EDA; and