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Whereas, the Parties desire to memorialize their agreement with respect to the City's willingness to provide funds to the EDA for the purpose of its making certain Business Personal Property Investment Grants, Machinery and Tool Investment Grants and grants and/or provision of in-kind services made by the EDA in order to deliver Mixed-Use Development Incentives, (hereafter, collectively, the Enterprise Zone Local Incentive Grants), which have been pledged by the City, through its application to the Governor for designation of an enterprise zone in the City of Portsmouth, as local incentives required by the Commonwealth to be offered in enterprise zones as herein specified. AGREEMENT NOW, THEREFORE, in accordance with the foregoing, the Parties agree: 1. Definitions (a) Business Firm means any corporation, partnership, electing small business (subchapter S) corporation, limited liability company, or sole proprietorship authorized to do business in the Commonwealth of Virginia, or any subsidiary thereof. (b) Competitive situation means, as determined by the city manager, a Business Firm's decision to locate or remain in the City of Portsmouth is dependent upon the offer of an Enterprise Zone Business Personal Property Incentive Grant or Machinery and Tool Incentive Grant. (c) Enterprise Zone means a zone created by the Governor of Virginia as authorized by the Code of Virginia, Section 58.1-538 et seq. 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 city manager or his designee and by the city attorney. (d) Grant Period means the period commencing on the first day of the first tax year for which an Enterprise Zone local incentive grant is payable and ending on the last day of the last tax