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ORDINANCE NO. 20 11- ~~. AN ORDINANCE ESTABLISHING A NEW CHAPTER 9.2 ENTITLED "ECONOMIC DEVELOPMENT" IN THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) AND ADOPTING A NEW ARTICLE I THERETO COMPRISED OF NEW SECTIONS 9.2-1 AND 9.2-2 PERTAINING TO THE WAIVER OF CERTAIN DEVELOPMENT FEES IN ENTERPRISE ZONES. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That it hereby establishes a new Chapter 9.2, entitled "Economic Development," in the Code of the City of Portsmouth, Virginia (2006). 2. That it adopts a new Article I containing new sections 9.2-1 and 9.2-2 to the Code of the City of Portsmouth, Virginia (2006) to read as follows: Article I. Enterprise Zones Sec. 9.2-1. Enterprise Zone; development fees rebate authorized. (a) The City Treasurer is authorized to issue a rebate of the fees and in the amounts set out in section 9.2-2 to a qualifying applicant for qualifying activity in an enterprise zone designated by the Governor of the Commonwealth of Virginia and located in the city. (b) Qualifying activity means new construction or improvements to an existing structure totaling $50,000 or more that results in a net increase in the subject property's real estate assessment as determined by the City Assessor. (c) Qualifying applicant means any business or propertyowner who has (i) completed a qualifying activity within a designated enterprise zone in the city; (ii) has paid the fees that are subject to rebate as set out in section 9.2-2 together with all fees and taxes required to engage in the qualifying activity; (iii) is not delinquent in the payment of any tax or fee levied by the city; (iv) has submitted Part 1 of the Development Fee Rebate application to the local Enterprise Zone administrator within ten days of obtaining the required permits; and (v) has submitted Part 2 of the Development Fee Rebate application to the local Enterprise Zone administrator within 120 days of issuance of a certificate of occupancy and has received approval of the application by the administrator. (d) Written certification of approval of the rebate application shall be provided by the local Enterprise Zone administrator to the City Treasurer prior to issuance of any rebate.