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<br />R-12-07 <br /> <br />A RESOLUTION CONCERNING FORGIVENESS OF A DEBT OWED BY THE CITY <br />OF PORTSMOUTH, VIRGINIA TO THE VIRGINIA DEPARTMENT OF <br />TRANSPORTATION. <br /> <br />WHEREAS, in or around 1998, the Virginia Department of Transportation ("V DOT") <br />desired to construct a new highway facility to increase efficiency and capacity of highway <br />facilities leading to the Portsmouth side of the Midtown Tunnel, commonly known as the <br />"Pinners Point Connector," and <br /> <br />WHEREAS, VDOT did not have adequate funds to construct the Pinners Point <br />Connector without the imposition of tolls, and <br /> <br />WHEREAS, in order to make possible construction of the facility without tolls and <br />without further delay, the City of Portsmouth, by adoption of Resolution No. R-98-54, pledged <br />future Urban Allocation Funds to VDOT in the initial amount of $55,000,000, and <br /> <br />WHEREAS, this pledge by Portsmouth of its future revenues made construction of the <br />Pinners Point Connector possible without tolls, and <br /> <br />WHEREAS, the Pinners Point connector has increased efficiency and capacity of the <br />Midtown Tunnel and thus has been highly beneficial to citizens and businesses from all areas of <br />the Hampton Roads region, in addition to contributing to continued cargo growth by the Virginia <br />Port Authority with the resulting gain in revenues to the Commonwealth of Virginia, and <br /> <br />WHEREAS, to date Portsmouth has sacrificed approximately $32,000,000 of its VDOT <br />Urban Allocation Funds towards said debt service, leaving a current balance of approximately <br />$23,000,000, and <br /> <br />WHEREAS, one of the conditions for Portsmouth pledging these funds was that there <br />would be no tolls on the Midtown Tunnel, and <br /> <br />WHEREAS, VDOT has now determined to impose tolls on the Midtown Tunnel as part <br />of a public-private partnership to expand the Midtown Tunnel and to provide other highway <br />improvements <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia that VDOT is hereby requested to take official action to officially cancel the remaining <br />Portsmouth debt to VDOT of future Urban Allocation Funds and deem said debt paid in full, so <br />that Portsmouth may hereafter be eligible for Urban Allocation Funds in unreduced amounts. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on <br />February 14,2012. <br /> <br />Teste: <br /> <br />City Clerk <br />