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<br />R-12-13 <br /> <br />A RESOLUTION EST ABLISIDNG GENERAL GUIDELINES FOR ECONOMIC DEVELOPMENT <br />INCENTIVES. <br /> <br />WHEREAS, economic development is critically important to the City of Portsmouth in that it <br />generates both jobs for Portsmouth citizens and tax revenue that reduces the tax burden on homeowners; <br />and <br /> <br />WHEREAS, the importance of economic development is recognized in the Charter of the City <br />of Portsmouth, which specifically authorizes financial support for new industries and businesses; and <br /> <br />WHEREAS, the City's Department of Economic Development has the lead responsibility among <br />city agencies for bringing about economic development; and <br /> <br />WHEREAS, the Portsmouth Port and Industrial Commission, the Economic Development <br />Authority of the City of Portsmouth, and the Portsmouth Redevelopment and Housing Authority are <br />affiliated but independent organizations that work in cooperation with the City to bring about economic <br />development (collectively, the "Affiliated Organizations"); and <br /> <br />WHEREAS, the City Council finds and determines that it would be in the public interest to have <br />objective guidelines for the level of financial support that should be provided to various businesses or <br />industries that may engage in economic development projects in the City; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: <br /> <br />1. That the attached "General Guidelines for Economic Development Incentives" (the "City <br />Guidelines") are hereby adopted. <br />2. The Guidelines shall be adhered to by the Department of Economic Development in <br />determining the level of financial support to be provided to various economic development activities. <br />3. That the Affiliated Organizations are respectfully requested to adopt their own objective <br />guidelines not inconsistent with the City Guidelines, for the purpose of providing objective standards for <br />the level of financial support to be provided to various economic development projects. <br />4. That this resolution shall be effective immediately upon its adoption. <br /> <br />2012. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on March 13, <br /> <br />Teste: <br />