Laserfiche WebLink
<br />WHEREAS, the APM Portsmouth Terminal presently generates real property taxes in <br />excess of $4,000,000 per year to Portsmouth because it is privately owned, and transfer of <br />ownership from APM to the Virginia Port Authority at the beginning of the lease would make the <br />property tax exempt as of that date, and <br /> <br />WHEREAS, Portsmouth already has the highest real estate tax rate in the Hampton Roads <br />region, primarily because almost half the real estate in the city, by assessed value, is tax exempt, <br />primarily due to ownership by either the federal government or the state government, and <br /> <br />WHEREAS, the loss of real estate tax revenue from the APM Terminal would have a <br />devastating effect on Portsmouth's real estate tax rate, its ability to pay for essential city services <br />such as police, fire, and public education, its bond rating, its businesses, and the quality of life for <br />working Portsmouth families, and <br /> <br />WHEREAS, the Portsmouth Marine Terminal currently pays little or no taxes to <br />Portsmouth, and <br /> <br />WHEREAS, it is presently contemplated that the APM lease be signed by the Secretary of <br />Transportation alone after a relatively brief review period, and <br /> <br />WHEREAS, extreme care and thorough study should be used before making any major <br />decision about the future of the Port of Virginia, <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br />1. That the Secretary of Transportation and the Virginia Port Authority, each exercising <br />their respective independent powers and duties, are respectfully requested: <br /> <br />A. To delay signing the lease until its full ramifications for Portsmouth, for Virginia, and <br />for the Hampton Roads region are fully understood and deemed acceptable. <br /> <br />B. To have appropriate members of the General Assembly of Virginia participate in the <br />reVIew process. <br /> <br />C. To receive and meaningfully consider input from all stakeholders, including the <br />Virginia Maritime Association. <br /> <br />D. To negotiate and modify the terms of the proposed lease so that it is no worse than <br />revenue-neutral for Portsmouth, after consideration of combined local tax revenue from <br />the present APM Terminal, any possible expansion of that terminal, and the Portsmouth <br />Marine Terminal. <br /> <br />E. To ensure that financial proceeds from the proposed lease are used primarily to benefit <br />the Hampton Roads region. <br />