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<br />R-12-38 <br /> <br />ADOPTION OF A RESOLUTION AUTHORIZING THE CITY MANAGER TO SUBMIT TO <br />THE VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT <br />PROPOSED AMENDMENTS TO THE CITY'S ENTERPRISE ZONE MODIFYING ZONE <br />BOUNDARIES AND LOCAL INCENTIVES. <br /> <br />WHEREAS, the City of Portsmouth, after approval of boundaries and local incentives by the <br />Virginia Department of Housing and Community Development, designated an Enterprise Zone in 2010; <br />and <br /> <br />WHEREAS, the purpose of enterprise zones is to stimulate business and industrial growth and <br />private sector investment; and <br /> <br />WHEREAS, the City's Economic Development Department has recommended that the <br />boundaries of the Enterprise Zone be adjusted as shown on Exhibits A-I and A-2, attached hereto and <br />made a part hereof; and <br /> <br />WHEREAS, the Economic Development Department has also recommended modification of the <br />local incentives to locate in the Enterprise Zone as shown on Exhibit B, attached hereto and made a part <br />hereof; and <br /> <br />WHEREAS, approval by the Virginia Department of Housing and Community Development is <br />required for such changes to the Zone boundaries and local incentives. <br /> <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia <br />that the City Manager is hereby authorized to submit an application to the Virginia Department of <br />Housing and Community Development for approval of the Enterprise Zone modifications as outlined in <br />Exhibits A-I; A-2 and B hereto. <br /> <br />BE IT FURTHER RESOLVED that he is further authorized to take such additional measures as <br />he deems in the City's best interest to obtain approval of the modifications to the City's Enterprise Zone <br />900ndaries',and local incentives. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on September <br />11,2012. <br /> <br />Teste: <br /> <br />City Clerk <br />