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R-13-48 A RESOLUTION AUTHORIZING THE CITY MANAGER TO DESIGNATE THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY AS AGENT TO APPLY FOR A GRANT IN THE AMOUNT OF $600,000 UNDER THE VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT INDUSTRIAL REVITALIZATION FUND PROGRAM. WHEREAS, the Virginia Department of Housing and Community Development Industrial Revitalization Grant Program (the "Program") provides grants for the revitalization of vacant and deteriorated commercial and industrial properties; and WHEREAS, the Greater Portsmouth Development Corporation (GPDC) desires to acquire property located at 1021 High Street ( "the Property") for the purpose of redeveloping the Property as residential apartments and limited retail/office space; and WHEREAS, the redevelopment of the Property will provide a significant economic benefit to the High Street corridor in Downtown Portsmouth; and WHEREAS, only localities are eligible to apply for a grant under the Program, and the City of Portsmouth therefore desires to designate the Portsmouth Redevelopment and Housing Authority (PRHA) as its agent to apply for a grant in an amount of $600,000 to fund a portion of the cost of redeveloping the Property; and WHEREAS, GPDC has committed matching funds in the amount of not less than $600,000 to satisfy the local match requirement of the Program; and WHEREAS, PRHA will act as the City's agent for implementing and administering activities under the Program. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that the City Manager is authorized to designate the Portsmouth Redevelopment and Housing Authority to apply for a grant under the Program in the amount of not to exceed $600,000 for the acquisition of property located at 1021 High Street by the Greater Portsmouth Development Corporation. BE IT FURTHER RESOLVED that PRHA, or such other affiliated entity as the City Manager may deem appropriate, is designated as the City's agent for implementing and administering activities under the Program. BE IT FURTHER RESOLVED that the City Manager is authorized to execute the application for a grant and such other documents as may be necessary or desirable to obtain and implement a grant, including without limitation any agreements with PRHA and/or GPDC confirming GPDC's commitment of matching funds and PRHA's obligations to comply with the terms and conditions of a grant, all as may be in the best interest of the City.