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<br />R-13-24 <br /> <br />A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSOUTH, VIRGINIA, <br />AUTHORIZING AN APPLICATION FOR THE DESIGNATION BY THE <br />COMMONWEALTH OF VIRGINIA, OF A SECOND VIRGINIA ENTERPRISE ZONE <br />THE CITY OF PORTSMOUTH, PURSUANT TO THE VIRGINIA ENTERPRISE ZONE <br />GRANT ACT. <br /> <br />WHEREAS, the Commonwealth of Virginia has adopted the Enterprise Zone Grant Act <br />(Va. Code secs. 59.1-538, et seq.) and designed the program with the purpose of stimulating real <br />property improvements and new job creation in localities, and administers the Act through the <br />Virginia Department of Housing and Community Development (VDHCD) and Enterprise Zone <br />Regulations adopted by VDHCD; and <br /> <br />WHEREAS, the Enterprise Zone Grant Act allows a locality to apply for designation of <br />up to three enterprise zones, each containing up to three non-contiguous areas; and <br /> <br />WHEREAS, the Council of the City of Portsmouth proposes to make an application to <br />VDHCD to request designation of a second enterprise zone to include certain industrial and <br />commercial areas within the West Norfolk neighborhood, near and including the Portsmouth <br />Marine Terminal, and within the Paradise Creek/Elm Avenue area; and <br /> <br />WHEREAS, the application is being made to provide for the implementation of certain <br />local enterprise zone incentives by the City of Portsmouth and/or by the Portsmouth Economic <br />Development Authority, subject to the designation of such enterprise zone by the Governor of <br />Virginia; <br /> <br />WHEREAS, the attached exhibits show the approximate proposed boundaries of the <br />second Portsmouth Enterprise Zone and proposed local incentives; and <br /> <br />WHEREAS, official boundaries are shown on a series of Real Estate Assessment Maps <br />located in the Department of Economic Development. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia that: <br /> <br />1. It is the policy of the City to stimulate real, as well as tangible, property <br />improvements and new job creation within the proposed second Portsmouth <br />Enterprise Zone. <br /> <br />2. A Virginia Enterprise Zone designation would be of significant assistance in <br />encouraging economic development activities in the proposed second Portsmouth <br />Enterprise Zone, which activities would lead to continued economic growth and <br />diversification. <br /> <br />3. The City Council commits to implementing or causing to be implemented the <br />