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P.-15-02 <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO SUBMIT TO THE <br />VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY <br />DEVELOPMENT PROPOSED AMENDMENTS TO MODIFY LOCAL <br />INCENTIVES WITHIN THE CITY'S FIRST ENTERPRISE ZONE. <br />WHEREAS, on January 1, 2010 certain areas within the City of Portsmouth were <br />designated by the Commonwealth of Virginia as an Enterprise Zone under Section 59.1 <br />538, et seq., of the Code of Virginia; and <br />WHEREAS, the Enterprise Zone designation provides certain development and <br />employment incentives within the Zone; and <br />WHEREAS, on January 1, 2014 the Commonwealth designated a second <br />Enterprise Zone within the City of Portsmouth; and <br />WHEREAS, the second Zone includes lower thresholds to qualify for certain <br />incentive programs; and <br />WHEREAS, the incentive thresholds included within the second Zone are based <br />on study and analysis of the impacts of the first Zone; and <br />WHEREAS, to increase the impact of the first Zone it is desirable to modify <br />certain available incentives to more closely track the incentives available within the <br />second Zone; and <br />WHEREAS, the incentive programs to be modified are funded entirely by new <br />revenue received by the City because of the grant-eligible activity; <br />NOW THEREFORE BE IT RESOLVED by the Council of that the City <br />Manager is hereby authorized to submit to the Virginia Department of Housing and <br />Community Development proposed amendments to modify certain local incentives <br />within the City's first Enterprise Zone to match the terms of the incentives available <br />within the City's second Enterprise Zone. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on January 27, 2015. <br />Teste: <br />City Clerk <br />