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R-15-19 A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A SECOND AMENDED AND RESTATED PORTSMOUTH VIRGINIA ENTERPRISE ZONE LOCAL INCENTIVES GRANTS FUNDING AGREEMENT WITH THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, on January 1, 2010 certain areas within the City of Portsmouth were designated by the Commonwealth of Virginia as an Enterprise Zone under Section 59.1- 538, et seq., of the Code of Virginia ("Zone 1"); and WHEREAS, on January 1, 2014 certain additional areas within the City of Portsmouth were designated by the Commonwealth of Virginia as a second Enterprise Zone ("Zone 2"); and WHEREAS, the Enterprise Zone designations provide certain development and employment incentives within the Zones ("Incentives"); and WHEREAS, on February 10, 2015, City Council authorized the City Manager to submit an application to the Commonwealth of Virginia to amend certain qualification thresholds for the Incentives within Zone 1, including related to required investment, employment and wage levels, to make the thresholds consistent with Zone 2; and WHEREAS, the application to amend the qualification thresholds within Zone 1 was duly submitted and approved by the Virginia Department of Housing and Community Development ("DHCD") on August 4, 2015; and WHEREAS, the City of Portsmouth provides funding to the Economic Development Authority of the City of Portsmouth, Virginia ("EDA") to implement the Incentives through that certain Amended and Restated Portsmouth Virginia Enterprise Zone Local Incentives Grants Funding Agreement dated as of March 12, 2015 (the "Existing Agreement"); and WHEREAS, it is necessary and desirable to further amend and restate the Existing Agreement to incorporate the amendments to Zone 1 approved by DHCD; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that the City Manager is hereby authorized to execute on behalf of the City a Second Amended and Restated Enterprise Zone Local Incentives Grants Funding Agreement with. EDA to incorporate the amendments to the qualification thresholds within Zone 1 approved by DHCD on August 4, 2015.