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R-15-05 A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN 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; and WHEREAS, the Enterprise Zone designation provides certain development and employment incentives within the Zone; and WHEREAS, the Economic Development Authority of the City of Portsmouth, Virginia ("EDA") administers several of the incentive programs (the "Incentives"); and WHEREAS, by Resolution R-11-29 adopted on September 13, 2011 City Council authorized the City Manager to execute an Enterprise Zone Local Incentives Grants Funding Agreement between the City and EDA to provide funding for the Incentives (the "Original Agreement"), and the Original Agreement was subsequently executed; and WHEREAS, by Resolution R-12-38 adopted on September 11, 2012 City Council authorized the City Manager to submit an application to the Commonwealth of Virginia to modify the Incentives, and the application was subsequently submitted and approved by the Commonwealth; and WHEREAS, on January 1, 2014 the Commonwealth designated a second Enterprise Zone within the City of Portsmouth; WHEREAS, it is necessary and desirable to amend and restate the Agreement to (1) incorporate the modifications to the first Enterprise Zone approved by the Commonwealth in 2012 and (2} include the second Enterprise Zone; 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 an Amended and Restated Enterprise Zone Local Incentives Grants Funding Agreement with .EDA to provide funding for incentive programs included in the Enterprise Zone applications previously authorized by City Council and approved by the Commonwealth of Virginia.