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R -19 -38 <br />A RESOLUTION AUTHORIZING EXECUTION OF A COOPERATION AGREEMENT <br />WITH THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF <br />PORTSMOUTH FOR DEVELOPMENT OF AN ENTERTAINMENT DISTRICT TO <br />INCLUDE CASINO GAMING. <br />WHEREAS, the Economic Development Authority owns an approximately 50 acre site <br />with direct interstate access and highway visibility (the "Victory Site "); and <br />WHEREAS, h% Resolution adopted on Jllly 16, ?019. EDA �uithorized staff to market the <br />Victory Site for development of Lill enntertainmenl district to include: casino gaming (the -FDA <br />Resolution "): and <br />WHEREAS, by Resolution R -19 -25 adopted h% City Council on July 23, 2019. the Cite <br />endorsed the EDA ResolutiOrl: and <br />WHEREAS, the Victory Site has been successfully marketed and, after consultation with <br />City Council, EDA has entered into a Memorandum of Understanding with Rush Street Gaming <br />LLC for development of the Victory Site as an entertainment district to include casino gaming (the <br />"MOU); and <br />WHEREAS, City Council desires to authorize execution of a Cooperation Agreement <br />between the City and EDA in substantially the form attached hereto as Exhibit A for the purpose <br />of endorsing and supporting the MOU; <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia that it approves and authorizes the execution of a Cooperation Agreement with EDA in <br />substantially the form attached hereto as Exhibit A; and <br />BE IT FURTHER RESOLVED that it authorizes the City Manager to execute the <br />Cooperation Agreement, and further authorizes the City Manager and City Attorney and their <br />designated staff to take such additional actions as are necessary or desirable to effectuate the intent <br />of this Resolution. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on <br />November 18, 2019. <br />Teste: <br />City Clerk <br />