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R -19 -07 A RESOLUTION AUTHORIZING AND SUPPORTING SUBMISSION OF AN APPLICATION FOR PARTICIPATION IN THE VIRGINIA DEPARTMENT OF TRANSPORTATION ECONOMIC DEVELOPMENT ACCESS PROGRAM. WHEREAS, the City of Portsmouth, Virginia desires to assist in the development of property for the purpose of economic development located off of West Norfolk Road in the City of Portsmouth, Virginia, within the West Norfolk industrial area; and WHEREAS, the property is expected to be the site of new private capital investment in land, building, and manufacturing equipment which will provide substantial employment; and WHEREAS, the property assisted includes Tax Parcels 07010260, 07000010, 07020300, 07010470 and 07190020, and may include Tax Parcel 07190010; and WHEREAS, the subject property, or portions thereof, has no site access to a public street or highway and will require the construction of a new roadway to connect with West Norfolk Road; and WHEREAS, the existing public road network does not provide for adequate industrial access to the property, or portions thereof, and it is deemed necessary that improvements be made to West Norfolk Road; and WHEREAS, the City of Portsmouth hereby guarantees that the necessary environmental analysis, mitigation, fee simple right of way and utility relocations or adjustments, if necessary, for this project will be provided at no cost to the Economic Development, Airport and Rail Access Fund; and WHEREAS, the City of Portsmouth acknowledges that no land disturbance activities may occur within the limits of the proposed access project prior to appropriate notification from the Department of Transportation as a condition of the use of the Economic Development, Airport and Rail Access Fund; and WHEREAS, the City of Portsmouth hereby acknowledges that the Virginia Department of Transportation's Economic Development Access (EDA) Program may provide up to a maximum of $650,000 for a project and requires matching funding, up to $150,000, from the City of Portsmouth for estimated eligible project costs over $500,000, up to $800,000; and WHEREAS, the City of Portsmouth hereby guarantees that financing of all ineligible project costs, project costs exceeding the EDA Program project allocation, EDA Program required locality matching funds, if applicable, and all costs not justified by eligible capital outlay will be provided from sources other than those administered by the Virginia Department of Transportation; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: