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I . That the City Council hereby requests that the Commonwealth Transportation Board provide Economic Development Access Program funding to provide adequate road access to the referenced property; 2. That the City Council hereby agrees to provide a surety or bond, acceptable to and payable to the Virginia Department of Transportation, in the full amount of the Commonwealth Transportation Board's allocation less eligible private capital outlay credit as determined by VDOT; this surety shall be exercised by the Department of Transportation in the event that sufficient qualifying capital investment does not occur on qualifying parcels within five years of the Commonwealth Transportation Board's allocation of funds pursuant to this request; and 3. That the City Manager and /or her designee(s) are authorized to act on behalf of the City Council to execute any and all documents necessary to secure funding in the maximum amount eligible under the Economic Development Access Program; and 4. That it hereby acknowledges that the new roadway so constructed will be added to and become a part of the road system of the City of Portsmouth pursuant to § 33.2 -1509, paragraph C, of the Code of Virginia; and 5. That the City of Portsmouth will request the new roadway[s] so constructed to be added to receive maintenance payments in accordance with the provisions of § 33.2 -319 of the Code of Virginia, and such request for street additions for assistance payments will be submitted, together with a copy of this Resolution and such maps and other documents as may be necessary in the manner prescribed by the Department. ADOPTED at a meeting of the Council of the City of Portsmouth, Virginia held on March 26, 2019.