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R -19 -12 A RESOLUTION APPROVING A MASTER AGREEMENT FOR REGIONAL ECONOMIC DEVELOPMENT WITH THE HAMPTON ROADS ECONOMIC DEVELOPMENT ALLIANCE AND THE OTHER LOCALITIES OF HAMPTON ROADS. WHEREAS, the Hampton Roads Economic Development Alliance (HREDA) is a regionally- focused, non - profit, public - private economic development partnership dedicated to achieving a more diverse, growing and prosperous economy for the entire Hampton Roads region; and WHEREAS, HREDA has historically represented the Hampton Roads localities of Chesapeake, Franklin, Hampton, Isle of Wight, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Southampton and Virginia Beach as a point of contact for regional economic development; and WHEREAS, localities currently pay $1 per capita to fund HREDA; and WHEREAS, HREDA has prepared a draft Master Agreement for Regional Economic Development for execution by HREDA and each locality; and WHEREAS, the Agreement seeks to formally define HREDA's role as the official regional economic development organization of Hampton Roads, and to provide a framework for the participating parties to work cooperatively to create economic opportunity throughout the region; and WHEREAS, under the Agreement it is anticipated that Portsmouth will continue to pay $1 per capita (approximately $94,500) from the Economic Development Department's annual budget to fund HREDA; and WHEREAS, by improving regional coordination HREDA and the Agreement will provide increased economic opportunity for Portsmouth citizens; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that it hereby approves the Master Agreement for Regional Economic Development and that the Mayor, City Manager and City Attorney are authorized to execute the Agreement on behalf of the City. ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on April 23, 2019. Teste: City Clerk