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R -19 -18 <br />A RESOLUTION AUTHORIZING AND RATIFYING AN AMENDMENT TO THAT <br />CERTAIN LOAN AGREEMENT WITH THE COMMONWEALTH OF VIRGINIA <br />DATED NOVEMBER 2017 FOR THE PURPOSE OF INCREASING THE LOAN <br />AMOUNT. <br />WHEREAS, by Resolution R -17 -31 adopted on October 10, 2017 City Council <br />authorized the City Manager to enter into a loan agreement for the purpose of drawing a loan in <br />the amount of $3,400,000 from the Commonwealth of Virginia (the "Original Loan "); and <br />WHEREAS, the Original Loan is an interest free loan that was authorized by the <br />Virginia General Assembly to address the temporary loss of personal property tax revenue to the <br />City as a result of the Virginia International Gateway lease amendment in 2016; and <br />WHEREAS, the Original Loan included draws of $1,700,000 in both Fiscal Year 2017 <br />and Fiscal Year 2018; and <br />WHEREAS, the 2018 Appropriation Act adopted by the Virginia General Assembly <br />included additional loans of $1,700,000 for Fiscal Year 2019 and $1,700,000 for Fiscal year <br />2020; and <br />WHEREAS, it is therefore necessary to amend the loan agreement to increase the loan <br />amount by $3,400,000; and <br />WHEREAS, the additional draws on the loan will remain interest free and it is <br />anticipated that the repayment terms will remain as stated in Resolution R- 17 -31; <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia that the City Manager is hereby authorized to execute and deliver one or more <br />amendments to the Loan Agreement between the City and the Commonwealth for the purpose of <br />increasing the loan amount and providing for additional draws, and to take such further action as <br />may be necessary or desirable in furtherance of the purpose of this Resolution. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on June <br />25, 2019. <br />Teste: <br />City Clerk <br />