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R -19 -25 <br />A RESOLUTION ENDORSING THE RESOLUTION OF THE ECONOMIC <br />DEVELOPMENT AUTHORITY AUTHORIZING AND DIRECTING STAFF TO <br />MARKET THE FORMER VICTORY VILLAGE SITE FOR DEVELOPMENT OF AN <br />ENTERTAINMENT DISTRICT TO INCLUDE CASINO GAMING. <br />WHEREAS, in December 2018 and April 2019 the Economic Development Authority, <br />with the support of City Council, acquired property that was formerly intended to be developed <br />as the Victory Village mixed use project; and <br />WHEREAS, as a result EDA now owns an approximately 50 acre site with direct <br />interstate access and highway visibility (the "Victory Site "); and <br />WHEREAS, after analyzing development alternatives for the site EDA has determined <br />that the optimal use of the Victory Site would be for development of a centrally- located <br />entertainment district to include casino gaming; and <br />WHEREAS, at its meeting on July 16, 2019 the EDA Board of Commissioners adopted <br />a Resolution authorizing and directing staff to market the Victory Site for development of such a <br />district; and <br />WHEREAS, City Council commends the efforts of EDA in acquiring the Victory Site <br />and preparing it for development; <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia that it endorses the Resolution of the Economic Development Authority authorizing and <br />directing staff to market the Victory Site for development of an entertainment district to include <br />casino gaming. <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on July <br />23, 2019. <br />Teste: <br />City Clerk <br />