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ORDMAIU M 2020 -09 <br />AN ORDINANCE ACCEPTING COMMONWEALTH DEVELOPMENT <br />OPPORTUNITY FUNDING IN THE AMOUNT OF $180,000 FROM THE <br />VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP AUTHORITY AND <br />APPROPRIATING SAID FUNDS IN THE FY 2020 GRANTS FUND FOR <br />DISTRIBUTION IN ACCORDANCE WITH STATE GUIDELINES AND IN <br />FURTHERANCE OF THE DEVELOPMENT OF THE FORMER BASF SITE BY <br />LINEAGE LOGISTICS. <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br />1. That it hereby accepts Commonwealth Development Opportunity Funding <br />in the amount of $180,000 from the Virginia Economic Development Partnership <br />Authority and appropriates said funds in the FY 2020 Grants Fund. <br />2. That the appropriation shall be disbursed in accordance with <br />Commonwealth Development Opportunity Funding guidelines and in furtherance of the <br />development of the former BASF site for cold storage by Lineage Logisitcs. <br />3. That a local match of $180,000 is required as a condition of the funding, <br />which match will be satisfied in the form of a grant provided by the Portsmouth Port and <br />Industrial Commission from its own funds. <br />4. That estimated revenues and expenditures in the FY 2020 Grants Fund are <br />increased by $180,000. <br />5. That the City Manager is authorized to execute a cooperation agreement <br />with PPIC in substantially the form attached hereto as Exhibit A and such other <br />agreements as are required by the Commonwealth for the receipt and disbursement of the <br />grant funding. <br />6. That this ordinance shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on February 11, 2020. <br />Teste: <br />City Clerk <br />