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R -20 -10 A RESOLUTION CERTIFYING THE CITY OF PORTSMOUTH'S SUPPORT FOR THE DEMOLITION AND REVITALIZATION OF THE FORMER COGENTRIX SITE (A/K/A PROJECT POWER) INCLUDING THROUGH ACCEPTANCE OF A PORT HOST COMMUNITIES REVITALIZATION FUND GRANT FROM THE VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT, AND FURTHER AUTHORIZING THE EXECUTION OF A COOPERATION AGREEMENT WITH THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION RELATED TO THE PROJECT AND THE GRANT. WHEREAS, the Portsmouth Port and Industrial Commission and the Economic Development Department partnered with Industrial Realty Group and its affiliates to apply for a Port Host Communities Revitalization Fund Grant from the Virginia Department of Housing and Community Development ( "DHCD "); and WHEREAS, the application sought a grant in support of Project Power, which is the demolition and revitalization of the former Cogentrix site by Industrial Realty Group and its affiliates; and WHEREAS, PPIC and the Economic Development Department selected Project Power for the Port Host Communities Fund Grant application after conducting a process to solicit interested applicants and reviewing all responses; and WHEREAS, DHCD agreed with the merit of the Project Power application and has awarded a grant of $500,000 for the demolition phase of the project; and WHEREAS, the grant requires a dollar for dollar match for the award and the match will be provided by Industrial Realty Group or its affiliates; and WHEREAS, the City and PPIC will have no obligation to contribute financially to the Project, but will have responsibility for receiving and disbursing the $500,000 received from DHCD at the appropriate times; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That it hereby certifies its support for the demolition and revitalization of the former Cogentrix site, a/k/a Project Power. 2. That the City Manager is authorized to execute a cooperation agreement with PPIC in substantially the form attached hereto as Exhibit A and such other agreements as are required by DHCD for the receipt and disbursement of the grant funding. 3. That this ordinance shall take effect on the date of its adoption.