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R -21 -27 A RESOLUTION CERTIFYING THE CITY OF PORTSMOUTH'S SUPPORT OF AN APPLICATION FOR A VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT PORT HOST COMMUNITIES GRANT IN THE AMOUNT OF $1,000,000 IN FURTHERANCE OF THE DEVELOPMENT OF 3301 SHIPWRIGHT STREET FOR PORT - RELATED USES. WHEREAS, the Port Host Communities Revitalization Fund was established by the Commonwealth to provide grants of state funds for port- related revitalization projects in five localities that are especially impacted by Port of Virginia operations: Portsmouth, Front Royal, Newport News, Norfolk and Richmond; and WHEREAS, the grants are funded annually from a pool of $1,500,000; and WHEREAS, the Economic Development Department conducts outreach to solicit applications from port - related Portsmouth businesses, and the Portsmouth Port and Industrial Commission reviews the applications and determines whether they should be submitted to the state; and WHEREAS, JSSY, LLC d/b /a International Flooring & Protective Coatings, Inc. ( "JSSY ") has submitted an application for a grant; and WHEREAS, the application seeks a grant of $1,000,000 for waterfront bulkhead replacement work at 3301 Shipwright Street in Portsmouth (the "Project "); and WHEREAS, on September 7, 2021 JSSY made a presentation to PPIC, and after considering the application and presentation PPIC adopted a Resolution authorizing submittal of the application to the state; and WHEREAS, if the grant is awarded, JSSY intends to expend approximately $1,200,000 of its own funds to serve as the required match; and WHEREAS, the Project would continue the revitalization of the maritime /industrial area of West Norfolk and is anticipated to result in the creation of approximately 150 new jobs; and WHEREAS, the Project would revitalize property that has long been underutilized, provide a port - related use that maximizes the benefits of the City's role as a Port Host Community, increase the local tax base, and provide employment opportunities for Portsmouth citizens; and WHEREAS, the grant is funded solely by state dollars, and no City or PPIC funds will be expended; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: