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R -23 -17 A RESOLUTION DECLARING THE INNOVATION OVERLAY DISTRICT ESTABLISHED PURSUANT TO SECTION 40.2- 208(D) OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA TO BE A REVITALIZATION AREA WITHIN THE MEANING OF SECTION 36- 55.30:2.A OF THE CODE OF VIRGINIA. WHEREAS, Section 40.2- 208(D) of the Code of the City of Portsmouth, Virginia establishes an Innovation Overlay District; and WHEREAS, the Innovation Overlay District generally encompasses portions of the County, High, and London corridors from Effingham Street to the Martin Luther King Freeway, and has the boundaries more particularly shown and described in Ordinance 2020 -127 adopted on December 8, 2020; and WHEREAS, the purpose of the Innovation Overlay District is to support activities that stimulate innovation, offer value to entities that drive the economy, and enhance the existing mixed -use character of the District; WHEREAS, Section 36- 55.30:2 of the Code of Virginia authorizes local governing bodies to establish, by resolution, Revitalization Areas upon making the determinations set forth in said Section; and WHEREAS, establishing the Innovation Overlay District as a Revitalization Area will further the development of affordable and mixed income housing within the District; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That it hereby FINDS that the industrial, commercial or other economic development of the Innovation Overlay District area will benefit the city, but such area lacks the housing needed to induce manufacturing, industrial, commercial, governmental, educational, entertainment, community development, healthcare or nonprofit enterprises or undertakings to locate or remain in such area. 2. That it hereby FINDS that private enterprise and investment are not reasonably expected, without assistance, to produce the construction or rehabilitation of decent, safe and sanitary housing and supporting facilities that will meet the needs of low and moderate income persons and families in the Innovation Overlay District area and will induce other persons and families to live within such area and thereby create a desirable economic mix of residents in such area. 3. That it declares the Innovation Overlay District to be a Revitalization Area within the meaning of Section 36- 55.30:2 of the Virginia Code. 4. That the sole purpose of declaring the Innovation Overlay District to be a Revitalization Area is to empower the Virginia Housing Development Authority to provide financing in accordance with Chapter 36 of the Virginia Code.