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R -23 -18 <br />A RESOLUTION AFFIRMING THAT THE BAINS POINTE DEVELOPMENT IS <br />LOCATED IN A REVITALIZATION AREA WITHIN THE MEANING OF SECTION <br />36- 55.30:2.A OF THE CODE OF VIRGINIA. <br />WHEREAS, by Resolution R -23 -08 adopted on February 14, 2023 City Council granted <br />a Use Permit for the construction of a fifty -unit affordable housing development to be known as <br />Bains Pointe and located in the 1100 Block (North) of High Street and more particularly <br />described in Exhibit A (the "Development "); and <br />WHEREAS, the Development is located within the Innovation Overlay District <br />Revitalization Area; <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia: <br />1. That the Development is located in a Revitalization Area in the City of <br />Portsmouth, Virginia; that the industrial, commercial or other economic development of such <br />area will benefit the City, but such area lacks the housing needed to induce manufacturing, <br />industrial, commercial, governmental, educational, entertainment, community development, <br />healthcare or nonprofit enterprises or undertakings to locate or remain in such area; and that <br />private enterprise and investment are not reasonably expected, without assistance, to produce the <br />construction or rehabilitation of decent, safe and sanitary housing and supporting facilities that <br />will meet the needs of low and moderate income persons and families in such area and will <br />induce other persons and families to live within such area and thereby create a desirable <br />economic mix of residents in such area. <br />2. That this Resolution does not constitute a commitment of funding by the City to <br />the Development. <br />3. That this Resolution shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on <br />March 14, 2023. <br />Teste: <br />City Clerk <br />