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R-24-02 <br />A RESOLUTION OPPOSING ACQUISITION OF THE VIRGINIA <br />INTERNATIONAL GATEWAY PROPERTY BY THE PORT OF VIRGINIA. <br />WHEREAS, Virginia International Gateway (VIG) is one of the largest and most <br />valuable port facilities in Virginia; and <br />WHEREAS, VIG is owned by a private, tax -paying entity and leased to the Port of <br />Virginia; and <br />WHEREAS, Portsmouth receives property tax revenue of approximately Nine Million <br />Dollars per year from VIG; and <br />WHEREAS, the Port of Virginia is considering buying out the private owner and taking <br />full ownership of VIG; and <br />WHEREAS, the Port of Virginia is a government entity exempt from payment of property <br />taxes; and <br />WHEREAS, Portsmouth's current Fiscal Stress rating is "High" because approximately <br />40% of the land in the city is non-taxable, primarily due to the presence of state and federal <br />installations; and <br />WHEREAS, Nine Million Dollars in tax revenue is equivalent to nine cents on the <br />Portsmouth tax rate, and the annual loss of Nine Million Dollars (and even more with future <br />inflation) would cause long-term economic devastation for the city and its residents; <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia, that the City must vehemently oppose the acquisition of VIG by the Port of Virginia. <br />ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on <br />January 23, 2024. <br />Teste: <br />City Clerk <br />