2024 Resolutions - Laserfiche WebLink

Home Browse Search

R-24-28 A RESOLUTION CERTIFYING THE CITY OF PORTSMOUTH'S SUPPORT OF AN APPLICATION FOR A VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT PORT HOST COMMUNITIES REVITALIZATION FUND GRANT IN THE AMOUNT OF $1,000,000 IN FURTHERANCE OF THE REVITALIZATION OF 1040 VIRGINIA AVENUE 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 $2,400,000; 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, the Norfolk & Portsmouth Belt Line Railroad ("Belt Line Railroad") has submitted an application for a grant; and WHEREAS, the application seeks a grant of $1,000,000 for the development of a dual rail served, multi -commodity rail transload facility at 1040 Virginia Avenue to provide rail to container transloading (the "Project"); and WHEREAS, on August 27, 2024 the Belt Line Railroad 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, the Belt Line Railroad will be required to expend not less than $1,500,000 of its own funds to serve as the required match; and WHEREAS, the Project would continue the revitalization of the maritime/industrial area surrounding the Portsmouth Marine Terminal and is anticipated to result in the creation of approximately 15 new full time jobs; and WHEREAS, the Project would further a port -related use that maximizes the benefits of the City's role as a Port Host Community and provides employment opportunities for Portsmouth citizens; and WHEREAS, the grant is funded solely by state dollars, and no City or PPIC funds will be expended;