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R-25-33 <br />A RESOLUTION CERTIFYING THE CITY OF PORTSMOUTH'S SUPPORT OF <br />AN APPLICATION FOR A VIRGINIA DEPARTMENT OF HOUSING AND <br />COMMUNITY DEVELOPMENT PORT HOST COMMUNITY <br />REVITALIZATION FUND GRANT IN THE AMOUNT OF $480,000 IN <br />FURTHERANCE OF THE REVITALIZATION OF 1117-1121 HIGH STREET <br />FOR PORT -RELATED USES. <br />WHEREAS, the Port Host Communities Revitalization Fund was established by <br />the Commonwealth to provide grants of state funds for port -related revitalization projects <br />in five localities that are especially impacted by Port of Virginia operations: Portsmouth, <br />Front Royal, Newport News, Norfolk and Richmond; and <br />WHEREAS, the grants are funded annually from a pool of $2,400,000; and <br />WHEREAS, the Economic Development Department conducts outreach to solicit <br />applications from port -related Portsmouth businesses; and <br />WHEREAS, no applications from private entities were received for this round of <br />funding; and <br />WHEREAS, the Economic Development Authority has therefore determined to <br />apply for a grant of $480,000 in furtherance of the revitalization of 1117-1121 High <br />Street for port -related uses (the "Project"); and <br />WHEREAS, if the grant is awarded, the Economic Development Authority will <br />be required to expend not less than $480,000 of its own funds to serve as the required <br />match; and <br />WHEREAS, the Project would revitalize blighted structures in the LINC District <br />as leasable commercial space and create approximately 5 new full time jobs; and <br />WHEREAS, the Project would further a port -related use that maximizes the <br />benefits of the City's role as a Port Host Community, improve the aesthetics of the area, <br />increase the future local tax base by increasing the value of the property, and provide <br />employment opportunities for Portsmouth citizens; and <br />WHEREAS, the grant is funded solely by state dollars and no City funds will be <br />expended; <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia: <br />