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ORDINANCE NO. 2026-53 AN ORDINANCE ACCEPTING COMMONWEALTH DEVELOPMENT OPPORTUNITY FUND GRANT FUNDS IN THE AMOUNT OF $265,000 FROM THE VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP AUTHORITY AND APPROPRIATING SAID FUNDS IN THE FY 2026 GRANTS FUND FOR DISTRIBUTION TO PORTSMOUTH PORT AND INDUSTRIAL COMMISSION AND RADIAN FORGE INC. UPON RECEIPT OF THE FUNDS AND SATISFACTION OF THE GRANT REQUIREMENTS. WHEREAS, Radian Forge Inc. (the "Company") has established a new wire arc additive manufacturing facility in Portsmouth to make large-scale specialty parts for ships using 3-D printing technology; and WHEREAS, the Virginia Economic Development Partnership Authority has awarded the Company a Commonwealth Development Opportunity Fund grant in the amount of $265,000 (the "Grant"); and WHEREAS, $26,500 of the grant funds will be earned if, as of June 30, 2031, the Company has made capital expenditures of at least $10,535,000 for taxable real property and/or taxable personal property at the Portsmouth facility and has complied with the other terms of the grant agreement; and WHEREAS, $238,500 of the grant funds will be earned if, as of June 30, 2031, the Company has created at least 53 permanent full-time jobs of an indefinite duration at the Portsmouth facility with standard fringe benefits and an average annual wage of at least $87,925, and has complied with the other terms of the grant agreement; and WHEREAS, under the Commonwealth Development Opportunity Fund structure, to the extent grant funds are earned they will be delivered by the Commonwealth to the City, then by the City to the Portsmouth Port and Industrial Commission, and finally by PPIC to the Company; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That it accepts Commonwealth Development Opportunity Fund grant funds in the amount of $265,000 from the Virginia Economic Development Partnership Authority and appropriates said funds in the FY 2026 Grants Fund. 2. That, to the extent earned, the grant funds shall be delivered to the Portsmouth Port and Industrial Commission for payment to the Company. 3. That the City Manager is authorized to execute the grant agreement and to take such further actions as are necessary or desirable in furtherance of the intent of this ordinance.