Minutes 05/25/2004 - Laserfiche WebLink

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May 25, 2004 · It is proposed that the membership of the Commission will include members from the Portsmouth City Council as well as representatives from the Chamber of Commerce, the Greater Portsmouth Development Corporation, the Olde Town Business Association, the Portsmouth Parking Authority, the Portsmouth Redevelopment and Housing Authority, and the Portsmouth Partnership. · A resolution is needed to approve the Commission in concept. An appropriation ordinance is needed to provide the requested funds from the City. The Portsmouth Partnership, the Industrial Development Authority, and the Portsmouth Redevelopment and Housing Authority will also be committing the same amount of funds as an initial capital base. Financial Impact: · There is an initial City contribution of $250,000 that will be one-quarter of the total initial capitalization for the Commission. · Future City contributions toward operating and capital needs may be anticipated but are not presently known. It is reasonably anticipated that future economic returns from the work of the Commission will greatly exceed the City's contributions, but those returns cannot be quantified at this time. 1. Martha Ann Creecy, 317 Dinwiddie Street, spoke in opposition to this item. Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the following resolution and ordinance, and was adopted by the following vote: 04-197(A): "A RESOLUTION ENDORSING ESTABLISHMENT OF THE CITY DEVELOPMENT COMMISSION, INC. WHEREAS, the Urban Land Institute, based on its recent study of development in the City of Portsmouth (the "City"), recommended the formation of a public/private partnership to coordinate economic development efforts in the City; and WHEREAS, the City Development Commission, Inc. (the "Commission") will be organized as a non-stock, not-for-profit corporation; and WHEREAS, the mission of the Commission is to improve the economy of the City by coordinating an aggressive public/private program to promote development and economic growth in a planned and orderly process; and WHEREAS, the member structure of the Commission will consist of members from City Council, the Chamber of Commerce, the Greater Portsmouth Development Corporation, the Industrial Development Authority/Portsmouth Port and Industrial Commission, the Olde Towne Business Association, the Portsmouth Parking Authority, the Portsmouth Redevelopment and Housing Authority, and the Portsmouth Partnership; and WHEREAS, the proposed funding sources for the initial capital base for the Commission are anticipated to be the Portsmouth Partnership ($250,000), the Industrial Development Authority/Port and Industrial Commission ($250,000), the Portsmouth Redevelopment and Housing Authority ($250,000), and the City ($250,000): and WHEREAS, this coordinated approach to creation of an economic development vision for the City will enable the City to achieve its potential for the future NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City officially endorses the establishment of the Commission.