Minutes 05/22/2007 - Laserfiche WebLink

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May 22, 2007 Background: . The Hampton Roads Transportation Authority Act (the Act), which was approved by the General Assembly in HB 3202 and signed by the Governor, becomes effective July 1, 2007. . The Act creates the Hampton Roads Transportation Authority (HRTA) as a political subdivision of Virginia . The Act embraces the Counties of Isle of Wight, James City, and York, and the Cities of Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg. . The voting members of the HRTA consist of the chief elected officers of each governing body. . The Act empowers the HRTA with the following authority: to control, operate, impose and collect tolls on any new or improved transportation facility; to apply for and accept money, grants, contributions, and federal and state financial assistance; to decide and vote to impose all of the fees and taxes authorized by law for use by the H RT A; and to undertake 0 N L Y the 13 projects i ncl uded in the Act Discussion: . In order for HRTA to exercise its authorities as listed in the Act, seven of the 12 initial localities representing at least 51 % of the total population must adopt a resolution stating their approval of these authorities by December 31, 2007. . In order for taxes and fees to be imposed on the localities, seven of the 12 voting members of HRTA representing at least 51 % of the total population must vote to impose these taxes and fees. . Portsmouth stands to significantly benefit from three of the major transportation projects encompassed in the Act: the Midtown Tunnel/MLK Extension, Rt 460 improvements, and the Third Crossing. . Other HRTA benefits may include: increased public safety with enhanced evacuation routes, long-term benefits on the local economy and tourism industry, and the ability to ensure that Authority decisions are in the best interest of the citizens of Portsmouth. . Staff briefed the City Council on this resolution at four public meetings prior to May 22nd, including two public hearings conducted on May 8th and May 15th. Financial Impact: . By approving this Resolution, there will be no direct financial impact on the City. Also, a PFM Opinion recently concluded "All other local credit factors remaining equal, debt issued by the Authority should not negatively impact local credit ratings." Staff Recommends: Adoption of proposed resolution. Vision Principles: Bold New Directions, A Robust and Prospering Economy, World Class Maritime Center, Thriving Neighborhoods and a Sense of Community, and Pride of Past Promise of Future. Next Steps Following Council Action: . Pending approval, and once seven localities representing 51 % of the total population adopt a similar resolution, the HRTA will move forward as prescribed in the Act Motion by Ms. Psimas, and seconded by Mr. R Smith, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, APPROVING THE POWERS GRANTED BY THE GENERAL ASSEMBLY OF THE COMMONWEALTH OF VIRGINIA TO THE HAMPTON ROADS TRANSPORTATION AUTHORITY PURSUANT TO THE HAMPTON ROADS TRANSPORTATION AUTHORITY ACT, SECTIONS 33.1-391.6 et seq. OF THE CODE OF VIRGINIA OF 1950, AS AMENDED.