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<br />May 27.2008 <br /> <br />Motion by Ms. Psi mas, and seconded by Mr. Heretick, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />"ORDINANCE TO APPROPRIATE $875,448 IN THE FY 2007-2008 CITY GARAGE <br />OPERATING BUDGET FROM THE PREVIOUSLY UNAPPROPRIATED CITY <br />GARAGE FUND BALANCE TO ADDRESS INCREASED FUEL EXPENSES." <br /> <br />Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley <br />Nays: None <br /> <br />08 - 254 - Adoption of an ordinance to amend Chapter 35 of the Code of the City of <br />Portsmouth, Virginia (2006) by amending Section 35-562 thereof pertaining to filing <br />applications for tax exemptions. Vision Principle: A Robust and Prospering Economy. <br /> <br />Background: <br />. Section 58.1-3605 of the Code of Virginia requires any non-governmental owner <br />of real and personal property to file triennially an application as a requirement for <br />retention of the exempt status of the property. <br />. Section 35-562 of the Code of the City of Portsmouth requires biennial <br />application for retention of tax-exempt status. <br /> <br />Discussion: <br />. The requested amendment to Section 35-562 of the City Code will result in <br />compliance with the requirements of the State Code. <br />. The last reapplications were submitted in 2006, and amendment of the City Code <br />would extend the deadline to 2009. <br /> <br />Financial Impact: <br />. The cost of mailing applications to the property owners would be delayed by one <br />year. <br /> <br />Staff Recommends: <br />Adoption of ordinance. Vision Principle: A Robust and Prospering Economy. <br /> <br />Next Steps Following Council Action: <br />. The City Assessor will have the authority to extend the deadline for application <br />until May 2009, and to require triennial application thereafter. <br /> <br />Motion by Mr. D. Smith, and seconded by Mr. R. Smith, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />"ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA (2006) BY AMENDING SECTION 35-562 THEREOF <br />PERTAINING TO FILING APPLICATIONS FOR TAX EXEMPTIONS." <br /> <br />Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley <br />Nays: None <br /> <br />08 - 255 - Adoption of an ordinance transferring the sum of $191,050.18 from the FY <br />2007 -2008 Capital Improvements Fund and appropriating said funds in the FY 2007- <br />2008 General Fund Operating Budget. Vision Principle: Bold New Directions. <br />