Minutes 03/24/2009 - Laserfiche WebLink

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March 24. 2009 Discussion: . Based on the personal property tax trends in The City of Portsmouth, it was agreed upon by the Treasurer, CFO, IT and the Commissioner of the Revenue that 52% should be the percentage of relief applied toward 2009 personal property taxes. Financial Impact: . The estimated amount of PPTRA relief for calendar year 2009 is estimated to be $10,162,962.29, which includes favorable carryover from 2007 and 2008. Staff Recommends: . Adoption of ordinance. Vision Principle: A Robust and Prospering Economy. Motion by Mr. Moody, and seconded by Ms. Randall, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE ESTABLISHING A PERSONAL PROPERTY TAX RELIEF PERCENTAGE OF 52% FOR CALENDAR YEAR 2009 PERSONAL PROPERTY TAX BILLS." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 09 - 166 - Adoption of a resolution authorizing the City Manager to execute the required applications and any other necessary documents for Economic Stimulus Funding from the Virginia Department of Health, Drinking Water State Revolving Fund to be used for the replacement of aged water main infrastructure. Vision Principle: Thriving Neighborhoods and a Sense of Community. Background: . VDH's Drinking Water State Revolving Fund is the mechanism for distributing this funding. . "The Virginia Department of Health (VDH) expects to receive approximately $17.8 million in construction funds from the American Recovery and Reinvestment Act signed by President Obama. . Half of the funding must be distributed as low interest loans or grants. . City staff has determined the following three projects meet the pre-requirements for submitting a funding application: . Prentis Park Water Main Replacement Projects (eligible funding - $10 million) . Lake Kilby Water Treatment Facility Raw Water Pumping Facility (eligible funding $9.5 million) . Downtown Master Utility Phase 1 Waterline Replacement (eligible funding - $2 million) . Funding application requires adoption of proposed resolution as part of submittal. . Funding application due by close of business March 27,2009. Discussion: . There is no guarantee that any funding will be received, nor whether the funding received will be a grant or a loan. Financial Impact: . Dependent on type of funding awarded, if any. Grants would not require a match. Staff Recommends: . Adoption of proposed resolution. Vision Principles: Thriving Neighborhoods and a Sense of Community Next Steps Following Council Action: . Submit completed applications to Virginia Department of Health.