Minutes 09/22/2009 - Laserfiche WebLink

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September 22. 2009 2. Bonds Limited ObliQation of the Authoritv. The City hereby acknowledges and agrees that the source of the payment of and security for debt service on the Bonds are the revenues of the Authority, including but not limited to the fees and charges paid the by the City. It is to be understood that the documents reflecting the terms and provisions of the Bonds shall provide that such indebtedness shall not be deemed to constitute a debt or pledge of the faith and credit or the taxing power of the Commonwealth of Virginia or any political subdivision thereof, including the Authority and the City, and that neither the Commonwealth nor any other political subdivision or the Authority shall be obligated to pay the principal of, premium, if any, or interest on such indebtedness or other costs incident thereto, except from the revenues pledged by the Authority therefore, all as permitted by law and described under the documentation in connection with the Bonds. 3. Ratification of Service AQreement. All terms and provisions of the Service Agreement are hereby ratified and confirmed by the City. 4. Effective Date. This resolution shall take effect immediately." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 09 - 495 - Adoption of a resolution authorizing the City Manager to make application for an Enterprise Zone Designation through the Virginia Department of Housing and Community Development (VDHCD), to offer certain incentives, and to administer the program. Vision Principle: A Robust and Prospering Economy. Background: . VDHCD is accepting applications from Virginia communities to participate in a competitive process for designation as a Virginia Enterprise Zone. The designation is a state and local partnership and is a method to stimulate job creation, private investment and revitalization. Portsmouth's current Virginia Enterprise Zone, first designated in 1984 and extended in 1999 to coincide with the federally designated Empowerment Zone, expires on December 31,2009. Discussion: . The City's current Virginia Enterprise Zone has played a significant role in developing PortCentre Commerce Park and Downtown by leveraging state and local incentives to attract and entice development. The proposed new zone will spur economic development in the MAST Center, the Victory area, Midtown, Downtown and along the Downtown Waterfront by offering and leveraging state and local incentives. Financial Impact: . The financial impact is believed to be quite favorable for the City, but the extent to which the new Enterprise Zone will produce additional tax revenue, less the incentive/rebate costs, cannot be determined at this time. Recommended Action: . Adoption of a resolution authorizing the City Manager to make application for an Enterprise Zone Designation through VDHCD, to offer certain incentives, and to administer the program. Vision Principle: A Robust and Prospering Economy. Next Steps Following Council Action: . The Interim Director of Economic Development will submit the City's application by the October 1, 2009 deadline. Results of the competitive process and designations will be announced in January 2010. Motion by Mr. Whitehurst, and seconded by Ms. Randall, to adopt the following resolution, and was adopted by the following vote: