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<br />September 13. 2011 <br /> <br />Financial Impact: <br />. The funds for the Business Personal Property Investment Grants and the <br />Machinery & Tool Investment Grants will be paid from the increase in the tax revenue <br />from Business Personal Property taxes and Machinery & Tool taxes from the firms <br />qualifying for the grants. <br />. The funds for the Development Fee Rebates will be paid from the fees collected <br />from the qualifying developments. <br /> <br />Recommended Action: <br />. Adoption of a resolution authorizing the City Manager to execute a Funding <br />Agreement. <br />. Adoption of the ordinances establishing Chapter 9.2 and amending Chapter 35 <br />pertaining to fee rebates and tax exemptions in the enterprise zone. <br /> <br />Next Steps Following Council Action: <br />. Present the Funding Agreement to the EDA. <br /> <br />1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in opposition to this item. <br /> <br />Motion by Mr. Heretick, and seconded by Mr. Whitehurst, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />11-380(a): <br /> <br />"ORDINANCE ESTABLISHING A NEW CHAPTER 9.2 ENTITLED "ECONOMIC <br />DEVELOPMENT" IN THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) <br />AND ADOPTING A NEW ARTICLE I THERETO COMPRISED OF NEW SECTIONS <br />9.2-1 AND 9.2-2 PERTAINING TO THE WAIVER OF CERTAIN DEVELOPMENT <br />FEES IN ENTERPRISE ZONES." <br /> <br />Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright <br />Nays: None <br /> <br />Motion by Mr. Moody, and seconded by Mr. Heretick, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />11-380(b): <br /> <br />"ORDINANCE AMENDING CHAPTER 35 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA (2006) BY AMENDING SECTIONS 35-216, 35-218, AND <br />35-219 THEREOF PERTAINING TO REAL ESTATE TAX EXEMPTIONS FOR <br />REHABILITATED, RENOVATED, AND REPLACEMENT PROPERTIES IN <br />ENTERPRISE ZONES." <br /> <br />Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright <br />Nays: None <br /> <br />Motion by Mr. Heretick, and seconded by Ms. Randall, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />11-380(c): <br /> <br />"RESOLUTION AUTHORIZING AND DIRECTING THE CITY MANAGER TO <br />EXECUTE AN ENTERPRISE ZONE LOCAL INCENTIVES GRANTS FUNDING <br />AGREEMENT BETWEEN THE CITY AND THE ECONOMIC DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br />BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: <br />