Minutes 03/13/2012 - Laserfiche WebLink

Home Browse Search

March 13, 2012 Financial Impact: • There is no financial impact inherent in the adoption of the attached resolution. Recommended Action: • Adoption of a resolution establishing guidelines for economic development incentives. Vision Principles: Change and New Directions and a Robust Economy for Working Men and Women. Next Steps Following Council Action: • Develop a schedule of relevant categories of businesses and industries with recommended incentive levels for each. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, Portsmouth, VA, asked that the same guidelines be adopted by Portsmouth Redevelopment and Housing Authority and the Portsmouth Port and Industrial Commission so that there is cohesiveness between the organizations. Motion by Mr. Whitehurst, and seconded by Mr. Edmonds, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION ESTABLISHING GENERAL GUIDELINES FOR ECONOMIC DEVELOPMENT INCENTIVES. WHEREAS, economic development is critically important to the City of Portsmouth in that it generates both jobs for Portsmouth citizens and tax revenue that reduces the tax burden on homeowners; and WHEREAS, the importance of economic development is recognized in the Charter of the City of Portsmouth, which specifically authorizes financial support for new industries and businesses; and WHEREAS, the City's Department of Economic Development has the lead responsibility among city agencies for bringing about economic development; and WHEREAS, the Portsmouth Port and Industrial Commission, the Economic Development Authority of the City of Portsmouth, and the Portsmouth Redevelopment and Housing Authority are affiliated but independent organizations that work in cooperation with the City to bring about economic development (collectively, the "Affiliated Organizations"); and WHEREAS, the City Council finds and determines that it would be in the public interest to have objective guidelines for the level of financial support that should be provided to various businesses or industries that may engage in economic development projects in the City; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That the attached "General Guidelines for Economic Development Incentives" (the "City Guidelines") are hereby adopted. 2. The Guidelines shall be adhered to by the Department of Economic Development in determining the level of financial support to be provided to various economic development activities. 3. That the Affiliated Organizations are respectfully requested to adopt their own objective guidelines not inconsistent with the City Guidelines, for the purpose of providing objective standards for the level of financial support to be provided to various economic development projects. 4. That this resolution shall be effective immediately upon its adoption." Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright Nays: None