Minutes 09/11/2012 - Laserfiche WebLink

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September 11, 2012 WHEREAS, because of efforts in that neighborhood by the Public Utilities Department to relocate utilities from private property to the public right-of-way, no further need exists for the City to retain certain of the easements; and WHEREAS, the City has received repeated requests from property owners in Highland Biltmore asking the City to vacate and release portions of utility easements in order to be able to sell, improve, or otherwise use their property as collateral. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to execute deeds of vacation and release for public utility easements for which the City has no further need in the Highland Biltmore neighborhood." Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright Nays: None 12 - 368 -Adoption of a resolution authorizing the City Manger to submit to the Virginia Department of Housing and Community Development proposed amendments to the City's Enterprise Zone modifying Zone boundaries and local incentives. Vision Principle: A Robust Economy for Working Men and Women. Background: • Localities are able to make modifications to their EZ boundaries and local incentives through an Amendment Application. The City's current zone was designated in 2010 as a state and local partnership to stimulate job creation, private investment and revitalization. After two years of administering and evaluating the Enterprise Zone, staff recommends making adjustments to the zone. Discussion: • The City's state-designated Enterprise Zone has played a role in developing the commercial areas of Downtown, Midtown, Victory, and the MAST Center by leveraging state and local incentives to attract development. The proposed amendments to the boundary and local incentives will spur further economic development in these geographies as well as in the additional areas of the Virginia Avenue Industrial Corridor, the Elmhurst Industrial Corridor, Greenwood Industrial Park, and the Airline Boulevard Industrial Corridor. The reduction in the minimum investment thresholds for the Business Personal Property Investment Grant (BPPIG) and the Machinery & Tool Investment Grant (MTIG) and the reduction in the minimum job creation threshold for manufacturers will allow these local incentives to be utilized by more businesses and manufacturers further attracting development. To date the incentives in question have not been utilized. Staff believes this is a result of unrealistic thresholds. Financial Impact: • Funds for the BPPIG and MTIG will be paid from the increase in the tax revenue from Business Personal Property taxes and Machinery & Tool taxes from the firms qualifying for the grants. The City is only required to make these payments in the event new investments are made. The payments are equal to 50% of the net new revenues for a fixed time period. Recommended Action: • Adoption of a resolution authorizing the City Manager to submit an amendment application through VDHCD to modify zone boundaries and two of the local incentives. Vision Principle: A Robust Economy for Working Men and Women. Next Steps Following Council Action: • The Local Enterprise Zone Administrator will submit the amendment application to VDHCD. Motion by Mr. Heretick, and seconded by Mr. Edmonds, to adopt the following resolution, and was adopted by the following vote: