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June 11, 2013
<br />WHEREAS, official boundaries are shown on a series of Real Estate
<br />Assessment Maps located in the Department of Economic Development.
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia that:
<br />1. It is the policy of the City to stimulate real, as well as tangible, property
<br />improvements and new job creation within the proposed second Portsmouth Enterprise
<br />Zone.
<br />2. A Virginia Enterprise Zone designation would be of significant assistance in
<br />encouraging economic development activities in the proposed second Portsmouth
<br />Enterprise Zone, which activities would lead to continued economic growth and
<br />diversification.
<br />3. The City Council commits to implementing or causing to be implemented the
<br />local enterprise zone local incentives proffered in this enterprise zone designation
<br />application, subject to the designation of a second enterprise zone in the City of
<br />Portsmouth by the Governor of Virginia.
<br />4. The City Council therefore wishes to make an application to VDHCD for
<br />designation of a second enterprise zone in the City of Portsmouth as described above
<br />and in the application to be submitted to VDHCD, the approximate boundaries of which
<br />are shown on the attached exhibits and whose exact and official boundaries are shown
<br />on a series of Real Estate Assessment Maps located in the Department of Economic
<br />Development.
<br />5. The City Council authorizes the City Manager, as its chief administrator, to
<br />submit to appropriate departments and officials of the Commonwealth all information
<br />needed to apply for the proposed enterprise zone designation and to meet all other
<br />program administrative and reporting requirements, as defined by the Enterprise Zone
<br />Regulations, throughout the term of the second Portsmouth Enterprise Zone."
<br />Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Randall, Wright
<br />Nays: None
<br />13 - 249 -Adoption of a resolution expressing the concurrence of the City Council
<br />of the City of Portsmouth, Virginia with the Inducement Resolution adopted by
<br />the Economic Development Authority of Henrico County, Virginia and approving
<br />the issuance of revenue bonds for the benefit of Maryview Hospital and Bon
<br />Secours Health System, Inc. Vision Principle: A Robust Economy for Working
<br />Men and Women.
<br />Background:
<br />• Maryview Hospital ("Maryview"), is snot-for-profit Virginia nonstock corporation,
<br />which is affiliated with Bon Secours Health System, Inc. ("BSHSI"), a Maryland nonstock
<br />nonprofit membership corporation, and which has facilities located in the City of
<br />Portsmouth, Virginia.
<br />• On May 16, 2013, the Economic Development Authority of Henrico County,
<br />Virginia (the "Henrico Authority") adopted an inducement resolution (the "Inducement
<br />Resolution") relating to the issuance of its Revenue Bonds (Bon Secours Health
<br />System, Inc.) (the "Bonds") to, among other things, (i) refund previously issued debt, (ii)
<br />pay or reimburse, or refinance certain indebtedness the proceeds of which were used
<br />by, Maryview for the payment of the costs of acquiring, constructing, equipping,
<br />expanding, enlarging and improving certain of its medical facilities, and (iii) pay certain
<br />costs incurred in connection with the issuance of the Bonds.
<br />• The Bonds will be issued pursuant to the Virginia Industrial Development and
<br />Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as amended (the
<br />"Act"), and will be limited obligations of the Henrico Authority payable solely from the
<br />revenues and receipts derived from payments provided by BSHSI, Maryview and
<br />certain related corporations.
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