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October 8, 2013 <br />Recommended Action: <br />• Authorize the application to IRF Program and designate the PRHA as <br />designated agent for implementation and administration of the grant. Vision Principle: <br />A Robust Economy for Working Men and Women. <br />Next Steps Following Council Action: <br />• Submission of application for funding to DCHD. <br />Motion by Ms. Psimas, and seconded by Mr. Edmonds, to adopt the following <br />resolution, and was adopted by the following vote: <br />"RESOLUTION AUTHORIZING THE CITY MANAGER TO DESIGNATE THE <br />PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY AS AGENT TO <br />APPLY FOR A GRANT IN THE AMOUNT OF $600,000 UNDER THE VIRGINIA <br />DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT INDUSTRIAL <br />REVITALIZATION FUND PROGRAM. <br />WHEREAS, the Virginia Department of Housing and Community Development <br />Industrial Revitalization Grant Program (the "Program") provides grants for the <br />revitalization of vacant and deteriorated commercial and industrial properties; and <br />WHEREAS, the Greater Portsmouth Development Corporation (GPDC) desires <br />to acquire property located at 1021 High Street ("the Property") for the purpose of <br />redeveloping the Property as residential apartments and limited retail/office space; and <br />WHEREAS, the redevelopment of the Property will provide a significant <br />economic benefit to the High Street corridor in Downtown Portsmouth; and <br />WHEREAS, only localities are eligible to apply for a grant under the Program, <br />and the City of Portsmouth therefore desires to designate the Portsmouth <br />Redevelopment and Housing Authority (PRHA) as its agent to apply for a grant in an <br />amount of $600,000 to fund a portion of the cost of redeveloping the Property; and <br />WHEREAS, GPDC has committed matching funds in the amount of not less <br />than $600,000 to satisfy the local match requirement of the Program; and <br />WHEREAS, PRHA will act as the City's agent for implementing and <br />administering activities under the Program. <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that the City Manager is authorized to designate the Portsmouth <br />Redevelopment and Housing Authority to apply for a grant under the Program in the <br />amount of not to exceed $600,000 for the acquisition of property located at 1021 High <br />Street by the Greater Portsmouth Development Corporation. <br />BE IT FURTHER RESOLVED that PRHA, or such other affiliated entity as the <br />City Manager may deem appropriate, is designated as the City's agent for implementing <br />and administering activities under the Program. <br />BE IT FURTHER RESOLVED that the City Manager is authorized to execute the <br />application for a grant and such other documents as may be necessary or desirable to <br />obtain and implement a grant, including without limitation any agreements with PRHA <br />and/or GPDC confirming GPDC's commitment of matching funds and PRHA's <br />obligations to comply with the terms and conditions of a grant, all as may be in the best <br />interest of the City." <br />Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Randall, Wright <br />Nays: None <br />