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March 29, 2016 <br /> <br />Economic Development Initiatives <br />Portsmouth’s economy continues to experience a healthy increase in activities <br />especially in critical sectors such as retail, multi-family, and port-related <br />developments. Economic Development Initiatives include: <br /> <br /> Retail – $10 million second phase construction of the Midtown Market Place, a <br />21-acre development, completed in May 2015, continues to revitalize the area with <br />retail including T.J. Maxx, CATO Fashions, Hibbett Sports, Dunkin Donuts, Wendy's, <br />Autobell, and WAWA. <br /> <br /> Multi-family Development – the last two years has brought nearly $100 million of <br />investment and nearly 800 multi-family units recently opened or under construction or <br />under contract in downtown Portsmouth. These projects include: <br /> Quarter at Park View, a $17 million investment of 140 apartments <br />o <br />completed in the summer 2015 <br /> Tower 507, a $6.1 million redevelopment project on the site of the historic <br />o <br />Governor Dinwiddie Hotel located in downtown Portsmouth featuring 46 <br />apartment units and 9,000 square feet of commercial space to open spring 2016. <br /> Montgomery Square, a $6.8 million investment for a 69-unit apartment <br />o <br />community <br /> King's Court, a $6.3 million investment for a 46-unit apartment community <br />o <br />nearing completion by summer 2016. <br /> Sterling Court, a $9.2 million investment for a 67-unit apartment building <br />o <br />nearing completion by summer 2016. <br /> Harbor Vista Development, a $17.1 million investment for a 2.5 acre <br />o <br />apartment community with 134-units targeted to open in summer 2016. <br /> Seaboard Building, a $6.8 million investment for a 81-unit apartment <br />o <br />community to be completed late 2016 <br /> North Pier, a $25 million investment for a 187-unit apartment community <br />o <br />under contract <br /> <br /> Port of Hampton Roads – is one of the world’s largest natural harbors, serving <br />over 75 international shipping lines. <br /> InterChange – investing over $5 million to convert the Former Gwaltney Plant, <br />o <br />a 200,000 square-feet facility into a logistics/distribution center development <br />company. <br /> Vane Brothers – a multi-faceted, marine transportation provider is expanding <br />o <br />with a $1.5 million investment. <br /> Accurate Marine Environmental – a provider of marine and industrial <br />o <br />tank/bilge cleaning services is investing $700 thousand in improvements to its <br />waterfront location. <br /> <br />Investment in Employees <br />I recognize the tireless work of city employees through the efficient service delivery to <br />ensure cost effectiveness, government efficiency, and protection of the city’s financial <br />resources. With NO NEW TAXES and NO NEW FEES, there are limited resources to <br />provide a reoccurring salary increases. However, I am recommending a one-time <br />compensation bonus of $1,000 in December 2016 for full-time city employees <br />(excluding department heads, employees of constitutional officers and part-time <br />employees) hired on or before January 1, 2016. <br />Proactively supporting employees’ health and wellness is a major priority for the city. <br />The New Portsmouth embraces the idea that health, happiness, and productivity at <br />work are interrelated and the implementation of wellness programs bring all three of <br />these components together. Research shows that wellness programs reduce health <br />care costs, promote a healthy lifestyle, and improve employee productivity. <br /> <br /> <br /> <br />