Minutes 03/27/2017 - Laserfiche WebLink

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March 27, 2017  Over $31 million dollars have been invested in the Midtown Marketplace corridor.  Five Boroughs Restaurant and Little Shoppes on High Boutique opened in 2016.  The Bier Garden celebrated 20 years of serving German cuisine and beverages with an expansion through the opening of a gift shop.  Copper & Oak Craft Spirits has announced plans to open the city’s first micro- distillery,  Richmond-based Legend Brewing Depot has begun construction on a micro- brewery,  And, Stellar Wine Company in Old Towne will begin weekly tastings in May 2017. Other announcements in Downtown include the future openings of A Taste of Europe and Delightful Desserts. In the Churchland Area, MoMac Brewing Company began construction of a microbrewery, which will open in late spring 2017, joining the existing Aldi discount grocery store. – the first location in the Hampton Roads Region. Economic Development – Multifamily Development Multifamily development continues in Downtown. Evidence of $100 million dollars in private investment in nine developments with over 800 apartments is evident on nearly every corner. Completed developments include:  The Seaboard Building, a $7 million dollar investment with 81 units;  Harbor Vista, a $17 million dollar investment in 134 apartments by The Breeden Company, and  Crawford House, a $6.5 million dollar investment to convert an office building into 46 units by The Whitmore Company. Additionally, Breeden Company has proposed plans for 187 units with a $25 million dollar investment on the North Pier Site. Economic Development – Enterprise Zones The city has two State-designated Enterprise Zones. A highly coveted designation. The Virginia Enterprise Zone Program is a State and local partnership and is one of the most effective methods of using incentives to stimulate economic development. Future Outlook th As I reflect on my 207 day of my second year as City Manager, I am reminded, I hold fast to, and I deeply believe - the words of City Manager W. B. Bates who stated 100 years ago, “That Portsmouth is the most important seaport town on the Atlantic seaboard.” As I begin to conclude this presentation of the FY 2018 Proposed Budget, I am encouraged that the New Portsmouth is poised to reach new heights and experience new growth based on the vision set by our City Council and the passion of our citizens who passionately call Portsmouth our HOME. We fully engaged in the development of the FY2018 Budget Process the citizens of Portsmouth, through a collaborative and transparent budget process. Citizens you spoke, and I as City Manager, I have listened intently to you, in the planning and preparation of this budget, over the past 198 days, when you stated, NO NEW TAXES. I listened. Mayor, Vice Mayor and Members of City Council – I have presented this evening to you the proposed FY2018 Budget that is a structurally sound and fiscally prudent budget, reflective of restoration for public safety priorities; infrastructure needs; recurring wage increase, a living wage adjustment for city employees; and a supplement for retirees.