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July 23, 2019 <br /> <br />19 - 276 - Adoption of a resolution endorsing the Resolution of the Economic <br />Development Authority authorizing and directing staff to market the former Victory <br />Village site for development of an entertainment district to include casino gaming. <br /> <br />Background: <br /> <br /> The Economic Development Authority has assembled a centrally located parcel <br />containing approximately 50 acres (the “Victory Site”). <br /> <br /> The Victory Site includes the area formerly intended to be the Victory Village mixed <br />use development. <br /> <br /> Because of its size and proximity to Interstate 264, the Victory Site represents a <br />unique development opportunity. <br /> <br /> After analysis of the available alternatives, EDA has determined that the Victory <br />Site should be marketed for development of an entertainment district to include casino <br />gaming, and at its meeting on July 16, 2019 the EDA Board of Commissioners adopted <br />a Resolution authorizing staff to proceed with marketing the site accordingly. <br /> <br />Discussion: <br /> <br /> City Council has supported EDA’s assembly of the Victory Site. <br /> <br /> The resolution presented for Council consideration endorses the EDA Resolution <br />authorizing staff to proceed with marketing the Victory Site for development of an <br />entertainment district to include casino gaming. <br /> <br />Financial impact: <br /> <br /> The development of the Victory Site as a top quality entertainment district with <br />casino gaming would result in significant tax and other revenues to the City of Portsmouth <br />and would stimulate the City’s economy as a whole. <br /> <br />Recommended Action: <br /> <br /> <br /> Adoption of the resolution. <br /> <br />Next Steps Following Council Action: <br /> <br /> Staff will market the site in accordance with the will of the City Council and the EDA <br /> <br />Board of Commissioners. <br /> <br />1. Donna Sayegh, 3104 Garland Drive, spoke in opposition to this item. <br /> <br />Motion by Ms. Lucas-Burke, and seconded by Mr. Clark, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />“RESOLUTION ENDORSING THE RESOLUTION OF THE ECONOMIC <br />DEVELOPMENT AUTHORITY AUTHORIZING AND DIRECTING STAFF TO MARKET <br />THE FORMER VICTORY VILLAGE SITE FOR DEVELOPMENT OF AN <br />ENTERTAINMENT DISTRICT TO INCLUDE CASINO GAMING. <br /> <br />WHEREAS, <br /> in December 2018 and April 2019 the Economic Development <br />Authority, with the support of City Council, acquired property that was formerly intended <br />to be developed as the Victory Village mixed use project; and <br /> <br />WHEREAS, <br /> as a result EDA now owns an approximately 50 acre site with direct <br />interstate access and highway visibility (the “Victory Site”); and <br /> <br />WHEREAS, <br /> after analyzing development alternatives for the site EDA has <br />determined that the optimal use of the Victory Site would be for development of a <br />centrally-located entertainment district to include casino gaming; and <br /> <br />WHEREAS, <br /> at its meeting on July 16, 2019 the EDA Board of Commissioners <br />adopted a Resolution authorizing and directing staff to market the Victory Site for <br />development of such a district; and <br /> <br />WHEREAS, <br /> City Council commends the efforts of EDA in acquiring the Victory <br />Site and preparing it for development; <br /> <br /> <br /> <br /> <br />