Minutes 03/10/2020 - Laserfiche WebLink

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March 10, 2020 Financial Impact:  This project is funded entirely by Commonwealth of Virginia and private funding. No City or PPIC funds will be expended. The investment by IRG and the Commonwealth in the demolition and revitalization of the Cogentrix property will increase the tax base and make new jobs available for Portsmouth residents. Recommended Action:  Adoption of the Resolution. Next Steps Following Council Action:  The Resolution will be forwarded to DHCD to demonstrate the City’s support for the project.  Once DHCD has finalized the terms of the grant, the funds will be disbursed to the City and appropriated to the Grants Fund by City Council. 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in support of this item. Motion by Ms. Lucas-Burke, and seconded by Ms. Psimas, to adopt the following resolution, and was adopted by the following vote: “RESOLUTION CERTIFYING THE CITY OF PORTSMOUTH’S SUPPORT FOR THE DEMOLITION AND REVITALIZATION OF THE FORMER COGENTRIX SITE (A/K/A PROJECT POWER) INCLUDING THROUGH ACCEPTANCE OF A PORT HOST COMMUNITIES REVITALIZATION FUND GRANT FROM THE VIRGINIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT, AND FURTHER AUTHORIZING THE EXECUTION OF A COOPERATION AGREEMENT WITH THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION RELATED TO THE PROJECT AND THE GRANT. WHEREAS, the Portsmouth Port and Industrial Commission and the Economic Development Department partnered with Industrial Realty Group and its affiliates to apply for a Port Host Communities Revitalization Fund Grant from the Virginia Department of Housing and Community Development (“DHCD”); and WHEREAS, the application sought a grant in support of Project Power, which is the demolition and revitalization of the former Cogentrix site by Industrial Realty Group and its affiliates; and WHEREAS, PPIC and the Economic Development Department selected Project Power for the Port Host Communities Fund Grant application after conducting a process to solicit interested applicants and reviewing all responses; and WHEREAS, DHCD agreed with the merit of the Project Power application and has awarded a grant of $500,000 for the demolition phase of the project; and WHEREAS, the grant requires a dollar for dollar match for the award and the match will be provided by Industrial Realty Group or its affiliates; and WHEREAS, the City and PPIC will have no obligation to contribute financially to the Project, but will have responsibility for receiving and disbursing the $500,000 received from DHCD at the appropriate times; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That it hereby certifies its support for the demolition and revitalization of the former Cogentrix site, a/k/a Project Power.