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843
<br />
<br />May 27, 1986
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia
<br />the issuance of Industrial Development Revenue Bonds by IDA for the "Company" in an amoun~ not
<br />to exceed Four Hundred Thousand Dollars ($400,000) to assist in financing the acquisition,
<br />remodeling, constructing and equipping of the "Facility".
<br />
<br /> BE IT FURTHER RESOLVED that the adoption of this resolution does not constitute an endors
<br />ment of the Bonds, financial viability of the "Facility", or the credit worthiness of the
<br />"Company", but, as provided in the applicable provisions of the Code of Virginia, the Bonds
<br />shall provide that neither the Commonwealth of Virginia, City of Portsmouth nor the IDA shall
<br />be obligated to pay the Bonds or the interest thereon or other costs ~ncident thereto except
<br />from the revenues and monies pledged therefor, and neither the faith nor the credit of the
<br />taxing power of the Commonwealth, the City, nor IDA shall be pledged thereto.
<br />
<br />This resolution shall take effecn immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 86-178 Letter from the City Manager recommending adoptmon of a resolution to endorse the
<br />application ro the State Department of Housing and Community Development to extend Portsmouth's
<br />Urban Enterprmse Zone to include Census Tract 121 (which contains PortCentre) and the former
<br />Coast Guard Base.
<br />
<br /> "Attached for your review ~s a proposed application to the State to expand the City's
<br />Urban Enterprise Zone. The proposed expansion area extends from the Downtown Tunnel to the
<br />Naval Shipyard and from Effingham Street to the waterfront. The area includes the former Coas~
<br />Guard Base and the upcoming PortCemtre commerce park.
<br />
<br /> The proposed expansion of the Enterprise Zone stems mn large part
<br />success of the current Zone and Priority Action Programs. The pace of
<br />downtown area is rapidly outstrmpping the available supply of land and
<br />we are unable to find locations for maTbusinessess - especially light
<br />seeking to locate in the Enterprise Zone and the downtown area.
<br />
<br />from the tremendous
<br />new development in the
<br />buildings. Consequentl]
<br />industrial concerns
<br />
<br /> As you know, PortCentre is also a key part of the City's downtown redevelopment effort.
<br />PortCentre will not only bring new'buildings and investment to the City, it will also bring
<br />new jobs for nearby residents, new patrons for downtown store.s, and restaurants, and new buyer~
<br />and renters for the residential comstruction underway in the downtown area.
<br />
<br /> The State and local Enterprise Zone incentives have been a smgnificant force behind the
<br />success of our downtown revitalization efforts. I believe that extending these incentives
<br />into the proposed expansion area will enhance and accelerate new development in this area.
<br />Consequently, I recommend that City Council endorse the application for submission to the Stat~
<br />Department of Housing and Community Development."
<br />
<br /> On motion of Mr. Corprew and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION ENDORSING THE EXPANSION OF THE URBAN ENTERPRISE ZONE DESIGNATION AND
<br />AUTHORIZING THE CITY MANAGER TO SUBMIT ALL INFORMATION NECESSARY FOR SUCH APPLICATION.
<br />
<br /> WHEREAS, the General Assembly of Virginia had adopted the Urban Enterprise Zone Act for
<br />the purpose of stimulating business and industrial growth and private sector investment which
<br />would result in neighborhood revitalization in such areas as the Commonwealth as may be de-
<br />signated by means of regulatory flexibility and tax incentive; and
<br />
<br /> WHEREAS, the City of Portsmouth and the City of Norfolk made a joint application for Urban
<br />Enterprise Zone Designation to the Department of Housing and Community Development of the
<br />Commonwealth of Virginia, and such application was approved and a certain portion of the City
<br />designated as an Urban Enterprise Zone to be eligible for the benefits under said Act~ and
<br />
<br /> WHEREAS, the existing Enterprise Zone in Portsmouth has been tremendously successful with
<br />new investment of twenty million d~llars ($20,000,000) and the creation of approximately five
<br />hundred (S00) new jobs; and
<br />
<br /> WHEREAS, the Enterprise Zone success has
<br />commercial and mndustrzal construction s~tes
<br />for many businesses wanting to locate in the
<br />
<br />been so rapid that tbs City is exhausting new
<br />located therein and are unable zo find locations
<br />Zone; and
<br />
<br /> WHEREAS, there is located adjacent to the Zone approximately one hundred twenty-seven ac~
<br />of vacant land, seventy (?0) of which has been dedicated to the development of a highly contro
<br />commerce park to be designated "Po~tCentre"; and
<br />
<br /> WHEREAS, this Council held a public hearing on the proposed expansion of the Urban Enter-
<br />prise Zone on May 27, 1986 and duly reviewed and considered same.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Counail of the City of Portsmouth, Virginia
<br />endorses the extension of the Urban Enterprise Zone to include that area bordered by the
<br />Southern~ branch of the Elizabet~ River on the east, Norfolk Naval Shipyard on the south,
<br />Effingham Street on the west, and Interstate 26~ on the north, and that the City Manager be,
<br />and he hereby is, authorized to make application for extension of the Urban Enterprise Zone.
<br />
<br />
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