Minutes 03/14/2023 - Laserfiche WebLink

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March 14, 2023 Discussion:  Woda Cooper Development, Inc. (the developer of Holley Pointe on Effingham Street) is currently seeking LIHTC financing from VHDA for the construction of a 50-unit multifamily development in the 1100 block of High Street to be called “Bains Pointe”; City Council approved a Use Permit for the proposed development by Resolution R-23-08 adopted on February 14, 2023.  With the adoption of the Innovation Overlay District Revitalization Area, Woda and other future developers of affordable and mixed income housing within the area will receive additional points on applications for VHDA LIHTC financing.  The designation of the Innovation Overlay District as a Revitalization Area does not bind the City to provide any funding for Bains Pointe or any other future project in the area. Financial impact:  None. Recommended Action:  Adoption of the resolutions. Next Steps Following Council Action:  None 23-89a: 1. Donna Biggs, 3104 Garland Drive, spoke in opposition to this item. 2. Armando Gomez, 6000 California Circle, Rockville, Maryland, suggested that the City create a Community Redevelopment Agency. Motion by Mr. Hugel, and seconded by Ms. Lucas-Burke, to adopt the following resolution, and was adopted by the following vote: “RESOLUTION DECLARING THE INNOVATION OVERLAY DISTRICT ESTABLISHED PURSUANT TO SECTION 40.2-208(D) OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA TO BE A REVITALIZATION AREA WITHIN THE MEANING OF SECTION 36-55.30:2.A OF THE CODE OF VIRGINIA. WHEREAS, Section 40.2-208(D) of the Code of the City of Portsmouth, Virginia establishes an Innovation Overlay District; and WHEREAS, the Innovation Overlay District generally encompasses portions of the County, High, and London corridors from Effingham Street to the Martin Luther King Freeway, and has the boundaries more particularly shown and described in Ordinance 2020-127 adopted on December 8, 2020; and WHEREAS, the purpose of the Innovation Overlay District is to support activities that stimulate innovation, offer value to entities that drive the economy, and enhance the existing mixed-use character of the District; WHEREAS, Section 36-55.30:2 of the Code of Virginia authorizes local governing bodies to establish, by resolution, Revitalization Areas upon making the determinations set forth in said Section; and WHEREAS, establishing the Innovation Overlay District as a Revitalization Area will further the development of affordable and mixed income housing within the District; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: