Minutes 04/25/2000 - Laserfiche WebLink

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April 25, 2000 "AN ORDINANCE TO AMEND CHAPTER 37 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA {1988) BY AMENDING SECTION 37-21 THEREOF PERTAINING TO VEHICLES FOR HIRE." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 00 - 97 - Adoption of a resolution approving the redevelopment plan for the Tower Redevelopment Project. Recommendation: · Adoption of a resolution approving the redevelopment plan for the Tower Redevelopment Project. Purpose and Need: · Tower Mall once provided significant tax revenues to the City and retail alternatives for its citizens. · The Tower Mall area is now blighted. The Mall is 81.5% vacant, its layout is obsolete and it is dilapidated. · Tax revenues from the property have declined by about 80% over the last ten years. If the existing and increasing blight is not stopped the physical decay and economic blight will increase. · The Redevelopment Plan will aid the entire City through increased tax revenues, improved land use, and increased retail alternatives for its citizens. Financial Impact: · It is estimated that the redevelopment generated by the Plan will produce approximately $5 million in tax revenues to the City each year, including real estate taxes, sales taxes, BPOL taxes, business personal property taxes, admissions taxes, food and beverage taxes, and vehicle taxes. · The proposed redevelopment is expected to create between 1,500-2,000 new permanent jobs. Motion by Mr. Moody, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION APPROVING A REDEVELOPMENT PLAN FOR THE TOWER REDEVELOPMENT PROJECT. WHEREAS, under the provisions of the Housing and Community Development Act of 1974, as amended, financial assistance is provided to localities for undertaking and carrying out community development activities, including the execution of redevelopment projects; and WHEREAS, pursuant to Title 36 of the Code of Virginia, 1950, as amended, a local redevelopment and housing authority may not engage in the execution of a redevelopment project until the governing body of the locality in which the project is situated has approved a redevelopment plan which is sufficiently complete to: (1) To indicate its relationship to definite local objectives as to appropriate land uses and improved traffic, public transportation, public utilities, recreational and community facilities and other public improvements; (2) To indicate proposed land uses and building requirements in the area; (3) To indicate the land in the area to be made available to private enterprise for redevelopment and that land which is to be made available to public enterprise for redevelopment; and