Minutes 05/26/1981 - Laserfiche WebLink

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27'9 May 26, 1981 zoning classification. These activities will provide increased tax revenues and employment opportunities, serve to protect the substantial previous and ongoing federal, local, and private investments in the downtown area, and further stimulate private development underway mn the neighborhood. TRUXTUN The Truxtun Conservation Plan, which has been developed by the City and the Authority in close cooperation with community residents, requires approval prior to the expenditure of 1980-81 Community Development funds. Primary project activities include providing funds for the rehabilitation of low and moderate-income dwelling units in this neighborhood through a combination of loans and grants. The very successful Elerloan Program, which has been utilized in the Cradock neighborhood, will be implemented in Truxtun. TWIN PINES Funds have been designated to acquire vacant land within this residential menighborhood in order to provide new disposition sites for residential reuse. The assemblage of vacant land may subsequently be utilized by the Authority in conjunction with the Virginia Housing Authority's Urban Preservation ~d~Infilt Program. HATTONSVILLE The Hattonsville Corridor is proposed for funding under the 1981 Community Development Program in order to initiate the assemblage of approximately 80 acres of vacant and nonconform residential property, much of which is deteriorated, for subsequent industrial reuse as delin ated in the City's Comprehensive Plan. The availability of this property for industrial dew opment will generate significant increased local tax revenues and expanded employment oportuni ties within the city. BFFINGHAM PLAN AMENDMENT A pedestrian walkway system originally contemplated for the project is no longer deemed feasible or desirable and is, therefore, proposed for elimination from the Plan. Elimination of this pedestrian walkway system will reduce the amount of land requiring public maintenance funds and is also consistent with current marketing activities for residential properties within the neighborhood." Mr. Kay presented-letter received from Robert W. Investment Corporation, in support of the projects as munity Reinvestment Corporation is ready to assist by Wentz, Jr., President of Community presented, and advising that the Com- any feasible means. The following citizens spoke: James W. Dunn, 4513 Templar Drive, representing as Executive Director of the Portsmouth Industrial Authority, presented the following statement: "In 1980 the Authority participated in the review process of the City Comprehensive Plan. The Hattonsville Project was the Plan's final adoption. leading to Council's adoption targeted for redevelopment in As an Authority appointed by the City to institute activity leading toward the creation of new jobs and increased tax base, we wish to encourage your favorable adoption of the pro- posed Hattonsville project. While you have already been City once industry is located on this project: made aware of the the site, we wish economic benefits that could accrue to the to stress the following points relative to 1. This site has excellent highway and rail access, making it ideally suited for industrial reuse; 2. When fully developed, the 80 acres in question should yield annually between $700,000 $1,460,000 in real property, machinery g tool and personal property taxes; 3. The proper~y carries M-l(Industrial) Zoning; and, 4. Additional revenues would be realized via business license fees, utility taxes and retail and wholesale taxes. Further, while the project in which this land is assembled ed from year one of the plan. is proposed to be undertaken over an will enable portions of the property 8-year period, the manne~ to be improved and market Therefore, in consideration of the aforementioned and other points raised in support of this Redevelopment Project, we duly request Council's favorable action tonight in approving the proposed Hattonsville Redevelopment Project. the job yield for Based on recent industrial projects, we can anticipate thatZthis particular 88 acre site will be approximately 20 jobs per acre. We could be talking in the vicinity of 1600 addition~ jobs for this particular area." Theodore R. Miller, 1907 Laigh Road, representing Hattons~lle Civic League, made the following presentation and presented petition: