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To create the Diamond District Community Development Authority.
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WHEREAS, the Council (the "Council") of the City of Richmond, Virginia (the "City"), has received a petition (the "Petition") for the creation of the Diamond District Community Development Authority (the "CDA") from the Economic Development Authority of the City of Richmond, Virginia (the "EDA"); and
WHEREAS, the EDA has represented that it is the fee simple owner of more than fifty-one percent (51%) of the land area or assessed value of the land proposed to be included within the geographic boundaries of the CDA (as hereinafter described, the "CDA District"); and
WHEREAS, the Council proposes to create the CDA in order to provide or otherwise fund the public infrastructure improvements, facilities and services described in the Petition in connection with the development or redevelopment of the property that will comprise the CDA District; and
WHEREAS, the creation of the CDA to assist in providing or otherwise funding the public infrastructure improvements, facilities and services described in the Petition (a) will benefit the citizens of the City by promoting increased employment opportunities in the City, (b) will facilitate the successful expansion of the City's tax base through increased real property, personal property, sales, meals and business, professional and occupational license tax revenues from the increase in investment and economic activity in the CDA District, (c) will be necessary or desirable for development or redevelopment within or affecting the CDA District or to meet the increased demands placed upon the City as a result of development or redevelopment within or affecting the CDA District, and (d) will provide new recreational facilities for use by residents of the City and the Commonwealth of Virginia (the "Commonwealth"); and
WHEREAS, the Council has conducted a public hearing on ______ __, 2024, on the adoption of this ordinance, an...
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