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Portsmouth commission authorizes agreement to pass Commonwealth funds to Radiant Forge
Summary
The Portsmouth Port Industrial Commission unanimously approved a resolution authorizing execution of a Commonwealth Opportunity Fund performance agreement that will route $265,000 from the Commonwealth to Radiant Forge and reflect a matching $265,000 commitment, shown as $530,000 in the Commission operating budget.
The Portsmouth Port Industrial Commission on May 26 adopted a resolution authorizing execution of a four-party Commonwealth Opportunity Fund performance agreement that will route funds from the Commonwealth to Radiant Forge via the city and the Commission.
A staff presenter explained the document was a Commonwealth Opportunity Fund performance agreement among the city of Portsmouth, Radiant Forge, the Virginia Economic Development Partnership and the Portsmouth Port Industrial Commission and described the Commission’s role as a pass-through for the funds. The staff presentation said $265,000 from the Commonwealth will be received by the Commission and that the budget shows $530,000 in the operating expenses because it includes both the state funds and the Commission’s committed $265,000 match.
Commissioners moved, seconded and approved the resolution by a unanimous voice/roll-call vote (5–0). Staff noted the same package is on the city council consent agenda for consideration that evening.
The resolution authorizes execution of the stated performance agreement so the Commonwealth funds may be disbursed to Radiant Forge once required terms and conditions are satisfied; the Commission’s budget documents reflect both the incoming state funds and the local match.
