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R-01-51 A RESOLUTION APPROVING THE EXERCISE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF NORFOLK OF POWERS CONFERRED BY THE INDUSTRIAL DEVELOPMENT AND REVENUE BOND ACT AND ORDINANCES 26,565 AND 27,524 OF THE CITY OF NORFOLK IN CONJUNCTION WITH THE ISSUANCE FOR METRO MACHINE CORP., A VIRGINIA CORPORATION, AND/OR SPEEDE SHIPYARD, L.L.C., A VIRGINIA LIMITED LIABILITY COMPANY, OF NOT TO EXCEED $25,000,000 OF THE AUTHORITY'S EMPOWERMENT ZONE FACILITY REVENUE BONDS TO PAY A PORTION OF THE COSTS OF (1) THE ACQUISITION, RENOVATION AND EQUIPPING OF AN EXISTING REPAIR FACILITY TO ESTABLISH A MERCHANT SHIP REPAIR FACILITY ON APPROXIMATELY 7.74 ACRES OF LAND AT 200 LIGON STREET, IN THE CITY OF NORFOLK AND (2) THE ISSUANCE OF SAID BONDS. WHEREAS, the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2 of the Code of Virginia, as amended, authorizes the creation of the Industrial Development Authority of the City of Norfolk (the "Authority") and the Council of the City of Norfolk created the Authority by adoption of Ordinances 26,565 and 27,524 (collectively, the "Act"), and the Act empowers the Authority to assist Metro Machine Corp., a Virginia corporation, and Speede Shipyard, L.L.C., a Virginia limited liability company (collectively, the "Applicant"), by the issuance of its empowerment zone facility revenue bonds (the "Bonds") to pay a portion of the costs of (1) the acquisition, renovation and equipping of an existing ship repair facility to establish a merchant ship repair facility on approximately 7.74 acres of land at 200 Ligon Street, in the City of Norfolk and (2) issuing such Bonds; and WHEREAS, the Applicant, which owns the Project, has its present principal place of business at 200 Ligon Street, in the City of Norfolk, Virginia ("Norfolk"); and WHEREAS, the Project is located in the 10 square mile area of Norfolk and the City of Portsmouth, Virginia ("Portsmouth") which has been designated an empowerment zone under Section 1391 (g) of the Code; and WHEREAS, Section 1394(0(1) of the Code provides that "new empowerment zone facility bonds" are exempt from the state volume cap restrictions of Section I46 of the Code if bonds are designated under Section 1394(f)(2)(A) of the Code for such purpose by the local government or governments which nominated the area to which the bonds relate for designation as an empowermenl zone under Section 1391(g) of the Code la "new empowerment zone"); and WHEREAS, Norfolk and Portsmouth jointly nominated the above-described area for designation as a new empowerment zone; and WHEREAS, the aggregate face amount of bonds which may be designated