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R-01-60 A RESOLUTION APPROVING ISSUANCE OF REVENUE BONDS FOR OCEAN MARINE LLC AND DESIGNATING A PORTION OF SUCH BONDS AS NEW EMPOWERMENT ZONE FACILITY BONDS. WHEREAS, there has been described to the Industrial Development Authority of the City of Portsmouth (the "Authority"), the plans of Ocean Marine LLC (the "Company') whose principal place of business is 543 E. Indian River Road, Norfolk, Virginia 23523, for the issuance of the Authority's tax-exempt enterprise zone facility revenue bonds in an aggregate principal amount not to exceed $10,000,000 (the "Bonds") to assist the Company in (a) acquiring fee simple title to approximately 12.47 acres of land located at the northeastern intersection of Lincoln Street and Harbor Center Way (shown as Parcel 1 on the Subdivision Plat of Harbor Center Section One recorded in the Portsmouth Clerk's Office in Map Book 18, at Pages 138 - 139) and a leasehold interest in approximately 5.27 acres of real property including the marina basin located south of, and adjacent to, the Portsmouth Municipal Center (shown as South Inlet on the Plat recorded in the Portsmouth Clerk's Office in Map Book 18, at Pages 182-183), together with related easements over adjoining parcels, (b) undertaking the development, construction, renovation and equipping of certain facilities (the "Improvements") to be situated on the 12.47 acres and the 5.27 acres described above, including a marina, boat dry-storage building, an indoor boat repair facility, equipment for lifting vessels out of the water, a rail transfer system for moving and holding vessels on land, a travel lift for lifting vessels, a dockmaster's building, a dry-storage control building, fuel docks and fuel tanks, marina pump-out stations, piers, parking areas and other facilities and improvements related to the new Ocean Marine Yacht Center and (c) financing the costs associated with the issuance of the Bonds; and WHEREAS, the Company in its appearance before the Authority has described the benefits to be derived from the above undertakings and has requested the Authority to agree to issue the Bonds under Chapter 49, Title 15.2 of the Code of Virginia, as amended (the "Act"); and WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code"), provides that the highest elected governmental officials of the governmental units having jurisdiction over the issuer of private activity bonds shall approve the issuance of such bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Portsmouth, Virginia (the "City"), and the members of the City Council of the City of Portsmouth tthe "Council") constitute the highest elected governmental officials of the City; and WHEREAS, Section 15.2-4906 of the Act provides that the Council shall within 60 calendar days from the public hearing with respect to revenue bonds either approve or disapprove the issuance of such bonds; and WHEREAS, a public hearing with respect to the Bonds as required by the Act and the Code, was held by the Authority on August 6, 2001; and