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R-00-44 A RESOLUTION APPROVING ISSUANCE OF ENTERPRISE ZONE FACILITY REVENUE BONDS OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, IN AN AMOUNT NOT TO EXCEED $3.000,000 FOR THE ACQUISITION. DEVELOPMENT AND FINANCING OF THE OCEAN MARINE, LL.C., PROJECT. WHEREAS, there has been described to the Industrial Development Authority of the City of Portsmouth, Virginia (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 $3,000,000 (the "Bonds") to assist the Company in (a) acquiring certain interests or rights in approximately 13 acres of real property (the "Real Property") generally lying immediately northward of the Norfolk Naval Shipyard and southward of the City of Portsmouth Municipal Center, fronting on the Southern Branch of the Elizabeth River, and comprising in part what is commonly referred to as the Old Coast Guard Base, (b) undertaking the development, construction, renovation and equipping of certain facilities to be situated on or adjacent to the Real Property (the "Improvements"), including a marina, boat dry-storage building, 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 planned 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 govemmental 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 (the "Council") constitute the highest elected governmental officials of the City; and WHEREAS, Section 15.2-4906 of the Code 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, the Real Property and the Improvements (collectively, the "Project") are or will be located in the area of the City of Portsmouth, Virginia, which has been designated an enterprise zone; and