|
R-00-45
<br />
<br />A RESOLUTION APPROVING ISSUANCE OF EMPOWERMENT ZONE FACILITY
<br />REVENUE BONDS OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE
<br />CITY OF PORTSMOUTH, VIRGINIA, IN AN AMOUNT NOT TO EXCEED $8,000,000
<br />FOR THE ACQUISITION, DEVELOPMENT AND FINANCING OF THE OCEAN
<br />MARINE, L.L.C., PROJECT.
<br />
<br /> WHEREAS, there has been described to the Industrial Development Authority of the
<br />City of Portsmouth, Virginia (the "Authority"), the plans of Ocean Marine LLC (the "Company")
<br />whose principal place of business is 543 E. Indian River Road, Norfolk, Virginia 23523, for the
<br />issuance of the Authority's empowerment zone facility revenue bonds in an aggregate principal
<br />amount not to exceed $8,000,000 (the "Bonds") to assist the Company in (a) acquiring certain
<br />interests or rights in approximately 13 acres of real property (the "Real Property") generally
<br />lying immediately northward of the Norfolk Naval Shipyard and southward of the City of
<br />Portsmouth Municipal Center, fronting on the Southern Branch of the Elizabeth River, and
<br />comprising in part what is commonly referred to as the Old Coast Guard Base, (b) undertaking
<br />the development, construction, renovation and equipping of certain facilities to be situated on or
<br />adjacent to the Real Property (the "Improvements"), including a marina, boat dry-storage
<br />building, indoor boat repair facility, equipment for lifting vessels out of the water, a rail transfer
<br />system for moving and holding vessels on land, a travel lift for lifting vessels, a dockmaster's
<br />building, a dry-storage control building, fuel docks and fuel tanks, marina pump-out stations,
<br />piers, parking areas and other facilities and improvements related to the planned Ocean Marine
<br />Yacht Center and (c) financing the costs associated with the issuance of the Bonds; and
<br />
<br /> WHEREAS, the Company in its appearance before the Authority has described the
<br />benefits to be derived from the above undertakings and has requested the Authority to agree to
<br />issue the Bonds under Chapter 49, Title 15.2 of the Code of Virginia, as amended (the "Act");
<br />and
<br />
<br /> WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code"), provides that
<br />the highest elected governmental officials of the governmental units having jurisdiction over the
<br />issuer of private activity bonds shall approve the issuance of such bonds; and
<br />
<br /> WHEREAS, the Authority issues its bonds on behalf of the City of Portsmouth, Virginia
<br />(the "City"), and the members of the City Council of the City of Portsmouth (the "Council")
<br />constitute the highest elected governmental officials of the City; and
<br />
<br /> WHEREAS, Section 15.2-4906 of the Code provides that the Council shall within 60
<br />calendar days from the public hearing with respect to revenue bonds either approve or
<br />disapprove the issuance of such bonds; and
<br />
<br /> WHEREAS, the Real Property and the Improvements (collectively, the "Project") are or
<br />wiIl be located in the 10 square mile area of Cities of Norfolk and Portsmouth, Virginia, which
<br />has been designated an empowermear zone under Section 1391(g) of the Code; and
<br />
<br /> WHEREAS, Section 1394(f)(1) of the Code provides that "new empowerment zone
<br />facility bonds" are exempt from the state volume cap restrictions of Section 146 of the Code if
<br />
<br />
<br />
|