1999 Resolutions - Laserfiche WebLink

Home Browse Search

R-99-41 A RESOLUTION APPROVING THE EXERCISE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH OF POWERS CONFERRED BY THE INDUSTRIAL DEVELOPMENT AND REVENUE BOND ACT IN CONJUNCTION WITH THE ISSUANCE FOR KOTARIDES BAKING CO. OF VA., A VIRGINIA CORPORATION, OF NOT TO EXCEED $2,000,000 OF THE AUTHORITY'S INDUSTRIAL DEVELOPMENT REVENUE BONDS (KOTARIDES BAKING CO. OF VA. PROJECT), TO PAY A PORTION OF THE COSTS OF (1) THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A ONE-STORY, APPROXIMATELY 15,000 SQUARE FOOT EXPANSION OF A BAKERY BUILDING AND THE ACQUISITION, RENOVATION AND INSTALLATION OF AN AUTOMATED ROLL BAKING LINE THEREIN AT 1021 HIGH STREET, PORTSMOUTH, VIRGINIA, FOR KOTARIDES BAKING CO. OF VA., 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 (the "Act"), authorizes the creation of the Industrial Development Authority of the City of Portsmouth (the "Authority"), and the Act empowers the Authority to assist Kotarides Baking Co. of Va., a Virginia corporation (the "Company"), by the issuance of its Industrial Development Revenue Bonds (the "Bonds") to pay a portion of the costs of (1) the acquisition, construction and equipping of a one-story, approximately 15,000 square foot expansion of a bakery building and the acquisition, renovation and installation of an automated roll baking line therein at 1021 High Street (the "Project"), in the City of Portsmouth, Virginia (the "City"), for the Company, and (2) issuing such Bonds; and WHEREAS. the Company, which owns and will operate the Project, has its present principal place of business at 117 E. 16th Street, in the City of Norfolk, Virginia; and WHEREAS. Section 147(i) of the Intemal Revenue Code of 1986, as amended (the "Code"), requires approval by this Council of the issuance of any private activity bonds by the Authority after the Authority has held a public hearing to consider the issuance of such bonds as one of the acts required in order for the interest on such bonds to qualify for exemption from the imposition of federal income tax; and WHEREAS, the Authority held a public hearing on July 20, 1999, in compliance with the requirements of the Code and Section 15.2-4906 of the Act and after such public hearing did adopt a resolution to issue an amount not to exceed $2,000,000 of its tax-exempt Industrial Development Revenue Bonds (Kotarides Baking Co. of Va. Project), subject to the adoption of this resolution; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds and recommending that the Council approve the Authority's issuance of the Bonds, subject to the terms to be agreed upon, a reasonably detailed summary of the public hearing with respect to the Bonds and a Fiscal Impact Statement in the form prescribed by Section 15.2-4907 of the Act have been filed with the Council;