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R-99-48 A RESOLUTION APPROVING THE AUTHORIZATION AND ISSUANCE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF NORFOLK OF SAID AUTHORITY'S EMPOWERMENT ZONE FACILITY REVENUE BONDS (RENAISSANCE REALTY, L.L.C. PROJECT), SERIES 1999, IN AN AMOUNT NOT TO EXCEED $4,000,000.00. WHEREAS, the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2 of the Code of Virgiuia, 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 Ordinance Nos. 26,565 and 27,524 (collectively, the "Act"), and the Act empowers the Authority to assist Renaissance Realty, L.L.C., a Virginia limited liability company (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, construction and equipping of a 16,000 sq. ft. restaurant facility on approximately one acre of land located on the northwest comer of 40th Street and Hampton Boulevard, fronting along the northern line of 40th Street; along the eastern line of Hampton Boulevard, fronting the southwest comer of 41st Street, along the southern line of 41st Street; and premises now or formerly numbered 4001 - 4015 Hampton Boulevard, 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 132 E. Little Creek Road, in the City of Norfolk, Virginia; and WHEREAS, the Project is located in the 10 square mile area of the Cities of Norfolk and Portsmouth which has been designated an empowerment zone under Section 1391 (g) of the Code, Norfolk and Portsmouth jointly nominated said area for designation as a new empowerment zone, and applicable law requires that the Bonds be approved by the City of Portsmouth as well as by the City of Norfolk; and WHEREAS, Section 1394 (f)(1) of the Code provides that "new empowerment zone facility bonds" are exempt from the state volume cap restrictions of Section 146 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 empowerment zone under Section 1391 (g) of the Code (a "new empowerment zone"); WHEREAS, the Authority has recommended that the City Councils of Norfolk and Portsmouth approve the issuance of the Bonds and designate the Bonds as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the Code, and Norfolk City Council has already granted that approval; and WHEREAS, the aggregate face amount of bonds which may be designated under Section 1394(f)(2)(A) of the Code with respect to a new empowerment zone may not exceed $130,000,000.00 if such zone is in an urban area and the zone has a population of less than 100,000, and such limit will not be exceeded by the issuance of the proposed bonds;