Laserfiche WebLink
R-97-5 <br /> <br />A RESOLUTION AUTHORIZING EXECUTION OF A COORDINATION AGREEMENT <br />WITH THE PORTSMOUTH INDUSTRIAL DEVELOPMENT AUTHORITY FOR <br />CONSTRUCTION OF AN OFFICE BUILDING IN PORTCENTRE COMMERCE PARK. <br /> <br /> WHEREAS, the Portsmouth Industrial Development Authority <br />("the IDA") has entered into an Agreement and a Master Lease <br />with A/H PortCentre Associates, L.L.C. for construction of an <br />office building in PortCentre Commerce Park in the City of <br />Portsmouth; and <br /> <br /> WHEREAS, the IDA has found and determined that it is in <br />the public interest and consistent with the statutory purposes <br />see forth for industrial development authorities of the <br />Commonwealth of Virginia by Virginia Code §15.1-1375 that this <br />office building be properly constructed and managed in the <br />manner contemplated; and the IDA has further found and <br />determined that the office building will promote industry and <br />develop trade by inducing commercial enterprises to locate in <br />or remain in this Commonwealth; and the IDA has further found <br />and determined that the exercise of its powers for this project <br />will promote the general safety, health, welfare, convenience, <br />and prosperity; and <br /> <br /> WHEREAS, City Council accepts these findings and <br />representations of the IDA; and <br /> <br /> WHEREAS, in order to obtain financing for construction of <br />this office building, it is necessary that the City of <br />Portsmouth provide a moral obligation to back the financial <br />commitment made by the IDA in the Master Lease, with said moral <br />obligation being more specifically set forth in the <br />Coordination Agreement between the IDA and the City which is <br />attached hereto; and <br /> <br /> WHEREAS a moral obligation is a commitment of the City to <br />do and to perform the actions specified but does not pledge the <br />full faith and credit of the City, pledge any revenues of the <br />City, or comprise a debt or legally enforceable obligation of <br />the City; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that the City Manager be, and hereby <br />is, authorized to execute and to deliver to the IDA the <br />attached Coordination Agreement. <br /> <br /> Adopted by the Council of the City of Portsmouth <br />Virginia, at a meeting held on February 11, 1997. <br /> <br /> Teste: <br /> <br /> <br /> City Clerk <br /> <br /> <br />