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R-96-24 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO SUBMIT A SECTION <br />108 LOAN APPLICATION TO THE UNITED STATES DEPARTMENT OF HOUSING <br />AND URBAN DEVELOPMENT AND TO PROVIDE ADDITIONAL INFORMATION AS <br />REQUIRED. <br /> <br /> WHEREAS, the City of Portsmouth, Virginia has recently <br />completed the "Portsmouth 2005 Plan"; and <br /> <br /> WHEREAS, the East Waterfront, as identified in the Plan, is <br />a "unique tourist, recreation, business, and living environment <br />which reunites the historic core of Portsmouth with its <br />neighborhoods" and is one of the City's four strategic centers; <br />and <br /> <br /> WHEREAS, the Holiday Inn Hotel is located in the East <br />Waterfront district as identified in the Plan; and <br /> <br /> WHEREAS, the Holiday Inn Hotel must modernize its <br />facilities to maintain its franchise and to compete with upscale <br />hotels in the Hampton Roads area; and <br /> <br /> WHEREAS, the owners of the hotel are unable to obtain <br />market financing for the renovation; and <br /> <br /> WHEREAS, the renovation will create 39 new jobs and save 28 <br />current positions; and <br /> <br /> WHEREAS, the City of Portsmouth can apply for a Section 108 <br />Loan and act as a loan intermediary to facilitate the renovation <br />of the Holiday Inn Hotel. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br />City of Portsmouth, Virginia, that the City Council authorizes <br />the City Manager to submit a Section 108 Loan Application to the <br />Unites States Department of Housing and Urban Development and to <br />provide additional information as required. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia <br />at a meeting held on May 28, 1996. <br /> <br /> Teste: <br /> <br /> <br /> City Clerk <br /> <br /> <br />