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A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE <br />CITY OF PORTSMOUTH, VIRGINIA, AUTHORIZING THE ISSUANCE OF UP TO <br />$7,100,000.00 REVEIqTJE BONDS FOR THE PURPOSE OF FINANCING A <br />F~IJFACTURtNG FACILITY TO BE LOCATED IN THE CITY OF PORTSMOUTH, <br />VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority of the City <br />of Portsmouth, a political subdivision of the Commonwealth of <br />Virginia (the "Authority"), is empowered by the Industrial <br />Development and Revenue Bond Act, Chapter 33, Title 15.1, Code <br />of Virginia of 1950, as amended ("Act"), to issue its revenue <br />bonds for the purpose of inducing the location of industrial <br />and commercial facilities in Virginia and no promote the <br />commerce safety, health, welfare, convenience or prosperity of <br />citizens of Virginia; <br /> <br /> WHEREAS, the Authority has received a requesn for Lindab, <br />Inc., a Virginia corporation (the "Company"), requesting that <br />the Authority issue its revenue bonds to assist nhe Company in <br />(~) the acquisition, construction and equipping of an expansion <br />~o ~he Company's manufacturing facility consisting of <br />approximately 113,400 square feet to be located an 2600 Airline <br />Boulevard in the City of Portsmouth, Virginia and (b) the <br />acquisition of industrial equipment no produce ductwork and <br />fittings no be used with heating, ventilation and air <br />conditioning systems ("Project"); <br /> <br /> WHEREAS, such assistance will induce the Company to locate <br />the Project in Virginia and benefit the inhabitanEs of the City <br />of Portsmouth, Virginia and the Commonwealth of Virginia, <br />either through the increase of their commerce or through the <br />promotion of their safety, health, welfare, convenlence or <br />prosperity; <br /> <br /> WHEREAS, preliminary plans for the Project have been <br />described to the Authority and a public hearing has been held <br />as required by Section 147(f) of the Internal Revenue Code of <br />1986, as amended, ("Code"), and Section 15.1-1378.1 of the Act; <br />and <br /> <br /> WHEREAS, the Company has represented that the esuimated <br />cost of the acquisition, construction and equipping of the <br />Project and all expenses of issue will require an issue of <br />revenue bonds in the aggregate principal amount non to exceed <br />S7,!00,000.00. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the <br />Developmenn Authority of the City of Portsmouth: <br /> <br />Industrial <br /> <br /> <br />