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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE REFUNDING BONDS BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR F.T. <br />ASSOCIATES IN AN AMOUNT NOT TO EXCEED $1,150,000.00 FOR THE <br />PURPOSE OF REFUNDING INDUSTRIAL DEVELOPMENT REVENUE BONDS <br />(F.T. ASSOCIATES PROJECT) ISSUED ON MARCH 22, 1983 IN THE <br />ORIGINAL PRINCIPAL AMOUNT OF $1,250,000.00 FOR THE PURPOSE OF <br />ACQUIRING AND RENOVATING AN EXISTING NEIGHBORHOOD SHOPPING <br />CENTER LOCATED AT THE INTERSECTION OF HIGH STREET AND TYRE <br />NECK ROAD IN THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Portsmouth, Virginia (PIDA) has been authorized by the <br />Council of the City of Portsmouth, Virginia, to advertise and <br />hold public hearings relative to the issuance of revenue bonds <br />in accordance with the applicable Federal and State law; and <br /> <br /> WHEREAS, the PIDA has considered the application of F.T. <br />Associates, a Virginia general partnership, (the "Company") <br />for the issuance by PIDA of Industrial Development Revenue <br />Refunding Bonds (F.T. Associates Facility), Series 1987, in an <br />amount not to exceed One Million One Hundred Fifty Thousand <br />Dollars ($1,150,000.00) to assist the "Company" in the <br />refunding of PIDA's Industrial Development Revenue Bonds (F.T. <br />Associates Project) issued on March 22, 1983, in the original <br />principal amount of One Million Two Hundred Fifty Thousand <br />Dollars ($1,250,000.00) (the "original bonds") issued to <br />Finance the acquisition and renovation of an existing <br />neighborhood shopping center consisting of approximately <br />42,000 square feet of stores on approximately 3.65 acres of <br />land located at the intersection of High Street and Tyre Neck <br />Road and to acquire, construct~and equip additions to such <br />shopping center (the "Facility'); and <br /> <br /> WHEREAS, F.T. Associates Nas described to PIDA the <br />benefits which the Facility will bring to the Commonwealth of <br />Virginia and the City of Portsmouth, Virginia, and that PIDA <br />has held a public hearing thereon in accordance with all <br />applicable Federal and State laws on September 30th, 1987, and <br />has ~equested City Council to approve the issuance of the <br />refunding bonds; and <br /> <br /> WHEREAS, a copy of PIDA's resolution approving the <br />issuance of said bonds, subject to the terms and conditions <br />contained therein and the appropriate certifications required <br />by the applicable Federal and State laws have been provided to <br />City Council for its consideration. <br /> <br /> NOW, THERBFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia approves the issuance by PIDA of <br />its bonds in an amount not to exceed One Million One Hundred <br /> <br /> <br />