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52 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR WATERVIE~ <br />BUILDING ASSOCIATES FOR THE ACQUISITION, REMODELING, <br />CONSTRUCTING AND EQUIPPING OF A MEDICAL OFFICE FACILITY TO <br />BE LOCATED AT 3724 WESTERN BRANCH BOULEVARD IN THE CITY OF <br />PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Portsmouth, Virginia (IDA) has been authorized to <br />advertise and hold public hearing relative to the issuance <br />of Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, the IDA has considered the application of <br />Waterview Building Associates, a Virginia General <br />Partnership, (the "Company"), whose address is 355 Crawford <br />Street, Suite 316, Portsmouth, Virginia, for the issuance <br />by IDA of Industrial Development Revenue Bonds in an amount <br />not to exceed Four Hundred Thousand Dollars ($400,000) to <br />assist in acquiring, remodeling, constructing and equipping <br />a medical office facility consisting of approximately 5,000 <br />square feet at 3724 Western Branch Boulevard in the City of <br />Portsmouth, Virginia (the "Facility"), and has held a <br />public hearing thereon on May 14, 1986; and <br /> <br /> WHEREAS, IDA has requested City Council to approve the <br />issuance of the Bonds to comply with the applicable federal <br />and state law, and a copy of IDA's resolution approving the <br />issuance of the Bonds subject to the terms and conditions <br />contained therein and the appropriate certifications and <br />documentations, including, without limitation, a reasonably <br />detailed summary of the comments expressed at the public <br />hearing and a fiscal impact statement, have been provided <br />to the City Council for their consideration; and <br /> <br /> WHEREAS, the City Council acknowledges that the <br />adoption of this resolution does not constitute an <br />allocation of the City's 1986 local Industrial Development <br />Revenue Bond allocation or any portion thereof. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth, Virginia approves the issuance of <br />Industrial Development Revenue Bonds by IDA for the <br />"Company" in an amount not to exceed Four Hundred Thousand <br />Dollars ($400,000) to assist in financing the acquisition, <br />remodeling, constructing and equipping of the "Facility" <br /> <br /> BE IT FURTHER RESOLVED that the adoption of this <br />resolution does not constitute an endorsement of the Bonds, <br />financial viability of the "Facility", or the credit <br />worthiness of the "Company", but, as provided in the <br />applicable provisions of the Code of Virginia, the Bonds <br /> <br /> <br />