1986 Resolutions - Laserfiche WebLink

Home Browse Search

66 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR NORTHSIDE ASSOCIATES IN AN AMOUNT NOT TO EXCEED $1,500,000 FOR THE ACQUISITION, CONSTRUCTION, FURNISHING AND EQUIPPING OF A 100-BED ELDERLY HOUSING FACILITY AT FORT LANE AND ENTERPRISE WAY IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA) has been authorized to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the IDA has considered the application of Northside Associates, a Virginia Limited Partnership, the ("Company"), for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) to assist in the acquisition, construction, furnishing and equipping of a one-story 100-bed elderly housing facility of approximately 25,000 square feet (the "Facility") on property located at the intersection of Fort Lane and Enterprise Way in the City of Portsmouth, Virginia and has held a public hearing thereon on June 11, 1986; and WHEREAS, pursuant to the authority vested in him in the Deficit Reduction Act of 1984 (the "Act") the Governo~ of Virginia issued Executive Order No. 54(85) (the "Order") providing a formula fop the allocation of the State Ceiling as defined in that "Order" and authorized the City Council of Portsmouth, Virginia to allocane its portion of the State Ceiling to the issuing authorities within the City of Portsmouth, Virginia; and WHEREAS, the IDA has requested City Council to approve the issuance of the Bonds to comply with the applicable federal and state law, and a copy of IDA's ~esolution approving the issuance of the Bonds subject to the terms and conditions contained therein and the appropriate certifications and documentations, including, without limitation, a reasonably detailed summary of the comments expressed at the public hearing and a fiscal impact statement, have been provided to the City Council for their consideration; and WHEREAS, the City Council acknowledges that the adoption of this mesolution does not constitute an allocation of the City's 1986 Local Allocation as defined in, and imposed pursuant to, the "Order" oF any portion thereof.