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82 A RESOLUTION APPROVING THE ISSUANCE OF I~D~STRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY FOR~BRISTOL ASSOCIATES IN AN AMOUNT NOT TO EXCEED $925,000 TO ASSIST IN ACQUIRING AND CONSTRUCTING AN OFFICE BUILDING TO BE LOCATED IN THE 300 BLOCK OF COUNTY STREET IN THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY BONDS THEREFOR. WHEREAS, the Portsmouth Redevelopment &~Housing Authority (PRHA) has been authorized to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the PRHA has considered the appi-ication of Douglas A. Hollowell whose principal place of business is located at 309 County Street, Portsmouth, Virginia 23705 (the "Company") for the issuance by PRHA of Industrial Development Revenue Bonds in an amount not to exceed One Million One Hundred Fifty-Six Thousand Dollars ($1,156,000) to assist the "Company" in acquiring and constructing an office building containing approximately fifteen thousand (15,000) square feet to be located in the 300 block of County Street, Portsmouth, Virginia~adjacent to and west of an office building located at 309 County Street (the "Facility") and to be owned by the "Company" or partnership in which the "Company" is a principal (the "Partnership"), and has held a public hearing thereon on August 12, 1986; and _ WHEREAS., pursuant to the authority vested in him in the Deficit Reduction Act of 1984, the Governor of Virginia issued Executive Order No. 54(85) o~ January 23, 1985,~as amended on July 14, 1986 (the "Order") providing a formula for the allocation of the State Ceiling as defined in that "Order" and authorized the City Council of Portsmouth, Virginia to allocate its portion of the State Ceiling to the issuing authorities within the City of Portsmouth, Virginia; and WHEREAS, the PRHA has requested City Council to approve the issuance of Industrial Development Revenue Bonds in an amount not to exceed Nine Hundred Twenty-Five Thousand Dollars ($925,000) for the benefit of the "Company" to comply with the applicable Federal and State laws, and a copy of PRHA's Resolution approving the issuance of the Bonds subject to the terms and conditions contained therein and the appropriate certifications and documentations, including, without limitation, a reasonable 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.