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A RESOLUTION CONFIRMING THE APPROVAL OF THE ISSUANCE OF <br />INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL <br />"DEVELOPMENT AUTHORITY OF THE ~CIT¥ OF PORTSMOUTH, VIRGINIA <br />FOR THE BENEFIT OF NORTHSIDE ASSOCIATES IN AN AMOUNT NOT~O <br />EXCEED $1,100,000 FOR THE ACQUISITION, CONSTRUCTIONz <br />FURNISHING AND EQUIPPING OF A 100 BED EADERLY HOUSING <br />FACILITY AT FORT LANE AND ENTERPRISE WAY 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 hearings relative to the issuance <br /> of Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, IDA has considered the application of <br />Northside Associates, a Virginia limited partners~ip~ (the <br />"Company") for the issuance by IDA of Industrial <br />Development Revenue Bonds in an amount not to exceed <br />Million Five Hundred Thousand Dollars ($1,500,000) to <br />assist in the acquisition, constructIon, furnishing and <br />equipping of a one story one hundred (100) bed elderly <br />housing-facility of approximately twenty-five thousand <br />(25,000) square feet (the "Facility") on property located <br />at the'intersection of Fort Lane and Enterprise Way in the <br />City of Portsmouth, Virginia, and has held a public hearing <br />thereon on June 11, 1986; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth adopted <br />a Resolution approving the issuance of Industrial <br />Development Revenue Bonds by IDA for the benefit of the <br />"Company" to assist in the acquisition, construction, <br />furnishing and equipping of the "Facility" in an amount not <br />to exceed One Million Five Hundred Thousand Dollars <br />($1,500,000) on June 24, 1986, but did not allocate the <br />City's Local Bond Allocation or any portion thereof; and <br /> <br /> WHEREAS, pursuant to the authority vested in him under <br />the Deficit RedUction Act of 1984, the Governor of Virginia <br />issued Executive Order No. 54(85) on January 23, 1985, and <br />a~ended on July 14.,. 1986 (the "Order") providing a formula <br />for the allocation of the State Ceiling as defined in that <br />Order; and <br /> <br /> WHEREAS, the "Order" authorized City Council of the <br />City of Portsmouth, Virginia to allocate its portion of the <br />State Ceiling to the issuing authorities within the City of <br />Portsmouth~ Virginia; 'and <br /> <br /> <br />