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A RESOLUTION CONFIRMING THE APPROVAL OF THE ISSUANCE OF <br />INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH PORT <br />AND INDUSTRIAL COMMISSION FOR THE BENEFIT OF JUAN S. <br />CROFTON, ROBERT E. CROFTON, KENNETH J. CROFTON AND CAMILLE <br />GOBRECHT, A/K/A CAMILLE B. CROFTON IN AN AMOUNT NOT TO <br />EXCEED $649,520 FOR A WAREHOUSE FACILITY AT PINNERS POINT <br />IN THE CITY OF PORTSMOUTH, VIRGINIA, ADJACENT TO AND <br />SOUTHWEST OF THE PROPERTY DESIGNATED AS 2 HARPER ROAD, <br />PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE <br />CEILING ON PRIVATE ACTIVITY BONDS. <br /> <br /> WHEREAS, Portsmouth Port and Industrial Commission <br />(PPIC) has been authorized by the Council of the City of <br />Portsmouth, Virginia, to advertise and hold public hearings <br />relative to the issuance of Industrial Development Revenue <br />Bonds; and <br /> <br /> WHEREAS, PPIC had considered the application of Juan <br />S. Crofton, Robert E. Crofton, Kenneth J. Crofton and <br />Camille B. Gobrecht, a/k/a Camille B. Crofton, or a <br />partnership or other entity to be formed by them in which <br />they would own one hundred per cent (100%), (the "Company") <br />for the issuance of Industrial Development Revenue Bonds in <br />an amount not to exceed Six Hundred Forty-Nine Thousand, <br />Five Hundred Twenty Dollars ($649,520) to assist in the <br />financing of the acquisition, construction, and equipping <br />of an approximately 8,400 square foot fabrication and <br />warehouse facility and back-up facilities (the "Project") <br />to be located at Pinners Point in Portsmouth, Virginia on <br />property adjacent to and southwest of the property <br />described as 2 Harper Road, Portsmouth, Virginia, and held <br />a public hearing thereon on January 9, 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 the PPIC for the benefit of <br />the "Company~' to assist in financing the ~cquisition~ <br />construction and equipping of the "Project'~ in an amount <br />not to exceed Six Hundred Forty-Nine Thousand, Five Hundred <br />Twenty Dollars ($649,520) on January 28, 1986, but did not <br />allocate the City's local Bond Allocation or any portion <br />thereof; and <br /> <br /> _WHEREAS, pursuant to the authority vested in him <br />pursuant to the Deficit Reduction Act of 1984 (the "Act"), <br />the Governor of Virginia on January 23, 1985 issued <br />Executive Order No. 54(85) (the "Order") providing a <br />formula for the allocation of the State Ceiling as defined <br />in that Order; and <br /> <br /> <br />