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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH PORT AND <br />INDUSTRIAL COMMISSION FOR THE BENEFIT OF JUAN S. <br />CROFTON, ROBERT E. CROFTON, KENNETH J. CROFTON, AND <br />CAMILLE GOBRECHT, A/K/A CAMILLE B. CROFTON, IN AN AMOUNT <br />NOT TO EXCEED $649,520 FOR A WAREHOUSE FACILITY AT <br />PINNERS POINT IN THE CITY OF PORTSMOUTH, VIRGINIA, <br />ADJACENT TO AND SOUTHWEST OF THE PROPERTY DESIGNATED AS <br />2 HARPER ROAD, PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, Portsmouth Port and Industrial Commission <br />(PPIC), has been authorized by the Council of the City <br />of Portsmouth, Virginia, to advertise and hold public <br />hearings relative to the issuance of Industrial <br />Development Revenue Bonds; and <br /> <br /> WHEREAS, the PPIC has considered the application <br />and plan of financing of Juan S. Crofton, Robert E. <br />Crofton, Kenneth J. Crofton, and Camille B. Gobrecht, <br />A/K/A Camille B. Crofton, or partnership or other entity <br />to be formed by them in which they would own cne hundred <br />per cent interest (100%) (the "Company"), for the <br />issuance of PPIC Industrial Development Revenue Bonds in <br />an amount not to exceed Six Hundred Forty Nine ThousaR~, <br />Five Hundred Twenty Dollars ($649,520) to assist in the <br />financing of the acquisition, construction, and <br />equipping of an approximately 8,400 square feet <br />fabrication and warehouse facility and backup facilities <br />(the "Project") to be located at Pinners Point in <br />Portsmouth, Virginia on property adjacent to and <br />southwest of the property described as 2 Harper Road, <br />Portsmouth, Virginia, and has held a public hearing <br />thereon on January 9, 1986; and <br /> <br /> WHEREAS, the PPIC has requested City Council to <br />approve the issuance of the Bonds to comply with the <br />applicable federal and state laws; and <br /> <br /> WHEREAS, a copy of PPIC's resolution approving the <br />issuance of the Bonds, subject to the terms and <br />conditions contained therein, and the appropriate <br />certifications and documentations have been provided to <br />City Council for their consideratIon. <br /> <br /> ~WHEREAS, the Council of the City of Portsmouth, <br />Virginia acknowledges that the City of Portsmouth has <br />not received its 1986 local Industrial Development <br />Revenue Bond allocation pursuant to the Deficit <br />Reduction Act of 1985 and that, therefore, the adoption <br />of this resolution does not constitute an allocation of <br />the City's local Bond allocation or any portion thereof. <br /> <br /> <br />