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<br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT
<br />BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF
<br />PORTSMOUTH, VIRGINIA, FOR ELMHURST SQUARE ASSOCIATES, II IN
<br />A~ AMOUNT NOT TO EXCEED $600,000 FOR A 12 UNIT RETAIL COMMERCIAL
<br />SHOPPING CENTER AT ELMHURST LANE AND PORTSMOUTH BOULEVARD IN
<br />PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City
<br />of Portsmouth, Virginia (IDA) has been authorized by the Council
<br />of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Develop-
<br />ment Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of Elmhurst
<br />Square Associates, II, a Virginia General Partnership, and/or
<br />the individual partners, Steve Sandler, Art Sandler, Sheri
<br />Sandler Begel, and Allen Resh, with its principal place of
<br />business at 1224 Diamond Springs Road,~Virginia Beach,
<br />Virginia, for the issuance of Industrial Development Revenue
<br />Bonds in an amount not to exceed Six Hundred Thousand Dollars
<br />($600,000) to finance the construction of a 12 unit retail
<br />commercial shopping center to be located at the intersection
<br />of Elmhurst Lane and Portsmouth Boulevard in the City of
<br />Portsmouth, Virginma, and has held a public hearing thereon
<br />on October 11, 1984; 'and
<br />
<br /> WHEREAS, the IDA has requested City Council to
<br />issuance of the bonds to comply with the applicable
<br />state laws; and
<br />
<br />approve the
<br />federal and
<br />
<br /> WHEREAS, a copy of IDA's resolution approving the issuance
<br />of the bonds, subject to the terms and conditions contained
<br />therein, and the appropriate certifications and documentations
<br />have been provided to the City Council for their consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City
<br />of Portsmouth, Virginia, that the Council approves the issuance
<br />of Industrial Development Revenue Bonds by the Portsmouth In-
<br />dustrial Development Authority mn an amount not to exceed
<br />Six Hundred Thousand Dollars ($600,000) for the benefit of
<br />Elmhurst Square Associates, II, a Virginia General Partnership,
<br />and/or the individual partners, Steve Sandler, Art Sandler,
<br />Sheri Sandler Begel, and Allen Resh, to finance the construction
<br />of a 12 unit retail commercial shopping center to be located
<br />at the intersection of Elmhurst Lane and Portsmouth Boulevard
<br />in the City of Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance
<br />of the bonds as required by the applicable federal and state
<br />laws does not constitute an endorsement of the bonds, financial
<br />viability of the facility, or the credit worthiness of Elmhurst
<br />Square Associates, II, but, as required by ~15.1-t380 of the
<br />Code of Virginia, 1950, as amended, the bonds shall provide that
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