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69 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH PORT <br />AND INDUSTRIAL COMMISSION FOR PORTSMOUTH PROPERTIES <br />IN AN AMOUNT NOT TO EXCEED $80,000,000 FOR A TEN <br />MILLION TON PER YEAR COAL BLENDING, STORAGE AND <br />EXPORT TERMINAL ON APPROXIMATELY 135 ACRES BETWEEN <br />ELM AVENUE, THE SOUTHERN BRANCH OF THE ELIZABETH <br />RIVER, PARADISE CREEK AND VICTORY BOULEVARD IN THE <br />CITY OF PQRTSMOUTH, VIRGINIA, AND ALLOCATING A <br />PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY <br />BONDS FOR THE BENEFIT OF PORTSMOUTH PROPERTIES. <br /> <br /> WHEREAS, Portsmouth Port and Industrial <br />Commission (PPIC) has been authorized to advertise <br />and hold public hearings relative to the issuance <br />of Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, PPIC has considered the application <br />of Portsmouth Properties, a Virginia Limited <br />Partnership (the "Company"), for the issuance by <br />PPIC of Industrial Development Revenue Bonds in an <br />amount not to exceed Eighty Million Dollars <br />($80,000,000) to assist the "Company" in the <br />acquisition, construction and equipping of a Coal, <br />Blending, Storage, and Export Terminal, including, <br />without limitation, a turning basin, piers, <br />dredging, conveyers, and loading, storage, and rail <br />transportation facilities which is to be located on <br />approximately one hundred thirty-five acres (135) <br />bounded on the north by the Norfolk Naval Shipyard <br />Refuse Derived Fuel Power Plant, Norfolk Veneer <br />Mills, and Elm Avenue-State Route 337; on the east <br />by the Elizabeth River, the southern annex of the <br />Norfolk Naval Shipyard, and the oral distribution <br />and storage facilities of BP Oil Company; on the <br />south by Paradise Creek, Peck Iron and Metal <br />Company, and the Aluminum Company of America; and <br />on the west by a Virginia Electric and Power <br />Company high-voltage transmission tower <br />right-of-way, Victory Boulevard, the Cradock <br />residential area, and the Norfolk Naval Shipyard, <br />all within the City of Portsmouth, Virginia, with <br />the following ancillary parcels for railroad <br />right-of-way: and approximately three (3) acre <br />parcel in Chesapeake, Virginia across Victory <br />Boulevard from the above-described property, and an <br />approximately fifty-two hundred (5,200) foot by <br />three hundred (300) foot curved parcel with <br />frontage on State Route 460 just east of the <br />Magnolia section in Suffolk, Virginia, <br />(collectively the "Facility"), and has held a <br />public hearing thereon on June 13, 1985; and <br /> <br /> <br />