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76 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR <br />~ESTGATE PARTNERSHIP, L. P. IN AN AMOUNT NOT TO EXCEED <br />$3,000,000 FOR ACQUIRING, REHABILITATING AND EXPANDING <br />THE RETAIL SHOPPING CENTER FACILITY KNOWN AS WESTGATE <br />PLAZA SHOPPING CENTER LOCATED AT THE NORTHEAST CORNER OF <br />THE INTERSECTION OF AIRLINE BOULEVARD AND CITY PARK <br />AVENUE IN THE CITY OF PORTSMOUTH, VIRGINIA, AND <br />REQUESTING AN ALLOCATION FROM THE STATE RESERVE FOR THE <br />BENEFIT OF WESTGATE PARTNERSHIP, L. P. <br /> <br /> WHEREAS, the Industrial Development Authority of <br />the City of Portsmouth, Virginia, (IDA) has been <br />authorized to advertise and hold public hearings <br />relative to the issuance of Industrial Development <br />Revenue Bonds; and <br /> <br /> WHEREAS, the IDA has considered the application of <br />Westgate Partnership, L. P., a Virginia Limited <br />Partnership (the "Company") for the issuance by IDA of <br />Industrial Development Revenue Bonds in an amount not to <br />exceed Three Million Dollars ($3,000,000) to assist the <br />"Company" in acquiring, rehabilitating and expanding the <br />retail shopping center facility known as Westgate Plaza <br />Shopping Center located at the northeast corner of the <br />intersection of Airline Boulevard and City Park Avenue <br />(including 2854-2886 Airline Boulevard) in the City of <br />Portsmouth, Virginia, (the "Facility") and has held a <br />public hearing thereon on July 11, 1985; and <br /> <br /> WHEREAS, IDA has requested City Council to approve <br />the issuance of the Bonds to comply with the applicable <br />federal and state law; and <br /> <br /> WHEREAS, a copy of IDA'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, including, without <br />limitation, a reasonably detailed summary of the <br />comments expressed at the public hearing and a final <br />impact statement In accordance with Section 15.1-1378.2 <br />of the Code of Virginia, 1950, as amended, have been <br />provided to the City Council for their consideration; <br />and <br /> <br /> WHEREAS, the City of Portsmouth, Virginia, has <br />allocated its entire local allocation imposed pursuant <br />to Executive Order No. 54(85) issued by the Governor of <br />Virginia on January 23, 1985 pursuant to the authority <br />vested in him and the Deficit Reduction Act of 1984 (the <br />"Executive Order"). <br /> <br /> <br />