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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVESOPMENT AUTHORITY OF THE CiTY OF PORTSMOUTH, VIRGINIA FOR CAVALIER GREENWOOD ASSOCIATES IN AN AMOUNT NOT TO EXCEED $750,000 FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A RETAIL SHOPPING CENTER ON GREENWOOD DRIVE NEAR ITS INTERSECTION WITH~ CAVALIER BOULEVARD IN THE CITY OF PORTSMOUTH, VIRGINIA, AND REQUESTING AN ALLOCATION PROM THE STATE RESERVE FOR THE BENEFIT OF CAVALIER GREENWOOD ASSOCIATES. 1lQ WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA) has been authorized to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the IDA has considered the application of Cavalier Greenwood Associates, a Virginia partnership (the "Company") whose address is 510 United Virginia Bank Building, 5 Main Plaza East, Norfolk, Virginia, for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed Seven Hundred Fifty Thousand Dollars ($750,000) to assist in financing the acquisition, construction and equipping of a retail shopping center facility (the "Facility") containing up to fifteen thousand (15,000) square feet of space to be located on a parcel of land situated on the southern side of G~eenwood D~ive approximately one hundred fifty (150) feet west of the intersection of Greenwood Drive and Cavalier Boulevard in Portsmouth, Virginia, and to be owned or managed by the "Company", and has held a public hearing thereon on October 3, 1985; and WHEREAS, IDA has requested City Council to approve the issuance of the Bonds to comply with the applicable federal and state law; and WHEREAS, a copy of IDA's resol6tion approving the issuance of the Bonds subject to the terms and conditions contained therein and the appropriate certifications and documentations, including, without limitation, a reasonably detailed summary of the comments expressed at the public hearing and a fiscal impact statement have been provided to the City Council for their consideration; and WHEREAS, the City of Portsmouth has allocated its entire local allocation imposed pursuant to Executive O~der No. 54(85) issued by the Governor of Virginia on January 23, 1985 pursuant to the authority vested in him · n the Deficit Reduction Act of 1984 (the "Executive Order").