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117 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH <br />REDEVELOPMENT & HOUSING AUTHORITY OF THE CiTY OF <br />PORTSMOUTH, VIRGINIA FOR CHURCHLAND SHOPPING CENTER <br />ASSOCIATES IN AN AMOUNT NOT TO EXCEED $6,100,000 FOR THE <br />ACQUISITION/RENOVATION OF AN EXISIING SHOPPING CENTER <br />AND THE CONSTRUCTION OF ADDITIONAL RETAIL SPACE AT THE <br />NORTHWEST INTERSECTION OF CHURCHLAND BOULEVARD AND <br />STAMFORD ROAD IN THE CITY OF PORTSMOUTH, VIRGINIA, AND <br />REQUESTING AN ALLOCATION FROM THE STATE RESERVE FOR THE <br />BENEFIT OF CHURCHLAND SHOPPING CENTER ASSOCIATES. <br /> <br /> WHEREAS, the Portsmouth Redevelopment & Housing <br />Authority (PRHA) has been authorized to advertise and <br />hold public hearings relative to the issuance of <br />Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application of <br />Churchland Center Shopping Associates, a Virginia <br />general partnership (the "Company") for the issuance by <br />PRHA of Industrial Development Revenue Bonds in an <br />amount not to exceed Six Million, One Hundred Thousand <br />Dollars ($6,100,000) to assist the "Company" in <br />acquisition/renovation of an existing shopping center <br />(140,000 square feet) and the construction of 40,000 <br />square feet in additional retail space in a commercial <br />project located at the northwest intersection of <br />Churchland Boulevard and Stamford Road in the City of <br />Portsmouth, Virginia (the "Facility"), and has held a <br />public hearing thereon on September 24, 1985; and <br /> <br /> WHEREAS, PRHA 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 PRHA'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, [ncluding, without <br />limitation, a reasonably detailed s~mmary of the <br />comments expressed at the public hearing and a fiscal <br />impact statement have been provided to the City Council <br />for their consideration; and <br /> <br /> WHEREAS, the City of Portsmouth, Virginia has <br />allocated its entire local allocation imposed pursuann <br />to Executive Order No. 54(85) issued by ~he Governor o~ <br />Virginia on January 23, 1985 pursuant to the authority <br />vested in him in the Deficit Reduction Act of 1984 (the <br />"Executive Order"). <br /> <br /> <br />