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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR CRAWFORD OFFICE ASSOCIATES IN AN AMOUNT NOT TO EXCEED $1,900,000 FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF AN OFFICE BUILDING LOCATED ON THE SOUTHWEST CORNER OF HIGH AND CRAWFORD STREETS IN THE CITY OF PORTSMOUTH, VIRGINIA, AND REQUESTING AN ALLOCATION FROM THE STATE RESERVE FOR THE BENEFIT OF CRAWFORD OFFICE ASSOCIATES. 132 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 Crawford Office Associates, a Virginia General Partnership, (the "Company) for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed One Million, Nine Hundred Thousand Dollars ($1,900,000) to assist the "Company" in acquiring, constructing and equipping of an office building consisting of forty thousand (40,000) square feet located on the southwest corner of High and Crawford Streets in the City of Portsmouth, Virginia (the "Facility") and has held public hearings thereon on May 9, 1985 and November 8, 1985; and WHEREAS, the 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 resolution approving the issuance of the Bonds, subject to the terms and conditions contained therein, and the appropriate certifications and documentations andhave been provided to the City Council for their consideration; WHEREAS, the Council of the City of Portsmouth adopted a resolution approving the issuance of Industrial Development Revenue Bonds by IDA for the "Company" for the purpose of compliance with ~103 (k) of the Internal Revenue Code, 1954, as amended, and requested an allocation from the State Reserve for ~he benefit of the "Company" on August 13, 1985; and WHEREAS, §15.1-1378.1 of the Code of Virginia, 1950, as amended, requires further consideration by this Council of this Bond issue within sixty (60) calendar days from an additional public hearing held by the IDA on November 8, 1985; and WHEREAS, the City of Portsmouth has allocated its entire local allocation pursuant to Executive Order No. 54(85) issued by the Governor of Virginia on January 23 1985 pursuant to the authority vested ' "Executive {the application in him in the Deficit Reduction Act of 1985 Order"), and the City Manager has submitted an with the Allocation Administrator requesting an