Laserfiche WebLink
83 <br /> <br />A RESOLUTION APPROVING THE i$SUkNCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS BY THE INDUSTRIAL D~ELOPMENT AUTHORITY OF THE <br />CITY OF PORTSMOUTH FOR LTD ASSOCIATES IN THE AMOUNT OF $1,370,000. <br />FOR ACQUISITION, CONSTRUCTION _~ND EQUIPPING OF A 60-ROOM MOTEL <br />TO BE LOCATED AT 103t LONDON BOULEVARD TO BE OWNED BY LTD <br />ASSOCIATES. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Po~tsmouth~ Virginia (iDA) has been.authorized by <br />the Council of %he City of ~ortsmouth, Virginia, to advertise <br />and hold p~b!ic hearings relative to the issuance of Industrial <br />· Development Revenue Bonds; and <br /> <br /> WHEREAS~ the IDA has,co~nsidered the applica%io, n of LTD <br />Associates (~he "Co~-an.~ ~; zor the issuance of IDA s Industrial. <br />Development Revenue Bonds in an ~..._ount not to exceed One Mlllmon <br />Three Hundred Seventy Thousa_~d ($1,370,000) Dollars to assist <br />in the financing of the acquisition, construction and equipping <br />of a 60-room mo-hel, office and _.manager~'s apartment, along <br />with furnishings, laundry facmllu~es and amenities to be <br /> located ~t 1031 London TM ~v '~ in the City of Portsmouth <br /> - ~,0 ~ . ~.r~ r <br />Virginia, %o be owned by the Company and has held a public <br />hearmng thereon on August 16, 1983; and <br /> <br />WHER~AS, the IDA has requested City Council to approve <br />the issuance of the bonds to comply with the applicable federal <br />and state Laws; and -- <br /> <br /> WHERV_~$, a copy of th~ IDk's resolution approving the <br />issuance of the.bonds, subject to the terms and conditions <br />contained %heremn and the appropriate certifications by their <br />legal counsel have been provided to the City Council for their <br />conslderaulo~. <br /> <br /> NOW, <br />City of Po <br />Developmen <br />amount not <br />($1,370,00 <br />equipping <br />along with <br />be located <br />Virginia, <br />hearing th <br /> <br />~HEREFORE, BE IT RESOLVED that the Council of the <br />Ctsmouth Virg!nia approve the issuance of Industrial <br /> Revenue Bonds by the IDA for the Company in an <br /> to exceed One Million Three Hundred Seventy Thousand <br />9) Dollars for the acquisition, construction and <br />~f a 60-room motel, office and manager's apartment, <br /> furnishings, laundry facilities and amenities to <br /> at 1031 London Boulevard in the City of Portsmouth, <br /> ho be owned by the Cor~pany and has held a public <br /> ~reon on August 16, 1983; and <br /> <br /> BE IT FURTHER RESOLVED that the approval of the issuance <br />of the bon~s as required by the applicable federal and state laws <br />does not con'ii'ute an endorsement of the bonds, financial <br /> <br /> <br />