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123 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR FARM FRESH, INC. IN AN AMOUNT NOT TO EXCEED $6,000,000 F~R A SHOPPING CENTER FACILITY AT THE ~q{EREAS, the Industrial Development Authority of the City of Portsmouth, ~ · · V_r~lnla (IDA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of Industrial Develop- ment Revenue Bonds; and · ~ WHEREAS, the IDA has considered the application of Farm Fresh, Inc., a Virginia Corporation, whose address is 3487 Inventors Road, Norfolk, Virginia, for the issuance of IDA Industrial Development Revenue Bonds in an amount not to exceed g6~000,000 to assist in financing the acquisition of approximately 16.39 acres of the "Williams Court" property situated at the northwestern corner of the intersection of George asnlng=on Highway and Victory Boulevard in Portsmouth, Virginia, ~nd the~_construction. . . thereon, and equipping of a shopping center ~=clllty comprised of a 100,000 square foot super market/retail store, and 41,250 square feet of miscellaneous shops and has held a public hearing thereon on December 12 1983; and , WHEP~F~AS, the IDA has requested City Council to approve the issuance of the bonds to comply with the applicable federal and state law; and WHEP~EAS, a copy of the IDA's resolution approving the issuance of the bonds, subject to the terms and conditions contained therein, and the appropriate certifications and documentation have been provided to the City Council for their consideration. NOW, THSREFORE, BE IT RESOLVED by the Council of the ~ity of Portsmouth, Virginia, that the Council approves the zssuance of Industrial Development Revenue Bonds by the Ports- mouth industrial Development Authority for the benefit of Farm Fresh, Inc. for the acquisition and center facility at the ntersectzon of George Washington Highway i . equipping of a shopping and Victory Boulevard in the City of PortsmOuth, Virginia. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the applicable federal and state laws does not constitute an endorsement of the bonds, financial viability of the facility, or the credit worthiness of the company, but, as required by ~15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Commonwealth