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14 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL D~VELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH FOR F. T. ASSOCiATES~ A/K/A E~,iHURST SQUARE -PROPERTIES IN THE AMOUNT OF $1,600,0OO. FOR I~ROVEa~IENTS TO PROPERTY LOCATED AT FOOD TOW~ SHOPPING CENTER ON HiGH STREET WEST AND TYRE NECK ROAD. WHEREAS, the Industrial Development Au~horz~y' "' of the City of Portsmouth, Virginia [IDA) has been authorized by ~khe Council of the City of Portstm. outh, Virginia to advertise rela~mve uo the issuance of Industrial Development R~w~nu~ Bonds; and WHEREAS, the IDA has considered'~%he application of F. T. Associates A/K/A E~£~urst Squ~ P~opertmes for the issuance of IDA's Industrial Development Revenue 'Bonds in an est~aated at One 'Million, Six Hundred Thousand [$!,600,000~) ~Doliars to ~ ~ assms~ in the zmnanclng of the '-' · acq~m~mtmon and renovation of an existing neighborhood shopping center facility ~ee~ ~s~ and Tyre Neck Road in Portsmouth, Virginma and has held a pubm~c h_~mng thereon on February 15, 1983; and L~ ...... ~m~ the IDA has requested City Council to approve the issuance of the bonds 'to comply with the applicable ~federal and .~hate law; and t%~E~P~-AS, a copy of the IDA"s resolution approving the issuance of the bonds, subject to the terms and conditions contamned theremn and the appropriate certifmcatzons by themr legal counsel have been provided to the City Council for their consideration. ~ NOW, THEREFORE, BE IT RESODVED that the Council of the City of Portsmouth, Virg±nia approve the issuance of Industrial Development Revenue Bonds bY the Portsmouth ~Industrial Development Author±fy for F; T. Associates, A/K/A :Elmhurst Square Proper%les in the' amount of one Million, Six ~ -~ ~Hnndred Thousand ~.$1,600,000'.} Dol!ars for improvements to ~property located at Food Town Shopping Center on High Street West and Tyre Neck Road. BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as req~zred by th~ applicable federal and ~tate. :laws does not constitute an e~dorseme~t of the bonds, financzal viability of the facility or the credit worthiness of the company, but, as required by ~15.1-1380 of the Code ?f Virginia, 1950, as amended, the bonds shall provide that nemther the Coimmonwealth o~ Virginia, the City of Portsmouth nor IDA shall be obligated to pay the bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged therefor, and neither the fal~th o~ c~ed±t of the taxing power of the Commonwealth, the City nor the IDA shall be pledged thereto.