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R-03-68 <br /> <br />A RESOLUTION AUTHORIZING Tile ISSUANCE BY THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, OF A <br />$8,500,000 REVENUE BOND FOR VIRGINIA SPORTS HALL OF FAME <br />INCORPORATED. <br /> <br /> WHEREAS, Chapter 49, Title 15.2, Code of Virginia of 1950, as amended (the "Act"), <br /> authorizes the creation of the Industrial Development Authority of the City of Portsmouth, <br /> Virginia (the "Authority"), and empowers the Authority and uny other industrial development <br /> authority created pursuant to the Act (the "Other Authority") to assist the Virginia Sports Hall of <br /> Fame Incorporated (the "Company"), by the issuance of $8,500,000 in aggregate principal <br /> amount of revenue bonds (the "Bonds") to (i) finunce the construction und equipping of a new <br /> two-story, approximately 35,000 square foot building to be located at 206 High Street, <br /> Portsmouth, Virginia (the Project), to house the Company's operations and exhibits; und (ii) <br /> finance the cost of issuing the Bonds; and <br /> <br /> WHEREAS, the facilities to be financed with the Bonds are or will be owned by the <br /> Company; and <br /> <br /> W[IEREAS, the Company has its principal place of business at 420 High Street, <br /> Portsmouth, Virginia 23705; and <br /> <br /> WHEREAS, Section 147(1) of the Internal Revenue Code of 1986, as amended (the <br />"Code"), requires approval by the City Council of the City of Portsmouth, Virginia (the <br />"Council") of the issuance of any private activity bonds by the Authority after the Authority has <br />held a public hearing to consider the issuance of such Bonds as one of the acts required in order <br />for the interest on such Bonds to qualify for exemption from the ~mposition of federal income <br />tax; and <br /> <br /> WHEREAS, the Act requires the concurrence of the Council with the issuance of the <br />Bonds by the Other Authority; and <br /> <br /> <br />