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R-06-10 . A RESOLUTION DESIGNATING AS NEW EMPOWERMENT ZONE FACILITY BONDS FOR PURPOSES OF SECTION 1394(t)(2)(A) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, CERTAIN BONDS TO BE ISSUED BY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF NORFOLK FOR BBL ODU, LLC, A NEW YORK LIMITED LIABILITY COMPANY, IN AN AMOUNT NOT TO EXCEED $12,000,000, TO FINANCE (1) A PORTION OF THE COSTS OF A 110- ROOM SPRINGHILL SUITES BY MARRIOTT, TO BE LOCATED AT THE NORTHEAST CORNER OF HAMPTON BOULEVARD AND 45th STREET IN THE CITY OF NORFOLK, VIRGINIA, (2) RESERVE FUNDS FOR DEBT SERVICE AND GROUND RENT AND (3) A PORTION OF THE COSTS OF ISSUING SUCH BONDS. WHEREAS, the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2 of the Code of Virginia, as amended, and Ordinance Nos. 26,565, 27,524 and 40,357 of the Council of the City of Norfolk, Virginia (collectively, the "Act"), authorize the creation of the Economic Development Authority of the City of Norfolk (the "Authority"), said Council has . created the Authority, and the Act empowers the Authority to assist BBL ODU, LLC, a New York limited liability company (the "Applicant"), by the issuance of not to exceed $12,000,000 of its new empowerment zone facility revenue bonds (the "Bonds") to finance (I) a portion of the costs of a 110-room SpringHill Suites by Marriott, to be located at the northeast comer of Hampton Boulevard and 45th Street in the City of Norfolk, Virginia (the "Project"), (2) reserve funds for debt service and ground rent and (3) a portion of the costs of issuing such Bonds; and WHEREAS, the Applicant, which will own the Project, has its present principal place of business at 302 Washington Avenue Extension, in the City of Albany, New York; and WHEREAS, the Project is located in the 10 square mile area of the City of Portsmouth, Virginia ("Portsmouth") and the City of Norfolk, Virginia ("Norfolk") which has been designated an empowerment zone under Section 1391 (g) of the Code; .