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<br />"\ <br />:1 <br />i) <br />;J <br />~;i <br />"I <br />~1 <br />'i,~ <br />X~ <br />~ ~ <br /> <br />~ <br /> <br />WHEREAS, by resolutions adopted on June 12,2007 (the "Original Council Resolutions"), <br /> <br />(i) this Council granted public approval of the Bonds in compliance with the requirements of <br /> <br />Section 147(f) of the Code and Section 15.2-4906 of the Act, and designated the Bonds as new <br /> <br />empowerment zone facility bonds, and (ii) the Norfolk Council designated the Bonds as new <br /> <br />empowerment zone facility bonds, but both such resolutions provided that they would expire after <br /> <br />one year, on June 12,2008; <br /> <br />WHEREAS, the Applicant has proceeded with due diligence on the development of the <br /> <br />Project, having acquired title to its site and diligently pursued the requisite municipal development <br /> <br />approvals, but it has concluded that it will not be possible to market the Bonds for sale and issue <br /> <br />them prior to the expiration of the Original Council Resolutions on June 12, 2008, making it <br /> <br />necessary to repeat the public approval process and obtain extensions of the Original Council <br /> <br />Resolutions for one (1) year from the date or dates of their resolutions granting such extensions; <br /> <br />WHEREAS, the Authority, after due notice, on April 15, 2008, conducted a second public <br /> <br />hearing (the "2008 Public Hearing") on the application and plan of financing of the Applicant for <br /> <br />new empowerment zone facility bond financing of the Project in compliance with the requirements <br /> <br />of Section 147(f) of the Code and Section 15.2-4906 of the Act, and adopted a resolution (the "2008 <br /> <br />Official Action Resolution") reconfirming its official intent to finance a portion of the cost of the <br /> <br />acquisition, construction and equipping of the Project, agreeing in principle to issue, either at once <br /> <br />or over the course of a plan of financing lasting up to three years, not to exceed $12,000,000 of its <br /> <br />Bonds therefor, as proposed by the Applicant, and recommending (i) to this Council the extension <br /> <br />of its previous public approval and designation of the Bonds and (ii) to the Norfolk Council the <br /> <br />extension of its previous designation of the Bonds; <br /> <br />3 <br />