My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
2019 Resolutions
Portsmouth-City-Attorney
>
RESOLUTIONS
>
2019
>
2019 Resolutions
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/19/2019 3:50:34 PM
Creation date
1/4/2019 4:37:38 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
115
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
Exhibit A <br />COOPERATION AGREEMENT <br />(EDA — City of Portsmouth — Victory Area) <br />THIS COOPERATION AGREEMENT (this "Cooperation Agreement ") is entered into <br />as of this — day of , 2019, by and between CITY OF PORTSMOUTH, VIRGINIA, <br />a municipal corporation of the Commonwealth of Virginia ( "City "), and ECONOMIC <br />DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, a duly organized and <br />existing body corporate and politic constituting a political subdivision of the Commonwealth of <br />Virginia ( "EDA "). <br />RECITALS <br />WHEREAS, EDA is duly established pursuant to the Virginia Industrial Development and <br />Revenue Bond Act (the "Act "), Chapter 49, Title 15.2 of the Code of Virginia of 1950, as amended <br />(the "Virginia Code "); <br />WHEREAS, EDA is empowered under the Act to cooperate with City in actions taken for <br />the purpose of promoting economic development and the commerce, safety, health, welfare, <br />convenience or prosperity of citizens of Virginia within EDA's area of operation (which in EDA's <br />case includes the territorial boundaries of City); <br />WHEREAS, EDA and City, in connection with other public and private efforts, are vitally <br />concerned with the attraction and retention of new businesses; <br />WHEREAS, EDA and City entered into that certain Cooperation Agreement dated <br />December 11, 2018 (the "Initial Cooperation Agreement "), for the purpose of providing funds <br />from City to EDA so EDA could acquire certain property from Victory Crossing Developers II, <br />LLC (the "Property "); <br />WHEREAS, under the Initial Cooperation Agreement EDA and City agreed to assist each <br />other with the issuance of revenue bonds by EDA, the proceeds of which would be used to repay <br />the loan referenced in the Initial Cooperation Agreement; <br />WHEREAS, EDA has determined that it is advisable to issue its Revenue Note (City of <br />Portsmouth Project), Series 2019 (the "Note "), in a principal amount of $5,275,000 and use the <br />proceeds of the Note to finance the acquisition of the Property and the cost of issuing the Note, <br />WHEREAS, EDA will issue the Note under a Financing Agreement dated as of <br />1, 2019 (the "Financing Agreement "), between EDA, City and [ ("Lender"); <br />WHEREAS, as to be provided in the Financing Agreement, the Note will be payable first <br />from funds of EDA and then from payments made by City under this Cooperation Agreement; <br />
The URL can be used to link to this page
Your browser does not support the video tag.