Minutes 07/27/1999 - Laserfiche WebLink

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July 27, 1999 Financial Impact: · The financial impact is minimal. Hyperion Communications will pay $1,000 to the City for costs and expenses incurred by the City to grant this license agreement in addition to all required business permits, fees and utility taxes. Motion by Mr. Robinett, and seconded by Mr. Pitts, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A NONEXCLUSIVE REVOCABLE LICENSE AGREEMENT TO INSTALL TELECOMMUNICATIONS FACILITIES IN THE CITY'S RIGHTS-OF-WAY. WHEREAS, it is desirable for the region to have additional telecommunications facilities, and Hyperion Communications is installing a regional system which will enhance the provision of additional telecommunications services throughout the region and therefore needs to install facilities within the City's rights-of-way, NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to execute a Temporary Nonexclusive Revocable License Agreement with Hyperion Communications of Virginia, and such other documents as may be necessary to permit the installation by Hyperion Communications of telecommunications facilities within the City's rights-of-way." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst Nays: None 99 - 173 - Adoption of a resolution to approve the issuance of industrial development revenue bonds by the Industrial Development Authority of the City of Portsmouth for the expansion of Kotarides Baking Company of Virginia. Recommendation: · Adoption of a resolution to approve the issuance of industrial development revenue bonds by the Industrial Development Authority of the City of Portsmouth for the expansion of Kotarides Baking Company of Virginia. Purpose and Need: · The approval of these bonds ..... will facilitate the proposed on-site expansion of the Company's bakery at 1021 H~gh Street and the ~nstallabon there~n of a h~gh-speed automated ro baling ne. · The expansion project will preserve an estimated 75 jobs, provide $2.0 million in new investment, and generate over $61,000 in new annual tax revenue to the City. Financial Impact: · Neither the City nor the Industrial Development Authority of the City of Portsmouth makes any financial commitment or is in any way legally obligated to the repayment of the principal or interest on these bonds. · This issuance will not be considered against or included in the debt capacity of the City in any way. · A Fiscal Impact Statement is attached, outlining the fiscal benefit to the City. Motion by Mr. Robinett, and seconded by Mr. Moody, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION APPROVING THE EXERCISE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH OF POWERS CONFERRED BY THE INDUSTRIAL DEVELOPMENT AND REVENUE BOND ACT IN CONJUNCTION WITH THE ISSUANCE FOR KOTARIDES BAKING CO. OF VA., A VIRGINIA CORPORATION, OF NOT TO EXCEED $2,000,000 OF THE AUTHORITY'S INDUSTRIAL DEVELOPMENT REVENUE BONDS (KOTARIDES BAKING CO. OF VA. PROJECT), TO PAY A PORTION OF THE COSTS OF (1) THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A ONE-STORY, APPROXIMATELY 15,000 SQUARE FOOT EXPANSION OF A BAKERY BUILDING AND THE ACQUISITION, RENOVATION AND INSTALLATION OF AN AUTOMATED ROLL BAKING LINE THEREIN AT 1021 HIGH STREET, PORTSMOUTH, VIRGINIA, FOR KOTARIDES BAKING CO. OF VA., AND (2) THE ISSUANCE OF SAID BONDS.