Minutes 06/27/1972 - Laserfiche WebLink

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CITIZENS TRUST BANK General Fund - City Savings Bonds Senior Citizens FIRST & MEmCHANTS BANK City Accounts Payable Construction Fund BANK OF VIRGINIA Payroll - Bi-weekly Capital Improvements FICA Supplemental Retirement MERCF~NTS & FARMERS BANK V.P.A. (Transfer) Payroll - Weekly City Garage State Withholding Tax Hospitalization Mental Health Services Group Insurance 72-266 - "Attached he~e~a~is a letter from the Portsmouth Parking Authorityrequesting the City Council to issue bonds for the construction of a parking ramp at Edinburgh Square. ~ile the projected revenues are sufficient to finance this construction, there is not enough margin that would allow the Authority to receive a favorable interest rate. The Authority desires for the City to issue the bonds and Shey would reimburse the City as the principal and interest fall due. These would be General Obligation Bonds which would reflect against the City's debt limit. The bonds can be incorporated in the next issue of bonds which is projected to be sold in the early fall. The construction of the ramp at Edinburgh Square would provide 435 additional parking spaces and cost approximately $1,000,000. I wish also to advise the Council that the Authority is cancelling its agreement with John W. Flora and Associates for the operation of tne parking lots. The lots are to be operated by the city's Traffic Engineering Department as they were in the Past. The Authorit~ is to reimburse the City for the cost." The following received from Mr. John W. Flora, SecyyTreas., Portsmouth Parking Authority was read: "As we haveddiscussed several times recently in your office, the Portsmouth Parking Authority has been studying the need for a parking deck over the existing Edinburgh Square parking lot which is located on the North side of County Street between Court Street and Crawford Street. This need has become urgently apparent. The ~irst Federal Bank Building will soon be completed which will add new demands for the existing facility. Hofheimer's Shoe Store and other stores on the Middle Street Mall are also near opening. There are many new buildings which will create demand in this area as you are fully aware and now coupled with the possible loss of Sycamore Square, which the Portsmouth Redevelopment and Housing Authority has said will be sold to George T. McLean Eom- pany, we face a dire shortage of parking in the area, particularly parking for all day users such as employees in the area. With this in mind it is imperative that thisddeck be built over the existing parking lot. The ~rtsmouth Parking Authority is now operating on a balanced budget and is self- supporting. It 'does not, however, have the income sufficient to provide the margin necessary to support revenue bonds. For this reason the Portsmouth Parking Authority would like to request that the City of Portsmouth issue general obligation bonds to provide the funds nec- essary to build this second deck. I have previously forwarded to you a copy of cost estimates of this deck and should the Council be agreeable to this, detail design and cost estimatesccan ~e established. We feel this additional deck is very important to the growth of downtown and with the other construc- tion in the area time is very important in this matter. We will bei~most happy to meet with you and/or the Council and to provide any information you need. Thank you very much for your cooperation in meeting,s,with us in the past and for your consideration in this matter." Motion of Mr. Raymond Smith and,-~second~ by,r, King to allow the City Manager to pro= ceed with the mec~Amics to implement the request, was adopted by the following vote: Ayes: Holley, Johnson, King, Irvine Smith, Raymond Smith, Turner, Barnes Nays: None 72-267 -"In September of 1971, the City of Portsmouth submitted to HUD an application