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April 28, 1998 <br /> <br />Adoption of an ordinance appropriating $14,280,000 in the Capital Improvement <br />Fund and $8,249,774 in the Public Utilities Capital Improvement Fund. <br /> <br />Purpose and Need: <br /> <br />The CIP is the City's plan for major construction projects over the next five years. <br />It is a primary means of carrying out the City Council's goals for neighborhood <br />-quality and economic development. <br /> <br />. The City Council held a joint public hearing with the Planning Commission on <br />March 24, t998 on the proposed CiP. The Planning Commission has endorsed the <br />proposal. <br /> <br /> The Municipal Finance Commission has endorsed the recommended level of $8 <br /> million in new General Obligation Bonds. <br /> <br />All the funds expected to be expended by the City as a result of adopting the <br />proposed CIP are recommended to be appropriated at the time of adoption. <br /> <br />Financial Impact: <br /> <br />Debt service on the new bonds must be included in future operating budgets until <br />the debt is fully retired. <br /> <br />New authorization <br /> <br />= $ 8,OOO,OOO <br /> <br />Less $3.9 million already issued <br /> for Norcom <br /> <br />3,900,000 <br /> <br />Less $380,000 already issued for the <br />Children's Museum of Virginia <br /> <br />380,000 <br /> <br />· Authorized Issuance Requested <br /> <br />$ 3,720,000 <br /> <br /> Motion by Mr. Martin, and seconded by Mr. Pitts, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br /> "RESOLUTION APPROVING THE FIVE YEAR CAPITAL IMPROVEMENT <br />-PLAN FOR 1998-99 THROUGH 2002-03, AND THE ONE YEAR CAPITAL <br /> IMPROVEMENT PROG RAM FOR 1998-99. <br /> <br /> WHEREAS, the City Manager has submitted to the City Council the Capital <br />Improvement Plan for 1998-99 through 2002-03, and the one year Capital <br />Improvement Program for 1998-99; and <br /> <br /> WHEREAS, the Planning Commission and the Municipal Finance <br />Commission have reviewed and commented on the plan and program; and <br /> <br /> WHEREAS, a pubiic hearing has been held to receive public comments on <br />the five year Capital Improvement Plan and on the one year Capital Improvement <br />Program; and <br /> <br /> WHEREAS, the Council has considered the five year Capital Improvement <br />Plan and the one year Capital Improvement Program and finds them to be in the <br />proper form and expressive of Council policies in regard to necessary capital <br />improvements. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that the aforesaid Capital Improvement Plan for the years <br />1998-99 through 2002-03, and the one year Capital Improvement Program for 1998- <br />99 are approved." <br /> <br />Ayes: Benn, Clemons, Griffin, Martin, Pitts, Robinett, Holley <br />Nays: None <br /> <br /> <br />