Minutes 11/13/2001 - Laserfiche WebLink

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November 13, 2001 1. Robert C. Barclay III, 200 High Street, spoke in support of the code amendment. Motion by Mr. Moody, and seconded by Mr. Whitehurst, to concur with the recommendation of the Planning Commission that CA-01-02 be approved on first reading, and was adopted by unanimous vote. - City Manager's Report - 01 - 313 - Adoption of a resolution authorizing the issuance and sale of not to exceed $7,500,000 General Obligation Parking Note to finance the acquisition of the Middle Street Parking Garage. Recommendation: · Adoption of a resolution authorizing the issuance and sale of not to exceed $7,500,000 General Obligation Parking Note to finance the acquisition of the Middle Street Parking Garage. Purpose and Need: · On May 22, 2001, the City Council adopted a resolution authorizing the City Manager to enter into a purchase contract for the Middle Street Parking Garage. · The garage has been developed and constructed by GEM Portsmouth Parking, L.L.C. The estimated completion date of the garage is November 15, 2001. · On June 26, 2001, the City Council approved the appropriation of $7,500,000 in the Capital Improvements fund for purchase of the Middle Street Garage upon completion. · The preferred source of funding for the garage is Parking Revenue bonds. Parking revenue bonds would not count toward the City's debt obligation. The work necessary to establish a revenue bond structure will not be completed until spring / summer 2002. · In order to provide the funding for the purchase, the City will issue a General Obligation Parking Note to provide interim financing until such time as the permanent bonds are issued. Financial Impact: · Bids for the financing are due on November 9, 2001 and are expected to be favorable and lower than long-term notes. · An amount has been budgeted in the Parking Authority's 2003 budget sufficient to cover debt service on the note. Motion by Mr. Whitehurst, and seconded by Mr. Robinett, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA AUTHORIZING THE ISSUANCE AND SALE OF A GENERAL OBLIGATION PARKING NOTE TO FINANCE THE ACQUISITION OF THE MIDDLE STREET PARKING GARAGE; APPROVING AND RATIFYING THE SALE OF SUCH NOTE; AND PROVIDING FOR THE DETAILS OF THE ISSUANCE AND SALE OF SUCH NOTE. WHEREAS, the City Council of the City of Portsmouth, Virginia (the "City") has determined that it is advisable to acquire a parking garage known as the Middle Street Parking Garage (the "Project") and to issue the City's General Obligation Parking Note, Series 2001 (the "Note") to provide interim financing for the acquisition of the Project; and WHEREAS, the Note is to be issued on the terms set forth in this Resolution and a public hearing has been held on November 13, 2001, on the issuance of the Note after due publication of notice in accordance with Section 15.2-2606 of the Code of Virginia of 1950, as amended.