Minutes 08/12/1997 - Laserfiche WebLink

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AuguSt 12, 1997 ..1 ?.! The annual appropriatiO~;~rJ~the Ci~:~vill insure to investors that the facility will have funding for the debt service during the initial pedod prior to the occupancy of tenants in sufficient numbers to allow the facility to become self-supporting. · The motion authorizing the City Manager to enter into an amended agreement with the PIDA will formalize the adjusted arrangement. · The agreement will continue to ensure that the obligation is not considered part of the City's overall debt, and will not affect the City's bond rating. Motion by Mr. Robinett, and seconded by Mr. Benn, to transfer $850,000 from the General Fund Contingency (Emergency) for the moral obligation bond payments to the Portsmouth Industrial Development AUthority (PIDA) for the PortCentre project, and was adopted by the following vote: Ayes: Berm, Clemons, Griffin, Pitts, Robinett, Holley Nays: None Motion by Mr. Benn, and seconded by Mr. Clemons, authorizing the City Manager to amend the agreement with the Portsmouth Industrial Development Authority for the PortCentre project, and Was adopted by the following vote: Ayes: Berm, Clemens, Griffin, Pitts, Robinett, Holley Nays: None 97 - 228 - Adoption of a resolution approving the issuance of bonds by the Portsmouth Redevelopment and Housing Authority for the benefit of Chowan Partners, L. P. as required by Section 147 (f) of the Internal Revenue Code of 1986 in the amount of $2,350,000. Recommendation: · AdOption of a resolution approving the issuance of Portsmouth Redevelopment and.Housing Authority Bonds in the amount of $2,350,000.00 Purpose and Need: In ;1992, PRHA issued refunding bonds totaling $2,500,000 for the purpose of refunding the outstanding balance on a revenue bond originally issued in 1985 for the financing of construction of an apartment project at 2880 Airline Blvd. Chowan Partners, L. P., owners of the project now wish to refund the 1992 bonds and replace 'them with bonds having a weighted average maturity longer than the 1992 bond. FinanCial Impact: · There is no cost to the City associated with approval of this' resolution. The bonds are backed by GNMA. The FHA insures payment by Chowan Partners on the underlying note. Motion by Mr. Clemens, and seconded by Mr. Pitts, approving the issuance of bonds by the POrtsmouth Redevelopment and Housing Authority for the benefit of Chowan Partners, L. P. as required by section 147(f) of the Internal Revenue Code of 1986 in the amount of $2:,350,000, and was adopted by the following vote: Ayes: Benn, Clemens, Griffin, Pitts, Robinett, Holley NaYs:! None 97-i229 - Adoption of a motion transferring $174,592 from the Grants Contingency Account for the COPS Domestic Violence Grant and the iDEA Drug and Organized Crime Grant.