Minutes 02/11/1997 - Laserfiche WebLink

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February 11, 1997 have been filed with the City Council, together with the Authority's recommendation that the City Council approve the issuance of the Bonds and authorize the City Manager, if and to the extent necessary ~n the opinion of the Authority's bond counsel, to submit an application to the Virginia Small Business Financing Authority requesting an allocation of $6,050,000 pursuant to Title 15.1, Chapter 33.2 of the Code of Virginia of 1950, as amended, with respect to the issuance of the Bonds; and WHEREAS the City of Portsmouth desires that the rehabilitation of the subject propertY be accomplished in such a way as to ensure continued protection of the public interest, and the Developer is willing to make certain commitments to that end: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: 1: The recitals made in the preambles to this Resolution are hereby adopted as a part of this Resolution. 2. The City Council of Portsmouth, Virginia, hereby approves the issuance of the Bonds by the Authority in an amount not to exceed $6,050,000~00 to assist in the financing of the acquisition and rehabilitation of the Project, for the benefit of the Company, to the extent required by the Internal Revenue Code of 1986, as amended (the "Code"), and sections 36-19.2 and 15.1-1378.1 of the Code of Virginia of 1950, as amended. 3. The approval of the issuance of the Bonds as required by Section 147(0 of the Code and Sections 15.1-1378.1 and 36-19.2 of the Code of Virginia of 1950, as amended, does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Company, but as required by Section 36-29 of the Code of Virginia of 1950, as amended, the Bonds shall provide that neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor, and neither the faith or credit nor the taxing power of the Commonwealth of Virginia, the City or the Authority shall be pledged thereto. 4. The City Manager is hereby authorized'and directed, if and to the extent necessary in the opinion of bond counsel to the Authority, to submit an application to the Virginia Small Business Financing Authority requesting an allocation of $6,050,000.00 pursuant to Title 15.1, Chapter 33.2 of the Code of Virginia of 1950, as amended, with respect to the issuance of the Bonds. 5. The Developer shall submit a landscaping plan to the City of Portsmouth Department of Community Quality and Planning Services for review and approval and shall complete and maintain landscaping in accordance with that plan. 6: The Developer shall maintain all improvements to a standard which is satisfactory to the Authority and, to that end; the Authority shall have the right to monitor progress on the renovations and subsequent maintenance. This Resolution shall take effect immediately upon its adoption." Ayes: Clemons, Griffin, Pitts, Robinett, Holley Nays: Benn, Martin 97 - 45 - Resolution to approve a Coordination Agreement with the Portsmouth Industrial Development Authority for a building in PortCentre Commerce Park. Reco~m me nd atio n.__~.' · Resolution to approve a Coordination Agreement with the Portsmouth Industrial Development Authority for a building in PortCentre Commerce Park.