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009 <br /> <br />December 17. 1996 <br /> <br />Financial Impact: <br /> <br />· There is no financial impact expected from these actions. <br /> <br /> Motion by Mr. Robinett, and seconded by Mr. Pitts, to adopt the following <br />ordinance and resolution with the condition of allowing five minutes in item A and B, <br />and was adopted by the following vote: <br /> <br /> "AN ORDINANCE TO AMEND SECTIONS 2-63 AND 2-68 OF THE CODE OF <br />THE CITY OF PORTSMOUTH, DEALING WITH THE ORDER OF BUSINESS AT <br />COUNCIL MEETING, AND CITIZENS ADDRESSING COUNCIL". <br /> <br />*AND * <br /> <br /> "A RESOLUTION ADOPTING TH E RULES OF ORDER AND PROCEDURE <br />OF PORTSMOUTH CITY COUNCIL. <br /> <br /> BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the <br />attached Rules of Order and Procedure of Portsmouth City Council be, and hereby <br />are, adopted." <br /> <br />Ayes: Benn, Clemons Griffin, Martin, Pitts. Robinett, Holley <br />Nays: None <br /> <br />96 - 414 - Resolution approving [he issuance of Industrial Revenue Bonds by the <br />Portsmouth industrial Development Authority for the expansion of Lindab, Inc. <br /> <br />Recommendation: <br /> <br />· Approval of a resolution to approve the issuance of Industrial Revenue Bonds by <br /> the Portsmouth Industrial Development Authority for the benefit of Lindab, Inc. <br /> <br />Purpose and Need: <br /> <br />· The approval of this bond issue will facilitate the proposed on-site expansion by <br /> Lindab, nc. <br /> <br />· The expansion project will result in an estimated fifty (50) new jobs, $7.1 million in <br /> new investment, and $94,000 in new annual tax revenue to the City. <br /> <br />Financial Impact: <br /> <br />· The City makes no financial commitment nor ~s in any way legally obligated to the <br /> repayment of the principal on these bonds by adoption of this resolution <br /> <br />· This issuance will not be considered against or included in the debt capacity of <br /> the City in any way. <br /> <br />· A Fiscal Impact Statement is attached oUtlining the fiscal benefit to the City. <br /> <br />David Pest/Julie Ramsey, 2600 Airline Boulevard, representing Lindab, Inc., <br />provided information on the proposed expansion. <br /> <br /> Motion by Mr. Robinett, and seconded by Mr. Griffin, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br /> <br />