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May 28,1996 <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of PortSmouth: <br /> <br /> 1. The Council approves the issuance of the Bonds by the <br />Authority for the benefit of the Applicant, to the extent <br />reqUired by Section 147(f) of the COde to permit the <br />Authority to issUe its tax=exempt bonds to assist in the <br />refinancing of the Project, <br /> <br /> 2. The approval of the issuance of the Bonds, as <br />reqUired by Section 147f{f) of the Code, does not Constitute <br />an endorsement to a prospective purchaser of the BOnds of the <br />creditworthiness of the Project or the APplicant, and the <br />Bonds shall provide that neither the City nor the AUthority <br />shall be obligated to pay the Bonds or the interest thereon <br />or other costs incident! thereto except from the !revenuesl, <br />moneys and property pledged therefore, and neither the faith <br />or credit nor the taxing power of the Co~monwealth of <br />Virginia, the City or the Authority shalI be pledged thereto. <br /> <br /> 3. That this resolution shall take effect immediately <br />upon the date of its adoptions" <br /> <br />Ayes: Griffin, Hawks, Martin, Pitts, Robinett, Webb <br />Nays= Clemons <br /> <br />96-193 -Letter from the City Manager recommending adoption <br />of a resolution granting authority to the City Manager to <br />convey three parcels of property along Nashville Avenue and <br />Randolph Street to the Portsmouth Redevelopment and Housing <br />Authority for expansion of their Central Maintenance <br />Warehouse for the value asSessed by the City Assessor. <br /> <br /> "The Portsmouth Redevelopment and Housing, Authority has <br />determined that it is necessary to expand its facilities at <br />its Central Maintenance Warehouse. In order to accomplish <br />this expansion, additional land will have to be acquired. <br />There is land adjacent to the current facility, which is <br />owned by the City at the intersection of Randolph Street and <br />Nashville Avenue. The Authority proposes to purchase a <br />portion of the property from the City at its assessed value. <br /> <br /> I, therefore, recommend adoption of this resolution <br />granting authority to the City Manager to convey this <br />property to the Portsmouth Redevelopment and Housing <br />Authority for the value as assessed by the City Assessor." <br /> <br /> Motion by Mr~ Martin, and seconded by Mr. Clemons, <br />adopt the fOllowing resolution, and was adopted by the <br />following vote: <br /> <br />to <br /> <br /> "A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY <br />PROPERTY AT THE INTERSECTION OF RANDOLPH STREET AND NASHVILLE <br />AVENUE TO PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY. <br /> <br /> BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia that the City Manager be, and he hereby is, <br />authorized to convey unto Portsmouth Redevelopment and <br />Housing Authority those three parcels of land designated as <br />0.2%3 ac.,0.264 ac. and 0.082 ac. on that certain plat <br />entitled "Plat Showing Property Owned By The City Of <br />Portsmouth And Closed Portion Of Nashville Avenue To Be <br />Conveyed To Portsmouth Redevelopment And Housing Authority <br />Portsmouth, Virginia", dated May 20, 1996, made by <br />Hoggard/Eure Associates, p.c.,Surveyors/Planners/Engineers." <br /> <br />Ayes: Clemons~ Griffin, Hawks, Martin, Pitts, Robinett, Webb <br />Nays: None <br /> <br /> <br />