Minutes 06/25/2002 - Laserfiche WebLink

Home Browse Search

June 25,2002 2. Authorization and Execution of Documents. The City Council authorizes and directs the City Manager and the Chief Financial Officer of the City, or either of them, to execute on behalf of the City, the Amendment, and, if required, the Clerk or any Deputy Clerk of the City Council is authorized and directed to affix or to cause to be affixed the seal of the City to the Amendment and to attest such seal. Such officers or their designees are authorized to execute and deliver on behalf of the City such instruments, documents or certificates, and to do and perform such things and acts, as they shall deem necessary or appropriate to carry out the transactions authorized by this Resolution or contemplated by the Lease and the Amendment; and all of the foregoing, previously done or performed by such officers or agents of the City, are in all respects approved, ratified and confirmed. 3. Nature of Obligations. The obligation of the City to make payments under the Lease is subject to appropriation each year by the City Council. Nothing in this Resolution or the Lease shall constitute a debt or a pledge of the faith and credit of the City. 4. Reimbursement. The City Council adopts this declaration of official intent under Treasury Regulations Section 1.150-2. The City Council reasonably expects to reimburse advances made or to be made by the City to pay the costs of the Apparatus from the proceeds of its debt or other financing. The maximum amount of debt or other financing expected to be issued for the Apparatus is $1,800,000. adoption." Effective Date. This Resolution shall take effect on the date of its Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst Nays: None 02 -194 - Adoption of a resolution approving a redevelopment plan for the Midtown area of the City. The proposed Plan is consistent with the Comprehensive Plan of the City and clearly complies with the provisions and requirements of the Housing Authorities Law of Virginia, as set forth in Chapter 1 of Title 36 of the 1950 Code of Virginia, as amended. The Plan will legally establish the project area as a "Redevelopment Project," as set forth in the Act. Recommendation: · Adoption of a resolution approving the Redevelopment Plan for the Midtown Area of the City. Purpose and Need: · Severely blighted and deteriorated conditions warrant the designation of the Midtown area for future redevelopment. · The proposed Plan is consistent with the Comprehensive Plan of the City, and it clearly complies with the provisions and requirements of the Housing Authorities Law of Virginia, as set forth in Chapter 1 of Title 36 of the 1950 Code of Virginia, as amended. When adopted by City Council, the Plan will legally establish the project area as a "Redevelopment Project," as set forth in the Act. · The objectives of the Midtown Redevelopment Project, the Portsmouth Redevelopment and Housing Authority (PRHA) and the City can be better served through the adoption and implementation of the proposed Plan. · On May 14, 2002, a joint public hearing was conducted by the PRHA Commissioners and City Council with no opposition from the public. Financial Impact: · There is no financial impact for this item.