Minutes 04/10/2001 - Laserfiche WebLink

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April 10, 2001 Purpose and Need: · The approval of these Bonds will facilitate the development of the facility. The facility will create approximately 35 jobs and generate significant tax revenue to the City. Financial Impact: · Neither the City nor the IDA makes any financial commitment or is in any way legally obligated to the repayment of the Bonds. The Bonds will not be considered against or included in the City's debt capacity. · The aggregate principal amount of the Bonds will not exceed $1,900,000. · A Fiscal Impact Statement is attached which outlines the fiscal benefits to the City. Motion by Mr. Moody, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION APPROVING ISSUANCE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR BRUTUS ENTERPRISES, LLC, IN AN AMOUNT NOT TO EXCEED $1,900,000. WHEREAS, there has been described to the Industrial Development Authority of the City of Portsmouth, Virginia (the "Authority"), the plans of Brutus Enterprises, LLC (the "Company") whose principal place of business is 120 Parker Lane, Virginia Beach, Virginia 23454, for the issuance of the Authority's tax-exempt industrial development revenue bonds in an aggregate principal amount not to exceed $1,900,000 (the "Bonds") to assist the Company in (a) acquiring, constructing and equipping a corrugated metal manufacturing facility (the "Project") to be located at 900 Portcentre Parkway, Portsmouth, Virginia, and (b) financing the costs associated with the issuance of the Bonds; and WHEREAS, the Authority held a public hearing with respect to the Project on March 20, 2001, and adopted an inducement resolution with respect thereto; and WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code"), provides that the highest elected governmental officials of the governmental unit having jurisdiction over the issuer of the bonds shall approve the issuance of such bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Portsmouth, Virginia (the "City"), and the members of the City Council of the City (the "Council") constitute the highest elected governmental officials of the City; and WHEREAS, Section 15.2-4906 of the Code of Virginia of 1950, as amended (the "Virginia Code"), provides that the Council shall, within sixty (60) calendar days from the public hearing with respect to industrial development revenue bonds either approve or disapprove the issuance of such Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, a reasonably detailed summary of the comments expressed at the public hearing with respect to the Bonds and a statement in the form prescribed by Section 15.2-4907 of the Virginia Code have been filed with the Council, together with the Authority's recommendation that the Council approve the issuance of the Bonds. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that: 1. The recitals made in the first preamble to this resolution are hereby adopted as a part of this resolution. 2. It approves the issuance of the Bonds by the Authority for the purposes stated herein, such approval being given to the extent required by the Code and Section 15.2-4906 of the Virginia Code.