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April 10, 2001 <br /> <br /> 3. The approval of the issuance of the Bonds, as required by the Code and <br />the Virginia Code, does not constitute an endorsement to a prospective purchaser of the <br />Bonds of the creditworthiness of the Company and, as required by the Industrial <br />Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as <br />amended, the Bonds shall provide that neither the City nor the Authority shall be <br />obligated to pay the Bonds or the interest thereon or other costs incident thereto except <br />from the revenues and monies pledged therefor and neither the faith or credit nor the <br />taxing power of the Commonwealth of Virginia, the City or the Authority shall be pledged <br />thereto." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br />01 - 122 - Adoption of a motion to transfer $100,000 from the Grants Contingency <br />Account for the funding of the Derelict Structures Grant Program awarded by the <br />Commonwealth of Virginia, Department of Housing and Community Development for <br />eliminating derelict structures. <br /> <br />Recommendation: <br /> <br />· Adoption of a motion to transfer $100,000 from the Grants Contingency Account for <br />the funding of the Derelict Structures Grant Program awarded by the Commonwealth of <br />Virginia, Department of Housing and Community Development for eliminating derelict <br />structures. <br /> <br />Purpose and Need: <br /> <br />· The Commonwealth of Virginia, Department of Housing and Community <br />Development, has awarded the City a Derelict Structures Grant in the <br />$100,000 to assist in the elimination of derelict structures. <br /> <br />amount of <br /> <br />· The funds secured through the grant are for the continuation of the demolition action <br />against derelict buildings that is currently taking place in the neighborhoods bounded by <br />Frederick Boulevard on the west, George Washington Highway and the Norfolk Naval <br />Shipyard on the south, the southern branch of the Elizabeth River on the east and the <br />western branch of the Elizabeth River on the north, as identified in the grant application. <br /> <br />· In addition to paying for the actual demolition, lot clearing and disposal of materials, <br />these funds will be used to cover the "soft costs" of newspaper advertisements <br />necessary for meeting the State's requirements of notification. <br /> <br />· There will be no additional staff costs associated with the award and implementation <br />of the grant. <br /> <br />Financial Impact: <br /> <br />· The required minimum match for the requested $100,000 is already in the 2001 <br />budget and at this time is being utilized for the demolition of the structures identified as <br />"Sledge Hammer II1". <br /> <br />· Additionally, from July 1, 1999 to date the City has expended funds (not associated <br />with any part of the previous grant award or match) in excess of $100,000 that can be <br />applied as an increase in the minimum match. <br /> <br />· There will be a requirement that the funds must be spent within one year of the <br />award. <br /> <br /> Motion by Mr. Pitts, and seconded by Mr. Whitehurst, to transfer $100,000 from <br />the Grants Contingency Account for the funding of the Derelict Structures Grant <br />Program awarded by the Commonwealth of Virginia, Department of Housing and <br />Community Development for eliminating derelict structures, and was adopted by the <br />following vote: <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br /> <br />