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Februar~ 11, 2003 <br /> <br />03 - 48 - Adoption of a resolution to approve the issuance of empowerment zone facility <br />revenue bonds, not to exceed $4 million, by the Portsmouth Industrial Development <br />Authority (IDA) of the City of Portsmouth for a project located at 415 PortCentre <br />Parkway, Portsmouth, Virginia. <br /> <br />This project will create approximately 200 new jobs and generate significant tax <br />revenue for the City. Neither the City nor the IDA is in any way legally obligated <br />to the repayment of the bonds. <br /> <br />Recommendation: <br /> <br />· Adoption of resolution to approve the issuance of empowerment zone facility bonds, <br />not to exceed $4 million, by the Portsmouth Industrial Development Authority (IDA) for a <br />project located at 415 PortCentre Parkway, Portsmouth, Virginia <br /> <br />Purpose and Need: <br /> <br />· The approval of the bonds will facilitate the development of a project known as "End- <br />to-End, Inc." by financing a portion of the cost of acquiring automated electronic <br />manufacturing equipment and constructing leasehold improvements to the office facility. <br /> <br />· The project will create approximately 200 new jobs and generate significant tax <br />revenue to the City. <br /> <br />Financial Impact: <br /> <br />· Neither the City nor the Industrial Development Authority of the City of Portsmouth <br />makes any financial commitment or is in any way legally obligated to the repayment of <br />the bonds. <br /> <br />· The bonds will not be considered against or included in the City's debt capacity. <br /> <br />· A Fiscal Impact Statement is attached which outlines the fiscal benefits to the City. <br /> <br /> Motion by Mr. Griffin, and seconded by Mr. Whitehurst, to adopt the following <br />resolution, and was adopted by the following vote: <br /> <br />"A RESOLUTION APPROVING THE EXERCISE BY THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA OF <br />POWERS CONFERRED BY THE INDUSTRIAL DEVELOPMENT AND REVENUE <br />BOND ACT IN CONJUNCTION WITH THE ISSUANCE FOR END TO END, INC., A <br />VIRGINIA CORPORATION, OF NOT TO EXCEED $4,000,000 OF THE AUTHORITY'S <br />EMPOWERMENT ZONE FACILITY REVENUE BONDS TO PAY A PORTION OF THE <br />COSTS OF (1) THE PURCHASE OF AUTOMATED ELECTRONICS <br />MANUFACTURING EQUIPMENT AND THE ACQUISITION AND CONSTRUCTION <br />OF CERTAIN LEASEHOLD IMPROVEMENTS, TO BE LOCATED AT 415 PORT <br />CENTRE PARKWAY, IN SUITE 102 AND AN ADJOINING SUITE, IN THE CITY OF <br />PORTSMOUTH, VIRGINIA AND (2) THE ISSUANCE OF SAID BONDS AND <br />DESIGNATING SUCH BONDS AS NEW EMPOWERMENT ZONE FACILITY <br />REVENUE BONDS. <br /> <br /> WHEREAS, the Industrial Development and Revenue Bond Act, Chapter 49, <br />Title 15.2 of the Code of Virginia, as amended (the "Act"), authorizes the creation of the <br />Industrial Development Authority of the City of Portsmouth, Virginia (the "Authority"), the <br />Council of the City of Portsmouth has created the Authority, and the Act empowers the <br />Authority to assist End To End, Inc., a Virginia corporation (the "Applicant"), by the <br />issuance of not to exceed $4,000,000 of its new empowerment zone facility revenue <br />bonds (the "Bonds") to pay a portion of the costs of (1) the purchase of automated <br />electronics manufacturing equipment and the acquisition and construction of certain <br />leasehold improvements, to be located at 415 Port Centre Parkway, in Suite 102 and an <br />adjoining suite, in the City of Portsmouth, Virginia (the "Project") and (2) issuing such <br />Bonds; and <br /> <br /> <br />