Minutes 09/09/2003 - Laserfiche WebLink

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September 9, 2003 4. Payment of Note and Refundinq of Prior Bonds. The City Manager and the Chief Financial Officer, or either of them, are authorized and directed to provide for the payment of the principal of the Note from proceeds of the Bonds either at maturity or upon earlier redemption and, if necessary, to enter into an Escrow Agreement with an escrow agent to be selected by the Chief Financial Officer for such purpose. If it is determined by the City Manager and the Chief Financial Officer, or either of them, to be in the best interest of the City, the City Manager and the Chief Financial Officer, or either of them, is authorized to (a) approve the issuance of a portion of the Bonds in an amount (not to exceed $1,500,000) sufficient to provide for the redemption of the Prior Bonds and (b) enter into an Escrow Agreement with an escrow agent to be selected by the Chief Financial Officer providing for the deposit and investment of such portion of the proceeds of the Bonds to be applied to the redemption of the Prior Bonds on the earliest redemption date. 5. Further Actions. The City Manager and the Chief Financial Officer and such officers and agents of the City as either of them may designate are authorized and directed to take such further action as they deem necessary regarding the issuance and sale of the Bonds and all actions taken by such officers and agents in connection with the issuance and sale of the Bonds are ratified and confirmed. 6. Effective Date; Applicable Law. In accordance with Section 15.2-2601 of the Code of Virginia of 1950, as amended, (the "Act"), the City Council elects to issue the Bonds pursuant to the provisions of the Act. This Resolution shall take effect immediately." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None 03 - 321 - Adoption of a resolution supporting the proposed new Enterprise Zone at Victory Crossing and Midtown. Recommendation: · Adoption of a resolution in support of an application for a proposed new Enterprise Zone at Victory Crossing and Midtown. Purpose and Need: · Earlier this year, the General Assembly authorized the creation of five (5) additional Enterprise Zones to be awarded in December 2003 and effective January 2004. · The Departments of Planning and Zoning and Economic Development have prepared an application for a new designation to encompass generally the Midtown and extended Victory Crossing areas of the City. · The purpose of this designation is to spur economic development in these areas by utilizing State and local zone incentives and to promote employment within the zone to include individuals in "low income" households. State incentives include general tax credit opportunities and job grants. · The City's current zone has played a significant role in developing the Downtown and PortCentre Commerce Park and has been extended six (6) years to coincide with the expiration of the Empowerment Zone designation in 2009. Financial Impact: · Investment opportunity far outweighs foregone local revenue. Current zone history over the last five (5) years has seen more than $80 million in private investment and the creation of over 1,000 new jobs with approximately $319,000 in local revenue since 1995.