Minutes 11/25/2003 - Laserfiche WebLink

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November 25, 2003 3. The approval of the issuance of the Bonds, as required by the Code and Section 15.2-4906 of the Act, does not constitute an endorsement to a prospective purchaser of the Bonds, of the creditworthiness of the Project, or the Company, and, as required by Section 15.2-4909 of the Act, the Bonds shall provide that neither the City nor the issuer of the Bonds shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor and neither the faith or credit nor the taxing power of the Commonwealth of Virginia, the City, the Authority or the issuer of the Bonds shall be pledged thereto. 4. This resolution shall take effect on the date of its adoption." Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst, Holley Nays: None 03 - 426 - Adoption of a resolution Amending the Midtown Redevelopment Plan. The Amended Plan designates certain properties to be acquired. Recommendation: · Adoption of a resolution approving First Amended and Restated Redevelopment Plan for the Midtown Redevelopment Project. Purpose and Need: · The Redevelopment Plan for the Midtown Redevelopment Project was originally adopted by the City Council on June 25, 2002 after approval by the Portsmouth Redevelopment and Housing Authority (PRHA). · The Plan did not designate any properties to be acquired because no funds had been identified for that purpose. · On September 23, 2003, City Council adopted a resolution approving the issuance of bonds for the acquisition of certain Midtown properties, and PRHA has approved an amendment to the original Plan to permit their purchase. · The Code of Virginia requires that the City Council also amend the original Plan by the adoption of Amendment No. 1. Financial Impact: · It is estimated that redevelopment of the MidCity Shopping Center in the Midtown area will generate nearly $50 million in gross sales as compared to 2001 estimated gross sales of $2 million. City Manager C. W. McCoy noted that when Council adopted the resolution to modify the Midtown Development Comprehensive Plan to purchase the Mid City Shopping Center, as a part of that agreement, Council was advised that once the authorization to borrow the money was in place, he (the City Manager) would report to them what funds have been expended and for what purpose. He continued that the first 30 days of the process will be completed at the end of November and at that time he will present a budget sheet indicating the amount of money that has been expended on this acquisition. Finally, he stated that all invoices will be submitted to the City who in turn will issue all the checks. Motion by Mr. Pitts, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION APPROVING THE FIRST AMENDED AND RESTATED REDEVELOPMENT PLAN FOR THE MIDTOWN REDEVELOPMENT PROJECT. WHEREAS, this Council by resolution adopted June 25, 2002, approved a Redevelopment Plan for the Midtown Redevelopment Project, Portsmouth, Virginia ("the Plan"); and