Minutes 09/28/1993 - Laserfiche WebLink

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t89 September 28, 1993 After considerable discussion between members of the Commission and staff which followed the briefing, the members of the Municipal Finance Commission unanimously voted to recommend to the City Council that they approve of the project. In addition, the Finance Commission recommends that the City Council approve the adoption of a resolution authorizing the issuance of an amount not to exceed $38,000,000 principal amount of general obligations of the City of Portsmouth in the form of a general obligation guarantee of certain debt obligations of the Sports Authority of Hampton Roads. This guarantee is to be used as a portion of the financing necessary to establish the horse racing track and ancillary facilities. The Municipal Finance Commission wishes to commend the City Manager and members of his staff for their comprehensive briefing as well as to recognize the efforts needed to develop and pull together an aggressive package such as this. While it is designed to improve the tax structure and revenues of the City, the project also demonstrates the sensitivity needed towards our citizens. Please he assured that the Municipal Finance Commission stands ready to further assist the City Council in this matter, as well as any other matter that the City Council wishes the Commission to address." 1. David Tynch, 3502 Cardinal Lane, representing the Hampton Roads Chamber of Commerce - Portsmouth Division, spoke in support of the Race Track Bond Guarantee. 2. J. Brewer Moore, 308 Bobby Jones Drive, representing self, spoke about the Race Track Bond Guarantee with stipulations. 3. James H. Flesher, 3916 Flagship Way, representing self, spoke an opposition of the Race Track Bond Guarantee. 4. Gloria Ford, 5724 Rivermill Circle, representing self, spoke in opposition of the Race Track Bond Guarantee. 5. Gaile Bishop, 219 York Drive, representing self, spoke in support of the Race Track Bond Guarantee. Unfinished Business - 93-342 Code amendment and rezoning applications: Councilman John H. Epperson abstained from voting on items (a) and (b) due to a potential conflict of interest based on.his father's partial ownership of the Fairwood Homes property and had previously submitted a Disclosure Statement to be filed with the minutes. (a) Motion by Mr. King, and seconded by Mr. Hawks, to adopt the following resolution, approved on first reading at the meeting of Septen~ber 13, 1993 and by the following vote: "A RESOLUTION APPROVING AND ADOPTING AN AMENDMENT TO THE COMPREHENSIVE PLAN FOR THE CITY OF PORTSMOUTH. WHEREAS, the Council of the City of Portsmouth, Virginia, on July 11, 1989, adopted a Comprehensive Plan, {CP-89-1), for the physical development of the territory within the City; and WHEREAS, the Planning Commission, after notice and public hearing, as required by Article 4 of Chapter 11 of Title 15.1 of the Code of Virginia, 1950, as amended, recommended that Chapters 4 and 8 of of the Comprehensive Plan be amended; and WHEREAS, the Council of the City of Portsmouth has held a public hearing, with notice as required by law, and has considered the proposed amendments to the Comprehensive Plan.