Minutes 09/28/1993 - Laserfiche WebLink

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September 28, 1993 CITY MANAGER' S REPORT 93-372 - Letter from the City Manager recommending adOption of an ordinance to appropriate $150,000 for the purpose of paying the city's share of development costs and associated legal expenses for the establisb_ment of a horse racing track.' "The development agreement with the Virginia Racing Associates calls for a joint responsibility in paying portions of the development costs of establishing the horse racing track within the City of Portsmouth. The attached ordinance will provide funding to pay for our share of the development costs and associated legal expenses. Funding for this appropriation will be from the Capital Improvement Plan Contingency Account.~I, therefore, recommend the adoption of this ordinance to appropriate $150,000. With your approval, the balance remaining in the Capital Improvement Plan Contingency Account will be $11,566,204." Motion by Mr. Hawks, and seconded by Mr. Pitts, to adopt the following ordinance and by the following vote: "AN ORDINANCE TO APPROPRIATE $150,000.00 FOR THE PURPOSE OF PAYING THE CITY'S SHARE OF DEVELOPMENT COSTS AND ASSOCIATED LEGAL EXPENSES FOR THE ESTABLISHMENT OF A HORSE RACING TRACK." Ayes: Clemons, Epperson, Griffin, Hawks, King, Pitts, Webb Nays: None 93-373 Letter from the City Manager recommending adoption of a resolution authorizing the issuance of an amount no= to exceed $38,000,000 principal amount of general obligations of the City of Portsmouth, Virginia, in the form of a general obligation guarantee of certain debt obligations of the Sports Authority of Hampton Roads, Virginia. "As a part of the overall financial planning needed to implement the establishment of the racetrack in Portsmouth, the City Council needs to consider the adoption of a resolution to ~u/arantee the bonds to be issued by the Sports Authority of Hampton Roads. Under an agreement with VRA, the City will ~uarantee an amount not to exceed $38,000,000 of bonds to be issued by the Sports Authority. The amount of bonds to be issued by the Sports Authority is currently estimated at $35,000,000, and that amount has been approved by the Sports Authority. Although the City of Portsmouth is proposing to back all of the Sports Authority bonds, we are also inviting all of the local governments which are member jurisdictions of the Sports Authority to guarantee a portion of the bonds and to share in the public sector financial return. The amount of Portsmouth's guarantee will be reduced by any amounts of the bonds that the other local governments ~uarantee. I have had the necessary advertisements placed in the newspaper, and scheduled the public hearing on the resolution to enable the City Council to consider the guarantee of these obligations at your meeting of September 28, 1993. I recommend your favorable consideration of the resolution."