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August 31, 1993
<br />
<br />The following speakers spoke in favor of the race track being
<br />located in Portsmouth:
<br />
<br />1. Tyrone Hines, 946 Vermont Avenue, Portsmouth, VA
<br />2. David Tynch, 3502 Cardinal Lane, representing the Chamber
<br />of Commerce
<br />3. David Thereault, 200 High Street, representing the
<br />Portsmouth Partnership
<br />4~ Bob~Ballard, 948 Hurds Road, VA Beach, representing Racing
<br />Hampton Roads
<br />5. Dr. James Holley, 1422 W Carson Cres., Portsmouth, VA
<br />6. Shelly Childs, 1824 Cotten Farm Lane, Suffolk, VA,
<br />representing the James River Hunt
<br />7. Barbara Vincent, P. O. Box 1235, Portsmouth, VA,
<br />representing the Olde Tow-ne Portsmouth Association
<br />8. Harvey N, Johnson, Jr., 2400 Palmer Street, Portsmouth, VA
<br />9. Charles Proffit, 633 McLean Street, representing the
<br />Bide-A-Wee Manor Civic League
<br />10. Laurie Gellman, 3017 Oakley Hall Road, representing the
<br />Racing Hampton Roads/VA Thoroughbred Association
<br />
<br /> Motion by Mr. Clemons, and seconded by Mr. Griffin, to
<br />adopt the following resolution and was adopted by the following
<br />vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN
<br />AGREEMENT ON BEHALF OF THE CITY OF PORTSMOUTH, VIRGINIA, A
<br />MUNICIPAL CORPORATION, WITH VIRGINIA RACING ASSOCIATES, L.P., A
<br />VIRGINIA LIMITED PARTNERSHIP, TO ESTABLISH AND OPERATE A HORSE
<br />RACING TRACK IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the citizens of the City of Portsmouth by
<br />overwhelming vote have by referendum shown public support for a
<br />horse racing track in the City of Portsmouth, Virginia; and
<br />
<br /> WHEREAS, Virginia Racing Associates, L.P., a Virginia
<br />Limited Partnership ("VRA"), has expressed an interest to
<br />locate and operate a horse racing track in Portsmouth,
<br />Virginia; and
<br />
<br /> WHEREAS, the City Council of the City of Portsmouth,
<br />Virginia, believes that it is in the best interest of its
<br />citizens and an enhancement to economic development and
<br />regional cooperation to establish a horse racing track in the
<br />City of Portsmouth, Virginia.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City
<br />of Portsmouth, Virginia, that the City Manager be and he hereby
<br />is authorized to enter into an agreement of intent between the
<br />City of Portsmouth, Virginia, a municipal corporation, and VRA
<br />in accord with the following terms and conditions:
<br />
<br />(1) The City Council of the City of Portsmouth, Virginia,
<br />hereby expresses its intent to induce the Sports Authority of
<br />Hampton Roads or such other public recreational facilities
<br />authority ("Authority") as may participate in this project, to
<br />issue its revenue bonds in an approximate amount of $35.0 to
<br />$38.0 Million, the proceeds of which will be applied to certain
<br />facilities in the City of Portsmouth, Virginia, which have
<br />public purpose. The inducement will be in the form of the
<br />City's agreement to guarantee such bonds subject to the
<br />following terms and conditions:
<br />
<br />(a) Review and approval of a Financing Plan (including a debt
<br />service reserve fund) as to content by the City Manager, as to
<br />legal sufficiency by the City Attorney and final approval of
<br />the City Council;
<br />
<br />
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