Minutes 06/12/2007 - Laserfiche WebLink

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June 12. 2007 (4) Directs the City Manager to bring the Regional Consent Order Package back to City Council for further consideration if the SWCB approval process results in any significant change from the version approved by this resolution; and (5) Authorizes the City Manager and the City Attorney to take such other actions as may be reasonably necessary to implement the intent of this resolution." Ayes: Moody, Psimas, Randall, D. Smith, R. Smith, Holley Nays: None 07 - 270 - Adoption of a resolution approving the exercise by the Economic Development Authority of the City of Portsmouth, Virginia of powers conferred by the Industrial Development and Revenue Bond Act, in conjunction with the issuance for Old Towne Hospitality L.L.C., a Virginia Limited Liability Company, of not to exceed $12,000,000 of the Authority's new Empowerment Zone Facility Revenue Bonds to finance a portion of (1) the cost of a 120 room Holiday Inn and Suites Hotel, (2) a Debt Service Reserve Fund, (3) capitalized interest, and (4) the costs of issuing such bonds and designating them as new Empowerment Zone Facility Bonds for purposes of Section 1394(f)(2)(A) of the Internal Revenue Code of 1986, as amended. Vision Principle: A Robust and Prospering Economy. Background: . The Economic Development Authority of the City of Portsmouth executed an Agreement with Old Towne Hospitality, L.L.C on March 9, 2006. This Agreement received an Amendment, which was executed on April 13, 2007. The development site is 3.949.:!: acres AKA the Crawford Connector site. It is bordered by 1-264 (north), Massimo Zannetti (south) PortCentre Parkway (east) and Seventh Street (west). A License Agreement was executed on July 20, 2006 between Holiday Hospitality Franchising, Inc. and Old Town Hospitality, L.L.C. These documents collectively will facilitate the construction and operation of the new Holiday Inn Hotel. Discussion: . Construction of the hotel is to commence on or before September 30, 2007. It shall be made ready for business by November 3, 2008. These stipulations are in accordance with the License Agreement. At a minimum it will be 4-story building, host 120 keys, a restaurant and limited conferencing area. Financial Impact: . See attachments. Staff Recommends: Adoption of proposed resolution. Vision Principle: A Robust and Prospering Economy. Next Steps Following Council Action: . Use permit approval, site plan approval, and issuance of building permit. 1. Mark Geduldig-Yatrofsky, 363 Middle Street, spoke in opposition to this item. Motion by Mr. Moody, and seconded by Ms. Psi mas, to adopt the following resolution, and was adopted by the following vote: