Minutes 11/28/2000 - Laserfiche WebLink

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NOVEMBER 28, 2000 NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that the Council hereby approves the issuance of the Bonds and expresses its concurrence with the Inducement Resolution adopted by the Henrico Authority for the benefit of BSHSI and Maryview Hospital and the application of a portion of the proceeds thereof for the purposes described above for all purposes for which such approval is required, including without limitation Sections 15.2-4905 and 15.2-4906 of the Act and Section 147(f) of the Code. BE IT FURTHER RESOLVED that the City Clerk be, and she hereby is, instructed to forward a copy of this Resolution to the Portsmouth Authority, the Henrico Authority, BSHSI and Maryview Hospital. BE IT FURTHER RESOLVED that this Resolution shall take effect on the date of its adoption." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 00 - 292 Adoption of a resolution authorizing the City Manager to enter into a Cooperation Agreement with the Industrial Development Authority (IDA) which will authorize the IDA to proceed with the Ocean Marine Yachting Center. Recommendation: · Adoption of a resolution authorizing the City Manager to enter into a Cooperation Agreement with the Industrial Development Authority (IDA), which will authorize the IDA to proceed with the Ocean Marine Yachting Center. Purpose and Need: · The Ocean Marine project will entail a private investment in excess of $18,000,000 in the City's downtown waterfront. · The Project will aid the City's long-term efforts to stabilize and improve the downtown waterfront and economy. Financial Impact: · The public participation in the Project will be limited to selling or leasing the land required for the Project and constructing certain public infrastructure improvements. · The cost of the public improvements is capped at $2,500,000, which will be funded by a federal grant. · When fully developed, the Project is anticipated to generate approximately $250,000 in real estate tax revenues alone, plus additional local tax revenues in the form of local share of sales tax, machinery and tools tax, personal property tax, and food and beverage tax. Substantial but uncalculated additional local revenues are expected to result from the broad economic stimulus of the Project to various other local businesses. The Project will also enhance the value and the development potential of the North Pier, of which the City retains ownership. · The project is expected to generate approximately 300 new jobs. Motion by Mr. Benn, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION FOR A COOPERATION AGREEMENT WITH THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, RELATED TO THE DEVELOPMENT AND OPERATION OF A YACHTING CENTER ON THE DOWNTOWN PORTSMOUTH WATERFRONT. BE IT RESOLVED by the Council of the City of Portsmouth, Virginia (the "City"):