Minutes 05/27/2008 - Laserfiche WebLink

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May 27.2008 WHEREAS, the Governance Board of Empowerment 2010, at its meeting on May 29, 2007, adopted a resolution recommending that this Council and the Norfolk Council designate the Bonds as new empowerment zone facility bonds for purposes of Section 1394(f)(2)(A) of the Code; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: Section 1: That, relying upon the representations of the Authority, the recitals in the preambles hereto are found to be true and correct in all respects and are adopted as findings of this Council as if fully rewritten herein. Section 2: That the Project proposed to be financed by the issuance of the Bonds is deemed appropriate for such financing and, accordingly, the issuance of the Bonds is hereby approved to the extent required by Section 147(f) and Section 15.2-4906 of the Act, and the Council designates the Bonds as "new empowerment zone facility bonds" for purposes of Section 1394(f)(2)(A) of the Code. Section 3: The approval of the issuance of the Bonds and their designation as new empowerment zone facility bonds, as required by Sections 147(f) and 1394(f)(2)(A) of the Code and Section 15.2-4906 of the Act, do not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Applicant and the Bonds shall provide that the City of Portsmouth shall not be obligated to pay the Bonds or the interest thereon or other costs incident thereto and neither the faith or credit nor the taxing power of the Commonwealth of Virginia or the City of Portsmouth shall be pledged thereto. Section 4: That this resolution shall take effect on the date of its adoption and shall expire one (1) year from the date of its adoption." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 08 - 258 - Adoption of a resolution authorizing the expenditure of funds for change orders exceeding 25% of the original contract with Blueridge General, Inc. for repairs to the Seawall. Vision Principle: World Class Maritime Center. Background: . A contract for "Repairs to Seawall" was awarded to the construction company, Blueridge General, in the amount of $371, 956. . The current total change orders percentage threshold approved equates to 24.1 % for a total contract expenditure of $461 ,607.42 on repairs to the seawall to date. . $80,974.62 remains in the budget for this project in excess of the total contract expenditures. . Due to the age of this structure repairs remain which need to be completed. Discussion: . Approximately $80,974.62 remains in the budget for this project. City Council approval is required to exceed 25% of the face amount of any contract issued by the city. . Our waterfront seawall, which is nearly 40 years old, is in a condition requiring nearly continual maintenance to keep it safe for the public. At the present time, the need for additional repairs still exists. . These repairs are not just to the visible walking surface, but to the beams, piles, and supporting structure. The salt water environment only serves to accelerate the deterioration of the structure, much of which is unseen until repairs are in progress. Financial Impact: . No additional impact, as the $80,974.62 was appropriated in a prior Capital Improvement budget