Minutes 07/22/2008 - Laserfiche WebLink

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July 22. 2008 I cannot support the Victory Conference Center Hotel as it is currently contemplated unless and until The City and its Partner can be convinced that the Renaissance will not be dealt a devastating blow. So far that case has not been made." Motion by Mr. Moody, and seconded by Mr. Smith, that Agenda Item 08-331 be denied by the following vote: Ayes: Moody, Psi mas, Smith Nays: Heretick, Holley Abstain: Randall, Whitehurst 08 - 332 - 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 Victory Conference Center, LLC, a Virginia Limited Liability Company, of not to exceed $20,000,000 of the Authority's new Empowerment Zone Facility Revenue Bonds to finance a portion of (1) the cost of a 50,000 square foot conference center including a 16,000 square foot grand ballroom, (2) a debt service reserve fund, (3) capitalized interest, and (4) the costs of issuing such bonds, and designating a portion of such bonds 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 principal of Victory Conference Center, LLC is in the process of negotiating and executing an agreement to purchase a 7 .:!: acre parcel in the new mixed use development of Victory Village. The master developer, Victory Crossing Developers II, LLC has acknowledged the issuance of a purchase agreement for the land. . The proposed conference center will be a companion development to a hotel to be developed by Victory Conference Center Hotel, LLC. These two projects are compatible with the mixed use concept of Victory Village. Discussion: . A 50,000 square foot conference center will be constructed. It will include a 16,000 square foot grand ballroom. It is projected that the conference center will commence construction in November 2008, with completion in April 2010. The project's estimated cost is $20,000,000. Financial Impact: . Fiscal Impact information has been distributed to the members of City Council. Staff Recommends: Adoption of resolution. Vision Principle: A Robust and Prospering Economy. Next Steps Following Council Action: . Completion of financing approval process . Completion of facility design . Land acquisition . Submissions to City for approval of permits 1. Terry Danaher, 413 Dinwiddie Street, spoke in support of this item with modifications. 2. Steve Carroll, 3112 Riveredge Drive, spoke in opposition to this item. 3. Mark Geduldig-Yatrofsky, 2713 Sterling Point Drive, spoke in opposition to this item. 4. Eunice McMillan, 24 Armstrong Street, voiced her disappointment with the Council's decision to vote to deny Agenda Item 08-331.