Minutes 01/27/2009 - Laserfiche WebLink

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January 27.2009 WHEREAS, partial or complete privatization of SPSA holds the potential for materially decreasing the fees charged to Portsmouth and its citizens for waste disposal while also improving the quality of life in Portsmouth neighborhoods that are close to SPSA facilities and improving the environment generally while still honoring SPSA's debt obligations; and WHEREAS, SPSA has not treated these privatization proposals with the requisite degree of urgency, has declined to enter into good faith negotiations on one or several of the proposals, and does not anticipate completing a review of selected proposals until almost a year hence; and WHEREAS, it is essential that SPSA proceed with good faith consideration of all reasonable privatization proposals expeditiously and without delay; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That Portsmouth hereby calls upon SPSA to give good faith consideration to all proposals for partial or complete privatization of SPSA; 2. That SPSA is to conduct that process impartially and objectively so as to determine which proposal is in the best interests of the public as a whole; 3. That SPSA is to conduct that process expeditiously, with a high sense of urgency, and without delay; 4. That SPSA is to report its findings to the public and to make a decision within a reasonable time of completing the review and evaluation process; and 5. That the Portsmouth representatives to SPSA are directed to take all actions reasonably necessary to implement the terms and the overall intent of this resolution, to pursue said efforts diligently and faithfully, and to make periodic and timely reports to City Council on the status of the matter. 6. This resolution shall become effective immediately upon adoption." Ayes: Heretick, Psi mas, Randall, Whitehurst, Holley Nays: None Abstain: Smith (Employer is affiliated with Re-Energy LLC) - Other Unfinished Business - 09 - 24 - 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 Hotel, LLC, a Virginia Limited Liability Company, of not to exceed $26,600,000 of the authority's tax-exempt revenue bonds to finance a portion of (1) the cost of a 200 room limited full-service hotel, and the land associated therewith, (2) a Debt Service Reserve Fund, (3) Capitalized Interest, and (4) the costs of issuing such bonds, and designating $23,600,000 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 Hotel, LLC as of December 29, 2008, executed a Land Purchase and Sale Agreement to purchase approximate 8 acre parcel in the new mixed use development of Victory Village. The proposed hotel will be a companion development to a conference center to be developed by Victory Conference Center, LLC. These two projects are compatible with the mix use concept of Victory Village.