Minutes 01/27/2009 - Laserfiche WebLink

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January 27.2009 20. Mark Geduldig-Yatrofsky, 2713 Sterling Point Drive, spoke in opposition to this item. Motion by Mr. Moody, and seconded by Mr. Smith, that Agenda Item 09-24 be denied and was denied by the following vote: Ayes: Heretick, Moody, Psi mas, Smith Nays: Randall, Holley Abstain: Whitehurst (Reason previously stated) 09 - 25 - 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 $11,400,000 of the authority's tax exempt revenue bonds to finance a portion of (1) the cost of a 50,000 square foot conference center including a 16,000 sq. ft. (expandable to 23,000 sq. ft.) grand ball room, (2) a Debt Service Reserve Fund, (3) Capitalized Interest, and (4) the costs of issuing such bonds, and designating $8,400,000 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, 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 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 mix 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 September 2009, with completion in December 2010. The project's estimated total cost is $20,000,000. Financial Impact: . Fiscal Impact Information is attached. Staff Recommends: . Adoption of the proposed 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. Joseph Boone, 1222 Lakeview Drive, spoke in support of this item. 2. Lisa Lucas-Burke, 1541 Rotunda Avenue, spoke in support of this item. 3. Reverend Milton Blount, 1000 County Street, spoke in support of this item. 4. Mark Geduldig-Yatrofsky, 2713 Sterling Point Drive, spoke in opposition to this item.