Minutes 10/25/1988 - Laserfiche WebLink

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236 - October 25, 1988 the.~eastern boundary of the Oak Grove Cemetery 50 feet.~ thence east 130 feet's, thence north 50 feet to the point of beginning. Adopted by the Coun¢-it of the"C'ity of Portsmouth, Virginia, at a meeting held October 25, 988. Ayes: Barnes, ~Corprew,· Gra~;, Hawks, Lucas, Webb Nays: None 88-414 - Letter/from the City Manager~recommending- adoption of a motion to extend the agreement as requested~by SPSA between SPSA and the City for a term ending 30 years from the start-up~date~:of'the Authority's; so~tid waste processing plant as allowed for in Articte~,IILof .the~ Current~agreement~ "The SPSA Board of Directors is requesting execution of a Supplemental~Agreement~that wi!l~ex~end~3the current. Agreement for a term ending'x3~ years from the Start~Up Da~e o~ ~h~ Authority's solid waste process~ng.pta~t.!~ThisJw'i~l exte~d;~he Agreement from December 31,~2015, tp~anuary 24, 2018.. SPSA has the sole option to extend the Agreement as per Article III Of the current Agreement. Th~ purpose of. th'is extension is to have the Agreements with all the member communities end on the same date. I, therefore, recommend approval of the supplemental Agreement." On motion of Mrs. Lucas and seconded extend the agreement as requested by SPSA, unanimous vote. by Mr. Gray, to and was,ad~p~e~ by 88-415 Letter from the City Manager-recommending adoption of a~.mo~ion approving the<SecondModification Agrepment · r ~or CrawfordtRarbor~Associates and autho~<z~ng tne City Manege to sign necessary doc~ments with respect, thereto~. "In 1980, the-Portsmouth Redevelopment. and Rousing Authority issued Industrial Development Revenue Bonds for the C~awford Harbor Associates Facility on the Downtown Waterfront, w~ich Bonds ~re' he'id by Sovran Bahk. In accordance with the terms and conditions of the Development A~r~ement for'the facility, the City_and PRHA assigned as additional security for the paymentXof the principal and int~r~st on the Bonds two ~ parcels of real esta~ and certain air rights owned bF PR}lA on the Downtown Waterfront. Recently, representatives of the City, the PRHA, the Bank and the Developer hav~ dis~usse~ the relo~s~- Of this additional Collateral. In consideration of the Bank*s release of the adjacent lands from the lien, the parties have agreed to execute and deliver a Second Modification Agreemen~ modifying pertinent provisions of the Bond pertaining to PRHA's general obligation under the Bonds, concurring with the Bank's decision ~o defer the exercise of its rights to put the Bond until March 26, 1990 and agreeing that the general obligation thereunder will continue in: full force and effect until July 2, .1990, a date allowing the Bank ninety (90) days advance notification of its March 26, 1990 rights. Underlying agreements ~or ~he Bond Modification Agreement will require acceptance by the City, and the City Attorney has recommended that Council adopt a motion approving the Second Modification ~g~e~me~% and au~horizin~ the City Manager to sign necessary documents w~th respect t4%ereto. I concur in he City Attorney's recommendation and request Council approwal of the motion."