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May 24, 1988 <br /> <br /> 88-209- Letter from the City Manager recommending <br />adoption of a resolution approving an Industrial Development <br />Bond Resolution in the amount of $4,335,000 for the benefit of <br />the Sentara Life Care Corporation to construct and equip a 132 <br />bed nursing care facility at Cavalier Blvd. and Greenwood <br />Drive. ~ ' -' <br /> <br /> "On May 11, 1988, the Industrial Development Authority of <br />the City of Portsmouth held a public hearing a~d approved an <br />Industrial Revenue Bond Resolution in the amount of $4,335,000 <br />for the benefit of the Sentara Life Care Corporation. <br /> <br /> Sentara Life Care Corporation will use the proceeds to <br />construct and equip a 132 bed nursing care facility at Cavalier <br />Boulevard and Greenwood Drive. The development will be a <br />tax-paying entity and will employ an estfmated 103 full-time <br />employees. <br /> <br /> The attached resolution in support of this request <br />been prepared by the City Attorney and I recommend its <br />approval." <br /> <br />has <br /> <br /> Councilwoman Lucas, abstained from voting on the item, <br />because of her position with STOP. <br /> <br /> Motion of Mr. Simpson and seconded by Gray, the fcllowing <br />resolution was adopted, and by the following vote: <br /> <br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR SENTARA <br />LIFE CARE CORPORATION IN AN AMOUNT NOT TO EXCEED <br />$4,335,000 FOR THE CONSTRUCTION, REHABILITATION AND <br />EQUIPPING OF A 132 BED NURSING FACILITY LOCATED ON <br />GREENWOOD DRIVE IN THE CITY OF PQRTSMOUTB, VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority of the City <br />of Portsmouth, Virginia (the "Authority"), has been authorized <br />to advertise and hold public hearings relative to the issuance <br />of Industrial Development~Revenue Bonds; and <br /> <br /> WHEREAS, the Authority has considered the application of <br />Sentara Life Care Corporation {the "Company") for the issuance <br />of the Authority's Revenue'Bonds in an amount not to eXceed <br />Four Million Three Hundred Thirty-Five Thousand Dollars <br />($4,335,000) (the "Bonds") to assist in the financing of the <br />Company's acquisition, construction, and equipping of a 132 bed <br />nursing facility consisting of 122 intermediate and 10 skilled <br />care beds (the "Facility"] to be located on Greenwood Drive <br />approximately 150 feet west of the intersection of Cavalier <br />Boulevard and Greenwood Drive in Portsmouth, Virginia, and <br />owned and operated by the Company, and has held a public <br />hearing thereon on May 11, 1988; and <br /> <br /> WHEREAS, the Internal Revenue Code of 1986, as amended, <br />provides that the highest elected governmental officials of the <br />governmental units having jurisdiction over the issues of <br />Private Activity Bonds and over the area in which any facility <br />financed with the proceeds of Private Activity Bonds is located <br />shall approve the issuance of such bonds; and <br /> <br /> <br />