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423 <br /> <br />August ~11, 1987 <br /> <br />by unanimous vote: <br /> <br /> "AN ORDINANCE TO APPROPRIATE $135,000 FROM THE CAPITAL <br /> IMPROVEMENT FUND FOR THE PURCHASE OE CSX RAILROAD <br /> RIGHT'OE-WAY FROM THE CITY~'S BOUNDARY WITH CHESAPEAKE <br /> TO TWIN PINES ROAD." <br /> <br /> 87-3S1 , Letter from the City Manager recommending adopt+on <br />of an ordinance closing a portion of Reid Street. <br /> <br /> "In connection with development of the Alton Villas Subd%visi~ <br />Alton F. Catlett has made application to close a portion of R~id <br />Street. <br /> <br /> The viewers report and the Planning Commission report recom- <br />mend approval of the application. The City would retain an e~se- <br />ment for existing storm drainage facilities. <br /> <br /> I recommend approval of the ordinance closing this portion <br />of Reid Street." <br /> <br /> John M~ .Carter, 301 Columbia Street, Attorney, representing <br />applicant, was available to answer questions. ~ <br /> <br /> On motion of Mrs. Webb and seconded by Mrs. Lucas, the f611ow <br />ing ordinance was adopted on first and final reading, and by ~he <br />following vote: <br /> <br /> "AN ORDINANCE CLOSING A PORTION OF REID STREET." <br /> <br /> Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webb, Holl~ <br /> Nays: None <br /> <br /> 87-352 - Letter from the City Manager recommending adoption <br />of a resolution authorizing issuance of a refunding bond not ~o <br />exceed $3,000,000 for Seaboard Coastline Associates to assistlthe <br />Company in the redemption in full of Portsmouth Redevelopmentland <br />Housing Authority's 198S Residential Rental Project Revenue BSnd. <br /> <br /> "Seaboard Coastline Associates has requested Portsmouth <br />Redevelopment and Housing Authority to issue its bonds in an . <br />not to exceed $3,000,000 but equal to the outstanding princip. <br />balance of the original bond, to assist the company in the re, <br />tion in full of ~g~'s Residential Rental Project Revenue Bond. <br />The original bon~ was issued to finance the acquisition, reha6ili~ <br />ration, construction and equipping of the Seaboard Coastline <br />Building for rental apartments to be a part of a multi-use commer- <br />cial/residential facility. <br /> <br /> The Authority has conducted a public hearing on the proposed <br />refunding of the Project and recommends that City Council approve <br />the issuance of the Bonds. <br /> <br /> The City Attorney has prepared the attached resolution, and I <br />recommend its adoption." <br /> <br /> Vince Mastracco, 2000 Sovran Center, Norfolk, Attorney repre <br />senting Seaboard Coastline Associates, Was available to answe~ <br />questions. <br /> <br /> On motion of ?,~rs. Webb and seconded by Mrs. Lucas, the f~llo~ <br />ing resolution was adop%ed, and by the following vote: <br /> <br /> <br />