Minutes 11/27/2012 - Laserfiche WebLink

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November 27, 2012 2. The City Council of the City of Portsmouth, Virginia, approves the issuance of the Bonds by the Henrico Authority for the benefit, among others, of Maryview, and concurs in the Inducement Resolution adopted by the Henrico Authority for all purposes for which such concurrence and approval is required, including without limitation, Section 147(f) of the Code and Section 15.2-4905 of the Act. 3. The approval of the issuance of the Bonds, as required by Section 147(f) of the Code, and the concurrence in the Inducement Resolution adopted by the Henrico Authority as required by Section 15.2-4905 of the Act, does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of BSHSI or Maryview, nor does it constitute a pledge of contributions from the City of Portsmouth, Virginia. 4. The City Clerk is hereby instructed to forward a copy of this resolution to the Portsmouth Authority, the Henrico Authority and Maryview. 5. This Resolution shall take effect immediately upon its adoption." Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright Nays: None 12 - 465 -Adoption of a resolution supporting participation in the Virginia Department of Transportation (VDOT) Fiscal Year 2014 Revenue Sharing Program for the Rehabilitation of the Paradise Creek Bridge. Vision Principles: Neighborhoods and a Sense of Community, and a Robust Economy for Working Men and Women. Background: • A recent inspection of the Paradise Creek Bridge has revealed conditions that require maintenance repairs. • The VDOT Revenue Sharing Program provides an opportunity for localities to provide local funds to match state funds for priority projects. Discussion: • VDOT issues a call to localities to submit Revenue Sharing applications for qualifying projects in advance of their upcoming budget. • City staff identifies eligible projects and submits the required applications and other supporting materials to VDOT for consideration. • Maintenance projects are eligible for this program if the matching funding source does not come from VDOT. • This project includes concrete repairs, repairs to piers and guardrails. • A resolution from City Council outlining the request to participate and its support of the project identified for funding from the Revenue Sharing program is required to complete the application process. Financial Impact • The total cost of this project is approximately $200,000. • The City's matching requirement is $100,000. Funding is available in the approved Capital Improvements Program for bridge maintenance activities. Recommended Action: • Adoption of the resolution. Vision Principles: Neighborhoods and a Sense of Community, and a Robust Economy for Working Men and Women. Next Steps Following Council Action: • Submit resolution to VDOT by December 3, 2012. Motion by Ms. Randall, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: