Minutes 05/26/1987 - Laserfiche WebLink

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May 26, i987 I, therefore, concur with the City Engineer and recommend that City Council appropriate $671,000.00 and award a construction con- tract to the low bidder, Suburban Grading and Utilities, Inc." On motion of Mr. Gray ordinance was approved on tract to Suburban Grading and Utilities, was adopted by unanimous vote: and seconded by Mrs. Lucas, the followin~ first reading; award of construction con- Inc, being low bidder, and "~ ORDINANCE TO APPROPRIATE $671,000 FROM THE CAPITAl IMPROVEMENT FUND FOR STREETSCAPE, PHASE III, BART AND SOUTH STREET IMPROVEMENTS." 87-241 Letter from the City Manager recommending adoption of a resolution authorizxng the refunding of $700,000 Industrial Revent Bonds issued by the Industrial Development Authority in 1981 for th~ 5enefit of Airline Boulevard Associates. "On May 13, 1987, the Industrial Development Authority of the ]ity of Portsmouth held a public ~earing and passed an Industrial Revenue Bond Indu:ement Resolution in the amount of $700,000 to re- fund bonds originally issued by the Authority in 1981 for the benefi of Airline Boulevard Associates. The bond proceeds were used to ac- quire land and to construct and equip a mini-warehouse facility located at 2604 Airline Boulevard. The purpose of the is to take advantage of the current low interest rates, refunding Although bond financing is no longer available for commercial projects, refundings are permitted under certain criteria which thi~ project satisfies. The refunding will have no impact on our ability to issue bond~ in Portsmouth for eligible uses. The attached resolution has been ~repared by the City Attorney ~nd I recommend its approval." - On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was adopted, and by the following vote: 'A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA IN AN AMOUNT NOT TO EXCEED $700,000 TO ASSIST AIRLINE BOULEVARD ASSOCIATES IN THE REFUND- ING OF A BOND ISSUED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA IN FEBRUARY, 1981 FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A MINI-WAREHOUSE FACILITY AT 2604 A{RLINE BOULEVARD IN THE CITY OF PORTS~4OUTH, VIRGINIA. ~HEREAS, the In~strial' Develogment Authority of the City of 'ortsmouth, Virginia [IDA) has bee~ authorized to advertise and hol ~ublic hearings relative ~o the ~ssuance of Industrial Develooment ~even~e Bonds; and WHEREAS, the IDA has considered the application and olan of inancing of Airline Boulevard Associates, (the "Applicant") for the ssuance by IDA of Industrial Development Revenue Bonds ~n an amount tot toexceed Seven Hundred Thousand Dollars ($700,000) to assist the 'Applicant" in the refunding of a bond issued by the IDA in February [981 for the acquisition, construction and equipping of a mini-ware- rouse facility at 2604 Airline Boulevard in the City of Portsmouth, Virginia (the "Facility") and has held a public hearing thereon on ~ay 13, 1987; and WHEREAS, the applicable state and local law permits refundings for~commercial projects if the refunded amount is th~ same or less than the original bond and if the term is no longer ~han- the origi- nal ~erm; and