Minutes 08/26/1986 - Laserfiche WebLink

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August 26, 1986 zo generate more than $47,000 annually in local taxes and 40-50 new jobs in the City of Portsmouth. The attached resolution resolution has been prepared 2ity Attorney and I recommend its approval." On motion of Mr. Simpson and seconded by Mr. Barnes, lowing resolution was adopted~ and by the following vote: tO create by the the fol- "A RESOLHTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOP- MENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHCRITY POR BRISTOL ASSOCIATES IN AN AMOUNT NOT TO EXCEED $925,000 TO ASSIST IN ACQUIRING AND CONSTRUCTING AN OFFICE BUILDING TO BE LOCATED IN THE 300 BLOCK OF COUNTY STREET IN THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY BONDS THEREFOR. WHEREAS, the Portsmouth Redevelopment ~ Housing Authority (PRH been authorized ~o advertise and hold public hearings relative the issuance of Industrial Development Revenue Bonds; and WHEREAS, the PRHA has considered the application of Douglas A. ~ollowell whose principal place of business is located at 309 County ;treet, Portsmouth, Virginia 23705 (the "Company") for the issuance PRHA of Industrial Development Revenue Bonds in a~ amount not to sxseed One Million One Hundred Fifty-Six Thousand Dollars ($1,156,0C to assist the "Company" in acquiring and constructing an office building containing approximately fifteen thousand (15~00~) ~qua~e feet to be located in ~he 300 block of County Street, PortsmoUth, ~nia adjacent to and west of an office building located at 309 County Street (the "Facility") and to be owned by the "Company" or ~artnership in which the "Company" is a principal (the "Partnership' has held a public hearing thereon on August 12, 1986; and WHEREAS, pursuant to the authority vested in him in the Deficit ~educ~ion Act of ~984, the Governor of Virginia issued Executive ~der No. 54185) on January 23, 1985, as amended on~uly 14, 1986 (the "Order") providing a formula for the allocation of the State Ceiling as de£ined in that "Order" and authorized the City Council of Portsmouth, Virginia to allocate its portion of the State Ceilin~ to the issuing authorities within the City of Portsmouth, Virginia; WHEREAS, the PRHA has requested City Council to approve the ssuance of Industrial Development Revenue Bonds in an amount no~ to exceed Nine Hundred Twenty-Five Thousand Dollars ($925,000) for the benefit of the "Company" to comply with the applicable Federal and State laws, and a copy of FRHA's Resolution approving the issu- ance of nhe Bonds ~bject to the terms and conditions contained therein and the appropriate certifications and documentations, in- cluding, without limitation, a reasonable detailed summary of the comments expressed at the public hearing and a Fiscal Impact State- ment have been provided to the City Council for their consideration~ NOW, THEREFORE, BE IT RESOLVED that ~he Council of the City of Portsmouth, Virginia, adopts the recitals made in the preamble to this resolution as part of this resolution, approves the issuance of Industrial Development Revenue Bonds by PRHA for the "Company" or the "Partnership" in an amount not to exceed Nine Hundred Twenty Five Thousand Dollars ($925,000) to assist in financing the cost of the acquSsition and construction of the "Facility" and allocates Nine Hundred Twenty-Five Thousand Dollard ($925,000) of the City's limit imposed pursuant to the "Order" to PRHA in order to cover the issuance by PRHA of the Nine Hundred Twenty-Five Thousand Dollars ($925,000) Industrial Development Revenue Bonds for the benefit of the "Company" or the "Partnership"; provided, however, that if the Bonds are not issued on or before August 29, 1986, such allocation for the benefit of the "Company" shall expire.