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17 <br /> <br />August 26, 1986 <br /> <br />BE IT FURTHER RESOLVED that the adoption of this Resol,ution <br />toes not constitute an endorsement of the Bonds, financial ~igbility <br />of the "Facility" or the credit worthiness of the "Companv"~or the <br />"Partnership", but the Bonds shall provide that neither t~e!Co~mon- <br />~ealtn or virginia, City of Portsmouth, nor PRHA shall be obligated <br />to pay the Bonds or the interest thereon or the costs incident <br />thereto except from the revenues and monies pledged therefom, and <br />neither the faith nor the credit of the taxing power of the~ Common- <br />gealth, the City nor PRHA shalI be pledged thereto. <br /> <br />This Resolution shall take effect immediateiF upon its adoption <br /> <br />Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webo, Holley <br />Nays: None <br /> <br /> 86-3~? - Letter from the City Manager recommending adootion of <br />~ resolutmon recommending that $300,000 of the City's local~InSus- <br />_r~al Revenue Bond Alloaatmon be allocated to the Authority for the <br />~enefit of Consolidated Manufactured Products, Inc. to be used to <br />expand the company's operation at 2401 Wesley Avenue. <br /> <br /> "On August 13, 1986, the Industrial Development Authority of <br />the City of Portsmouth approved~ an Allocation R~nlut~n~u ........... ~ .... 4 in <br />that $300,000 of the City's local Industrial Revenue Bond AlloCation <br />be allocated to the Authority for the benefit of Consolidated Manu- <br />factured Products, Inc. City Council had previously provided local <br />overning body approval of this project on May 27, 1986. <br /> <br /> These bonds wonld be used to expand the company's operation at <br />2401 Wesley Avenue. The bond proceeds would be used to acqmire land <br />ao~struct new warehouse, office and machine shoo snace andJ~u~chase <br />~ew equipment. This project is expected to generate i~ exc~%s of <br />~9,000 ~n. local annual taxes and to create - new ~obs in th~ City of <br />~ortsmoutm. <br /> <br /> The attached resolution has been prepared by the City Attorney <br />~nd I recommend its approval." <br /> <br /> On motion of Mr. Gray and seconded by Mr. Barnes, the followin <br />~esolution was adopted, and by the following vote: <br /> <br /> "A RESOLUTION CONFIRMING THE APPROVAL OF THE ISSUANCE @F <br /> INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL <br /> DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA <br /> FOR THE BENEFIT OF CONSOLIDATED MANUFACTURED PRODUCTS, INC. <br /> IN AN AMOUNT NOT TO EXCEED $300,000 FOR THE ACQUISITION OF <br /> LAND AND CONSTRUCTION OF A WAREHOUSE FACILITY AND THE <br /> ACQUISITION AND INSTALLATION OF AN ELECTRIC MANUFACTURING <br /> FURNACE TO BE LOCATED AT 2401 WESLEY STREET IN THE CITy <br /> OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A PORTION OF THE <br /> STATE CEILING ON PRIVATE ACTIVITY BONDS FOR ~HE BENEFI~ <br /> OF CONSOLIDATED MANUFACTURED PRODUCTS, INC. <br /> <br /> WHEREAS, the Industrial Development Authority of the C~- <br />~ortsmouth, Virginia (IDA) has been authorized to ~dvertise <br />public hearings relative to th~ issuance of Industrial Deve~ot <br />Revenue Bonds; and <br /> <br />of <br /> <br /> ~WHEREAS, IDA has considered the application of Consolidated <br />~anutactured Products, Inc., a Virginia Corporation, (the "~ompany") <br />for the issuance by IDA of Industrial Development ~evenue B~nds in <br />· n amount not to exceed Three Hundred Forty-Six ThOusand, Filve Hundr <br />3~ll~rs ($346~500) to assist the "Company" in financing a polrtion <br />~ t~e cost o± acquiring, constructing and equipping a five thousan~ <br />(SO00) square foot storage building to be located at 2401 Welsley <br />Street in the City of Portsmouth, Virginia (the "Facility"),, and has <br />~eld a public hearing thereon on May 14, 1986; and <br /> <br /> <br />