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August 26, 1986
<br />
<br /> in'local taxes. The attached resolution has been prepared by the City
<br /> and'T recommend its approval."
<br />
<br />O~ mo~on of ~{r~-Gray.and seco~ded~bv ~s~ L~cas,~.~h9 following
<br /> ion.-was ad6pte-d~an'd~§y the following vote:
<br />
<br />"A RESOLUTION CONFIRMING THE APPROVAL OF THE ISSUANCE!OF
<br />INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAE
<br />DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGIiNIA
<br />FOR THE BENEFIT OF NORTHSIDE ASSOCIATES IN AN A<OUNT ~OT
<br />EXCEED $1,100,000 FOR THEACQUISITION,· CONSTRUCTION,
<br />FURNISHING AND EQUIPPING OF A 100 BED ELDERLY HOUSING
<br />FACILITY AT FORT LANE AND ENTERPRISE WAY IN THE CITY OF
<br />PORTSMOUTH, VIRGINIA.
<br />
<br /> ~HEREAS, the Industrial Development Authority of the C%ty of
<br />?ortsmouth, Virginia (IDA) has been authorized to advertise and
<br /> public hearings relative to the issuance of Industrial Develop-
<br /> Revenue Bonds; and
<br />
<br /> WHEREAS, IDA has considered the application of Northsi~e Assoc-
<br /> , a Virginia limited partnership, (the "Company") for the
<br /> issuance by IDA of Industrial Development Revenue Bonds in an amount
<br /> exceed One Million Five Hundred Thousand Dollars ($1i500,000)
<br /> to assist in the acquisition, construction furnishin~ and e~u~=
<br /> ~f a one stor) one hundred (100) bed elderly housing facility of
<br /> 0roximately twenty-f~ve thousand (25,000) square feet (th~ "Facil-
<br /> ity'') on property located at the intersection of Fort Lane and
<br /> ~nterprise Way in the City of Portsmouth, Virginia and has held a
<br /> ~ublic hearing theron on June 11, 1986; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth adopted a
<br /> esolution approving the issuance of Industrial Development Revenue
<br /> ~onds by IDA for the benefit of the "Company" to assist in ~he acqui
<br /> ;ition, construction, furnishing and equipping of the "Facility" in
<br /> amount not to exceed One Million Five Hundred Thousand Dollars
<br /> ,000) on June 24, 1986, but did not allocate the City's
<br /> local Bond Allocation or any portion thereof; and
<br />
<br /> WHEREAS, pursuant to the authority vested in him under ithe
<br /> )elicit Reduction Act of 1984, the Governor of Virginia issuied
<br /> ~xecutive Order No. 54 (85) on ~anuary 23, 1985, and amendedi on
<br /> 14, 1986 (the "Order"' providing a formula for the alloication o
<br /> zhe State Ceiling as defined in that Order; and
<br />
<br /> WHEREAS, the "Order" authorized City Council of the City of
<br /> ortsmouth, Virginia to allocate its portion of the State Ceiling to
<br /> :he issuing authorities within the City of Portsmouth, Virginia; and
<br /> WHEREAS, the IDA adopted a Resolution on August 13, 198~
<br /> 'ecomm~nding that the Council of the City of Portsmouth, Virginia ~
<br /> ~'~ll°cate' One. Million One Hundred. .Th°usand. D°llars ~$1,100,00O) of th~
<br /> mty s portmon of the State Ceml~ng on Private Activity Bondg to
<br /> n order to cover the issuance by IDA of Industrial Development
<br /> ~evenue Bonds in such amoun~ for the benefit of the "Company,'.
<br />
<br /> NOW, THEREFORe, BE IT RESOLVED that the Counail of the ~itv of
<br /> ortsmouth confirms its approval of the issuance of IndustriaI'
<br /> evelopment Revenue Bonds by IDA for the 'Company" in an amount not
<br /> o exceed One Million One Hundred Thousand Dollars ($1,100,0~0) to
<br /> ssist in the acquisition, construction, furnishin and e ui '
<br /> he "Eaoility", and allocated One Million One und ed Tho sa of
<br />$1,100,000[ of the City's limit imposed pursuant to the "Order" to
<br />_da in order to cover the issu~nse by IDA of the Industrial Develop-
<br />~ent Revenue Bonds for the benefit of the 'Company"; provided, how-
<br />:vet, that if the Bonds are not issued on or before August 29, 1986,
<br />uch allocation for the benefit of the "Company" shall expir~ unless
<br />~uch period is extended by Resolution of this Council.
<br />
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