Laserfiche WebLink
August 26, 1986 <br /> <br /> BE IT FURTHER RESOLVED that the adoption o~ this Resolution <br />does not constitute an endorsement of the Bonds, financial viabilit <br />of the "FaCility" or the credit wothiness of the "Company", but the <br />Bonds shall provide that neither the Common_wealth of Virginia, City <br />of Portsmouth, nor IDA shall be obligated to Fay the Bonds or the <br />interest thereon or the costs incident thereto except from the <br />revenues and monies pledged therefor, ~nd neither the faith nor the <br />credit of the taxing power of the Commonwealth, the City nor ~DA <br /> <br />shall be pledged thereto. <br /> <br /> This Resolution shall take effect <br /> <br /> Ayes: Barnes, Corprew, Gray, <br /> Nays: None <br /> <br />immediately upon its adoptiol <br />Lucas, Simpson, Webb, Holle~ <br /> <br /> 86-319 Letter from the City Manager recommeding adoption of <br />a resolution recommending that $325,000 o£ the City's Local Indust- <br />rial Revenue Bond All¢cation be allocated to the Authority for the <br />benefit of J. Michael Sasser to censtruct 6,700 sq. ft. of retail <br />and office space at 703-717 London Boulevard. <br /> <br /> "On August 13, 1986, the Industrial Development Authority of <br />the City of Portsmouth approved an Allocation Resolution recommend- <br />~ng that $325,000 of the City's Industrial Revenue Bond Allccation <br />be allocated to the Authority £or the benefit of J. Michael Sasser. <br />The public hearing on the project was also held on August 13, 1986, <br />and an Inducement Resolution was previously approved by IDA on <br />July 9, 1986. <br /> <br /> These bonds will be used so construct 6,700 square feet of <br /> retail and office space at 703-717 London Boulevard. The office <br /> will contain the headquarters £or J. M. Sasser, Inc. and the retail <br /> space will be leased. This project is expected to generate more <br /> than $23,£00 annually in local taxes and will create 16 new jobs in <br /> the City. <br /> <br /> The attached Resolution has been prepared by the City Attorney <br /> and I recommend its approval." <br /> <br /> On motion of Mr. Gray and seconded by Mrs. Webb, the followin <br /> resolution was adopted and by the following vote: <br /> <br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOP--- <br /> MENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY <br /> OF THE CITY OF PORTSMOUTH, VIRGINIA FOR J. MICHAEL SASSER <br /> IN AN ~OUNT NOT TO EXCEED $500,000 TO ASSIST IN THE <br /> ACQUISITION, CONSTRUCTION AND EQUIPPING OF A COMMERCIAL <br /> AND OFFICE COMPLEX FACILITY AT 703-717 LONDON BOULEVARD <br /> ~N THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING A <br /> PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY BONDS <br /> THEREFOR. <br /> <br /> WHEREAS, the Industrial Development Authority of the City of <br />Portsmouth, Virginia (~DA) has been authorized to advertise and hol <br />public hearings relative to the issuance of ~ndustrial Development <br />Revenue Bonds; and <br /> <br /> WHEREAS, the IDA has considered the applicatxon of J. Michael <br /> Sasser whose principal place is 5709 Churchland Boulevard, Portsmoul <br /> Virginia 23703 (the "Company") for the issuance by IDA of Industria~ <br /> Development Revenue Bonds in an amount not to exceed Five Hundred <br /> Thousand Dollars ($500,000) to assist the "Company" in acquiring, <br /> constructing, and equipping a commercial and office complex facilit <br /> at 703-717 London Boulevard in the City of Portsmouth, Virginia <br /> (the "Facility") and has held a public hearing thereon on August 13 <br /> 1986; and <br /> <br /> <br />