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July 22, 1986
<br />
<br />PARCEL 36
<br />
<br /> Beginning on the West side of First Street, between Randolph and Henry Streets
<br />at the southeast corner of the lot formerly belonging to George W. Grice, and
<br />thence running South along First Street twenty-seven (27) feet to the lot formerly
<br />belonging to Patrick Gallalee; thence West one hundred eighty (180) feet; thence
<br />North twenty-seven (277 feet; and thence East one hundred eighty (180) feet to
<br />the point of beginning. Source Deed Book 706, Page 815."
<br />
<br />Ayes: Barnes, C0rprew, Gray, Lucas, Simpson, Webb, Holley
<br />Nays; None
<br />
<br /> 86-270-Letter from the City Manager recommending adoption of a resolution authorizing
<br />the issuance of $300,000 in Industrial Revenue Bonds to Augustus C. Mill to be used for the
<br />demolition of a service station at 2722 Airline Blvd. and to construct a convenience store
<br />and gasoline pump facility.
<br />
<br /> "On ~uly 9, 1986, the Industrial Development Authority of the City of Portsmouth held
<br />a public hearing and passed an Industrial Revenue Bond Inducement Resolution in the amount
<br />of $300,000 for the benefit of Augustus £. Miller.
<br />
<br /> In accordance with the applicable Federal and State law,
<br />Council to approve the issuance of such bonds. An allocation
<br />allocation is not being requested at this time.
<br />
<br />the IDA has requested City
<br />from the City's 1986 local
<br />
<br /> The intent of these bonds is to demolish a service station at 2722 Airline Boulevard
<br />and to construct a 2,500 square foot convenience store and gasoline pump facility. As
<br />noted on the enclosed Fiscal Impact Statement and Development Summary, this project is
<br />expected to generate in excess of $12,900 in local annual taxes and 8 new jobs in the City
<br />of Portsmouth.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and recommend its
<br />approval."
<br />
<br /> On motion of Mrs. Lucas and seconded by Mr. Simpson, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br />BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA
<br />FOR AGUSTUS C. MILLER IN AN ~\{OUNT NOT TO EXCEED $300,000 FOR THE CONSTRUCTION
<br />AND EQUIPPING OF A CONVENIENCE STORE/GASOLINE PUMP ISLAND FACILITY TO BE LOCATED
<br />AT 2722 AIRLINE BOULEVARD IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth,
<br />Virginia (IDA) has been authorized to advertise and hold public hearings relative to the
<br />issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of Agustus C. Miller (the '!Company")
<br />for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed
<br />three hundred thousand dollars ($300,000) to assist in financing the construction and equipping
<br />of a convenience store/gasoline pump island facility consisting of approximately 2,500 square
<br />feet to be located at 2722 Airline Boulevard in the City of Portsmouth, Virginia, (the "Facilit
<br />and has held a public hearing hereon on July 9, 1986; and
<br />
<br /> WHEREAS, pursuant to the authority vested in him pursuant to the Deficit Reduction Act of
<br />1984 (the "Act"), the Governor of Virginia issued Executive Order No. 54(85) (the "Order")
<br />providing a formula for the allocation of the State Ceiling as defined in that ~'Order" and to
<br />authorize the City Council of the City of Portsmouth, Virginia to allocate its portion of the
<br />State Ceiling to the issuing authorities within the City of Portsmouth, Viginia; and
<br />
<br /> WHEREAS, the IDA has requested City Coucnil to approve the issuance of the Bonds to
<br />comply with the applicable Federal and State law, and a copy of IDA's resolution approving
<br />the issuance of the Bonds subject to the terms and conditions contained therein and the
<br />appropriate certifications and documentations, including, without limitation, a reasonably
<br />detailed summary of the commenZs expressed at the public hearing and fiscal impact statement
<br />have been rpovided to the City Council for their consideration; and
<br />
<br /> WHEREAS, this City Council acknowledges that the adoption of this resoltuion does not
<br />constitute an allocation of the City's 1986 Local Allocation as defined in, and imposed
<br />pursuant to the "Order" or any portion hereof.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia
<br />approves the issuance of IndUstrial Development Revenue Bonds by IDA for the "Company" in
<br />an maount not to exceed three hundred thousand dollars ($300,000) to assist in financing the
<br />construction and equipping of the "Facility',.
<br />
<br /> BE IT FURTHER RESOLVED that the adoption of this resolution does not constitute an
<br />endorsement of the Bonds, financial viability of the "Facility" or the vredit worthiness of
<br />the "Company',, but, as required by the applicable provisions of the Code of Virginia, the
<br />Bonds shall provide that neither the Commonwealth of Virginia, City of Portsmouth, nor the
<br />IDA shall be obligated to pay the Bonds or the interest theron or other costs incident thereto
<br />except from the revenues and monies pledged therefor, and neither the faith not the credit
<br />of the taxing power of the Commonwealth, the City, nor IDA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
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