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:392
<br />
<br />July 22, 1986
<br />
<br /> Ayes: Barnes, Corprew, Gray, Lucas, Simpson, Webb, Holley
<br /> Nays: None
<br />
<br /> 86-271 Letter from the City Manager recommending adoption of a resolutuion to allocat~
<br />an additional $67,000 of its 1986 City's local Industrial Revenue Bond Allocation for the
<br />benefit of Herbert A. Haneman, Mary H. Dixon and Helen H. Gould to be used to canstruct a
<br />machine shop., electric shop, warehouse and trainmng facility located at 3501 Shipwright
<br />Street.
<br /> "On May 27, 1986, City Council provided local governing body approval of an Industrial
<br />Revenue Bond Inducement Resolution in the amount of $367,000 for the benefit of Herbert A.
<br />Haneman, Mary H. Dixon and Helen H. Gould. On June 24, 1986, following an IDA recommendation
<br />City Council voted to allocate $300,000 of the City's local Industrial Revenue Bond allocatio
<br />to the Authority for the benefit of Herbert A. Haneman, Mary H. Dixon and Helen H. Gould.
<br />On July 9, 1986, IDA approved a second Allocation Resolution recommending that an additional
<br />$67,000 of the City's local Industrial Revenue Bond Allocation be allocated to the Authority
<br />for the benefit of the applicant.
<br /> These bonds will be used to construct a 15,000 square foot machine shop, electric shop,
<br />warehouse, and tramn~ng facility located at 3501 Shipwright Street to be leased to Western
<br />Branch Diesel. This project is expected to generate $16,000 annually in local taxes, and
<br />will retain 15 jobs and create 15 new jobs in the City of Portsmouth.
<br /> The Attached Resoltuion has been prepared by the City Attorney and I recommend its
<br /> approval."
<br />
<br /> Mr. Barnes and seconded by Mr. Gray, to adopt the resolution.
<br />
<br /> Motion of
<br />
<br /> Motion of
<br />Bond Attorney
<br />
<br />Mr. Barnes and seconded by Mrs. Webb to suspend the rules
<br />to speak, and was adopted by unanimous vote.
<br />
<br /> Barry Hunter, Bond Attorney, representing Kaufman ~
<br />answered questions of Council concerning the allocation.
<br />
<br /> On motion the following resolution was adopted, and
<br />
<br />Canoles, Sovran
<br />
<br />for Barry Hunter,
<br />Center, Norfolk,
<br />
<br /> 'A RESOLUTION CONFIRMING THE APPROVAL OF THE ISSUANCE OF INDUSTRIAL DEVELOPMENT
<br /> REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH
<br /> FOR HERBERT A. HANEMAN, MARY H. DIXON AND HELEN H. GCULD AND INCREASING THE
<br /> AMOUN% OF SAID BONDS BY AN ADDITIONAL $67,000 FOR THE CONSTRUCTION AND EQUIPPING
<br /> OF A MACHINE SHOP, ELECTRIC SHOP, WAREHOUSE AND TRAINING FACILITY AT 3501
<br /> SHIPWRICHT STREET IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA)
<br />has been authorized by the Council of the City of Portsmouth, Virgxnia to advertise and
<br />hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br /> WHEREAS, IDA has considered the application of Herbert a. Haneman, Mary H. Dixon and
<br />Helen H. Gould (collectively the "Company") with the princiFal place of business at 3504
<br />Shipwright Street, Portsmouth, Virginia for th~ issuance by IDA of Industrial Development
<br />Revenue Bonds in an amount not to exceed three hundred sixty seven thousand dollars
<br />($367,000) to assist in financing the construction and equippzng of a 15,000 sRuare foot
<br />machine shop, electric shop, warehouse and training facility to be located at 3501 Shipwrigh
<br />Street in the City of Portsmouth, Virginia (the "Facility"), and.held a public hearing
<br />ther~non Ma)- 14, 1986; and
<br /> WHEREAS, the Council of the City of Portsmouth adopted a resolution approving the
<br />issuance of Industrial Development Revenue Bonds by the IDA for the benefit of the "Company"
<br />to assist in financing the construction and equipping of the "Facility" on May 27, 1986,
<br />but did not allocate the City's Local Bond Allocation on any ~ortion thereof by that
<br />resolution; and
<br /> WHEREAS, the Council of the City of Portsmouth adopted a resolution confirming the
<br /> approval of the issuance of Industrial Development Revenue Bonds by the IDA for the benefit
<br /> of the "Company" to ~sist in financing the construction and equipping of the "Facility" on
<br /> June 24, 1986, and by virtue of said resoltuion allocated three hundred thousand dollars
<br /> ($300,000) of its 1986 Local Bond Allocation as defined in Executive Order No. 54(851 of
<br /> the Governor of the Commonwealth of Virginia (the "Order"7; and
<br /> WHEREAS, the "Order" authorized the City Counnil of the City of Portsmouth, Virg~fdmto
<br /> allocate its portion of the State Ceiling to the issuing authorities within the City of
<br /> Portsmouth, Virginza, and the IDA adopted a resolution on July 14, 1986 recommending that
<br /> the Council of the City of Portsmouth, Virginia aIlocate an additional sixty seven thousand
<br /> dollard ($67,000) of its 1986 Local Bond Allocation to IDA in order to cover the issuance
<br /> by IDA of three hundred sixty seven thousand dollars ($367,000) Industrial Development
<br /> Revenue Bonds for the benefit of the "Company" to assist in financing the construction and
<br />
<br />equxpping of the "Facility".
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virgmnia
<br />confirms its approval of the issuance of Industrial Development Revenue Bonds by IDA for
<br />the "Company" mn an amount not to exceed three hundred sixty seven thousand dollars ($367,00
<br />to construct and equip the "Facility and mncreases xts allocation by an additional sixty
<br />seven thousand dollars ($67,000) of the City's limit imposed pursuant to the "Order" to IDA
<br />
<br />by the following vote:
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