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June 24, 1986
<br />
<br />Survey of Eastern Part Lot (Section; 2, Ail of Lots (Sections] 3,4, 5, 6 5 7, Block
<br />K, Garden Homes, Portsmouth, Virginia, for the Tedford Development Company, Inc.," .
<br />dated September 25, 1985, prepared by Bench Mark, Inc., Virginia Beach, Virginia."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 86-226 Letter from the City Manager recommending adoption of a resolutin to approve
<br />the issuance of $1,500,000 in Industrial Revenue Bonds for the benefit of Northside Associates
<br />to construct and equip a lC0-bed rest home complex at the corner of Fort Lane and Enterprise
<br />Way.
<br />
<br /> "On June 11, 1986, the Industrial Development Authority of the City of Portsmouth held a
<br />public hearing and approved an Industrial Revenue Bond Inducement Resolution of $1,500,000 for
<br />the benefit of Northside Associates, a limited partnership comprised of Mr. Larry Goldman, Dr.
<br />Edwin Goldman, and Mr. Jerry Goldman.
<br />
<br /> The bonds would be used to purchase land owned by
<br />Enterprise Way, and construct and equip a 100 bed rest
<br />
<br /> As indicated on the enclcsed Development Summary,
<br />jobs and generate more than 827,000 annually in local
<br />
<br /> the attached resolution has been prepared by the
<br />proval, subject to D-1 consideration."
<br />
<br />PRHA at the corner of Fort Lane and
<br />home complex.
<br />
<br /> this project is expected to create 36
<br />taxes.
<br />
<br />City Attorney, and I recommend its ap-
<br />
<br /> On motion of Mrs. Webb and seconded by Mrs. Lucas, the following resolution was adopted,
<br />and by the following vote:
<br />
<br /> "A RESOLUTION APPROVING tHE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BCNDS BY
<br /> THE INDUSTRIAL DEVELOPMENT AUTHORITY OF FHE CITY OF PORTSMOUTH, VIRGINIA FOR
<br /> NORTHSIDE ASSOCIATES IN AN AMOUNT NOT TO EXCEED S1,500,000 FOR THE ACQUISITION,
<br /> CONSTRUCTION, FURNISHING AND EQUIPPING OF A 103-BED ELDERLY HOUSING FACILITY AT
<br /> FORT LANE AND ENTERPRISE WAY IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA)
<br />has been authorized to advertise and hold public hearings relative to the ~ssuance of Industri
<br />Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of Northside Associates, a Virginia
<br />Limited Partnership, the ("Company"), for the issuance by IDA of Industmial_ Development
<br />Revenue Bonds in an amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000
<br />to assist in the acqumsltxon, constructzon, furnishing and equipping of a one-story 100-bed
<br />elderly housing facility of approximately 25,000 square feet (the "Facility") on property
<br />located at the intersectian of Fort Lane and Enterprise Way in the City of Portsmouth, Virgini
<br />and has held a public hearing thereon on June 11, 1986; and
<br />
<br /> WHEREAS, pursuant to the authority vested in him in the Deficit Reduction Act of 1984
<br />(the "Act") the Governor of Virginia issued Executive Order No. 54(85) [the "Order") providing
<br />a formula for the allocation of the State Ceiling as defined in that "Order" and authorized
<br />the City Council of Portsmouth, Virginia to allocate its porrion of the State Ceiling to the
<br />.issuing authorities within the City of Portsmouth, Virginia; and
<br />
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the Bonds to compl]
<br /> with the applicable federal and state law, and a copy of IDA's resolution approving the issuan{
<br /> of the Bonds subject to the terms and conditions contained therein and the appropriate certifi.
<br /> cations and documentatzons, including, without limitation, reasonably detailed summary of the
<br /> comments expressed at the public hearing and a fiscal impact statement, have been provided to
<br /> the City Council for their consideration; and
<br />
<br /> WHEREAS, the City Council acknowledges that the adoption of this resolution does not con-
<br /> stitute an allocation of the City's 1986 Local Allocation as defined in, and imposed pursuant
<br /> to, the "Order" or any portion thereof.
<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 an
<br /> amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) to assist in the
<br /> acquisition, construction, furnishing and equipping of the "Facility".
<br />
<br /> BE IT FURTHER RESOLVED that the adoption of this resolution does not constitute an endors
<br /> ment of the Bonds, financial viability of the "Facility" or the credit worthiness of the "Com-
<br /> pany'', but the Bonds shall provide that neither the Commonwealth of Virginia, City of Portsmou
<br /> nor IDA shall be obligated to pay the Bonds or the interest thereon or the costs incSdent ther
<br /> ~o exceFt from the revenues and monmes pledged therefor, and neither the faith nor the credit
<br /> of the taxing power of the Commonwealth, the City or IDA shall be Fledged thereto.
<br />
<br /> This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
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