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MaY 27, 1986
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<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 Pcrtsmouth, Virginia,
<br />approves the issuance of Industrial Development Revenue Bonds by IDA for the "Company" in an
<br />amount not to exceed Three hundred Forty Six Thousand, Five Hundred Dollars to assist in
<br />financing the "Project".
<br />
<br /> BE IT FURTHER RESOLVED that the adoption of this resolution does not constitute an en-
<br />dorsement of the Bonds, financial viability of the "Project" or the credit worthiness of the
<br />"Company", but, as required by the applicable provisions of the Code of Virginia, the Bonds
<br />shall provide that nemther the Commonwealth of Virginia, City of Portsmouth, nor the IDA shall
<br />be obligated to pay the bonds or the interest thereon or the costs incident thereto except from
<br />the revenues and monies pledged therefor, and neither the faith nor the credit o~ the taxing
<br />power of the Commonwealth, the City,~ or IDA shall be pledged 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
<br />
<br /> 86-177 Letter from the City Manager recommending adoption of a resolution to approve
<br />Industrial Revenue Bonds in the amount of $400,000 for the benefit of Waterview Building
<br />Associates, a Virginma General Partnership, for acquisition, renovation and expansion of an
<br />existing building located at 3724 Western Branch Boulevard for use as medical offices.
<br />
<br /> "On May 14, 1986, the Industrial Development Authority of the City of Portsmouth held a
<br />public hearing and approved an Industrial Revenue Bond Inducement Resolution in the amount of
<br />$400,000 for the benefit of Waterview Building Assocmates, a Virginia general partnership.
<br />these bonds would be used for the acquisition, renovatmon and expansion of an existing buildin
<br />located at 3624 Western Branch Boulevard for use as medical offices. These bonds would also
<br />be used to pruchase dental equipment.
<br />
<br /> In accordance with applicable federal and state law, the IDA has requested City Council
<br />to approye the mssuance of such bonds. As this project is not a manufacturing project and is
<br />not located within the Urban Enterprise Zone or in a designated redevelopment area, mt is not
<br />a Priority ORe project under the IDA's bond approval guidelines. Therefore, it is not reques-
<br />ed that a portion of the City's iocal Industrial Revenue Bond allocation be allotted to this
<br />project at this tmme. However, applicable law requires the approval of the local governing bo
<br />within 60 days of the May 14, 1986, public ~earing.
<br />
<br /> As indicated in the attached fiscal impact statement and development summary,this project
<br />is expected to generate in excess of $16,)00 in local, annual taxes and to retain 17 jobs in
<br />the City of Portsmouth.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I
<br />approval."
<br />
<br />and
<br />
<br />recommend its
<br />
<br />On motion of Mr. Beamer and seconded by Mr. 3ray, the following resolution was adopted,
<br />by the following vote:
<br />
<br /> "A RESOLDTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br /> THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR
<br /> WATERVIEW BUILDING ASSOCIATES FOR THE ACQUISITION, REMODELING, CONSTRUCTING AND
<br /> EQUIPPING OF A M~DICA1 OFFICE FACILITY TO BE LOCATED AT 3724 WESTERN BRANCH BOULE-
<br /> VARD IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of
<br />has been authorized to advertise and hold public hearing relative
<br />Development Revenue Bonds; and
<br />
<br />Portsmouth, Virginia (IDA)
<br />to the issuance of Industria
<br />
<br /> WHEREAS, the IDA has considered the application of Waterview Building Associates, a
<br />Virginia General Partnership, (the "Company"), whose address is 355 Crawford Street, Suite 316
<br />Portsmouth, Virgnia, for the issuance by IDA of Industrial Development Revenue Bonds in an
<br />amount not to exceed Four Hundred ~housand Dollars ($400,0001 to assist in acquiring, remodel
<br />ing, constructing and equipping a medical office facility consisting of approximately 5,000
<br />square feet at 3724 Western Branch Boulevard in the City of Portsmouth, Virginia ~the "Facili
<br />and has held a public hearing thereon on May 14, 1986~ and
<br />
<br /> WHEREAS, IDA has requested City Council to approve the issuance of the Bonds to comply
<br />with the applicable federal and state law, and a copy of IDA's resolution approving the issu-
<br />ance of the Bonds subject to the terms a~d conditions contained therein and approprxate certi-
<br />fications and documentations, including, without limitation, a reasonabley detailed summary
<br />of the comments expressed at the~olic hearing a a fiscal impact statement, have been provided
<br />to the City Council for their consmderation; and
<br />
<br />resolution does not con-
<br />Revenue Bond allocation
<br />
<br /> WHEREAS, the City Council acknowledges that the adoption of this
<br />stitute an allocation of the City's 1986 local Industrial Development
<br />or any portion thereof.
<br />
<br />Y
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<br />"] ,
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