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May 2-, 1986
<br />
<br /> WHEREAS, the 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 issuanc
<br />of the Bonds subject to the terms and conditions contained therein and the appropriate certifi-
<br />cations and documentations, including, without limitation, a reasonably detailed summary of th~
<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 mn, and zmposed pursuant
<br />to the "Order" or any portion thereof.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City
<br />approves the issuance of Industrial Development Revenue Bonds by
<br />amount not to exceed Three Hundred Sixty Seven Thousand Dollars
<br />equip the "Facility".
<br />
<br /> of Portsmouth, Virginia
<br />IDA for the "Company" in an
<br />($367,000) to construct and
<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 "Comp~
<br />but, as required by the applicable provisions of the Code of Virginia, the bonds shall provide
<br />that neither the Commonwealth of Virginia, City of Portsmouth, nor the IDA shall be obligated
<br />to pay the Bonds or the interest thereon or other costs incident thereto except from the rave
<br />hues and monies pledged therefor, and neither the faith or the credit of the taxing power of
<br />the Commonwealth, the City, nor 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 /> 86-176 Letter from the City Manager recommending adoption of a resolution to approve
<br />Industrial Revenue Bonds in the amount of $346,500 for the benefit of Consolidated Manufac-
<br />tureJ Products, Inc., for acquisition of land, construction of a warehouse facility, and
<br />acquisition and installation of an electric manufacturing furnace.
<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 />$346,500 for the benefit of Consolidated Manufactured Products, Inc. These bonds would be used
<br />for the acquisition of land, construction of a warehouse facility, and the acquisition and
<br />installation of an ele£tric manufacturing furnace. In accordance with applicable federal and
<br />state law, the IDA has requested City Counail to approve the issuance of such bonds.
<br />
<br /> As indicated in the enclosed ~iscal impact statement and development summary, this project
<br />is expected to generate in excess Of $9,000 in local annual taxes, and to create new jobs in
<br />the City of Portsmouth.
<br />
<br /> The attached resolution has b~en prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> On motion of Mr. Whitlow and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />'*A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR
<br />CONSOLIDATED MANUFACTURED PRODUCTS, INC. IN AN AMOUNT NOT TO EXCEED $346,500
<br />FOR THE ACQUISITION OF LAND AND CONSTRUCTION 3F A WAREHOUSE FACILITY AND THE
<br />ACQUISITION AND INSTALLATION QF AN ELECTRIC MANUFACTURING FURNACE TO BE LOCATED
<br />A7 2401 WESLEY STREET IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the
<br />has been authorized to advertise and hold public hearings
<br />Development Revenue Bonds; and
<br />
<br />City of Portsmouth, Virginia (IDA)
<br />relative to the issuance of Industri
<br />
<br /> WHEREAS, the IDA has considered the application of Consolidated Manufactured Products,
<br />Inc., a Virginia Corporation, (the"~Company"), for the issuance by IDA of Industrial Developmen
<br />Revenue Bonds in an amount not to exceed three Hundred Forty Six Thousand, Five Hundred Dollar~
<br />($346,500) te finance a portion of the cost of acquiring land and constructing a 5,000 square
<br />foot stozage building across Wesley Street from 2401 Wesley Street and acquiring and installin
<br />an electric manufacturing furnace with associated equipment for use zn the fabricat$on of
<br />hardware and equipment located at the "Company's" principal place of business at 2401 Wesley
<br />Street, all in the City of Portsmouth, Virginia (the "Project"), and has held a public hearing
<br />thereon on May 14, 1986; and
<br />
<br /> WHEREAS, pursuant to the authomity vested in him pursuant to the Deficit Reduction Act
<br />of 1984 ~the "Act"), the Governor of Virginia issued Executive Order No. 54(85) ~the "Order")
<br />providing a f~rmula for the allocation of the State Ceiling as defined in that Order and
<br />authorized the City Council of Portsmouth, Virginia to allocate its portion of the State Ceiliz
<br />to the 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 ~ocumentations, including, without limitation, a resonabley detailed summary of
<br />the comments expressed at the publi~ hearing and a fisaal impact statement, have been provided
<br />to the City Council for their consideration; and
<br />
<br />
<br />
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