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<br />
<br />April 22, 1986
<br />
<br />"A RESOLUTION APPOINTING VIEWERS FOR CLOSING OF A PORTION OF ELLIOTT AVENUE
<br />AND MARSHALL AVENUE.
<br />
<br /> WHEREAS, Jean M. Davis has made application to vacate, close and discontinue the here-
<br /> inafter described portions of Elliott Avenue and Marshall Avenue, and it appearing that Notice
<br /> of Application and requests for the appointment of viewers was duly advertised as required by
<br />,.law.
<br />
<br /> N@W, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />Richard D. Ottavio, Charles R. Hudgins, Robert Reed, Harrison Miller and Moses Gibson be
<br />appointed viewers and that Simon P. Arrington ~nd Clinton J. Fortune be appointed alternate
<br />viewers in the event one of the preceding viewers fails to pert~cipate~ said viewers to view
<br />the hereinafter described portion of said street and to report to this Council in writing
<br />whether in their opinmon any, and if any what, inconvenienae would result in vacating and
<br />closing the following:
<br />
<br />Elliott Avenue
<br />
<br /> All those certain two (2) strmps of land, being the northern and the
<br />southern 20 feet of the 100 foot right-of-way of Elliott Avenue, as said
<br />roadway is bounded on the East by Frederick Boulevard, and on the West by
<br />Deep Creek Boulevard. It being intended that Elliott Avenue shall retain
<br />as a dedicated public street a right-of-way of 60 feet in width as said street
<br />runs between Frederick Boulevard on the East and Deep Creek Boulevard on the
<br />West.
<br />
<br />Marshall Avenue
<br />
<br /> All that portion of Marshall Avenue shown on the Plat of I.O. Ivey Estate
<br />as recorded in the Clerk's Office of the Circuit Court of the City of Chesapeake,
<br />in Map Book 3, Page 66, and also recorded in the Clerk's Office of the Circuit Court
<br />of the City of Portsmouth, Virginia, in Map Book 1, Page 96; being bounded on the
<br />East by property formerly owned by The Virginia Company, and on the West by the pro-
<br />lo~gation to the South of the western boundary of Lot 22, as shown on the plat
<br />aforesamd. '
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 86-121 Letter from the City Manager recommending adcption of a resolution authorizing
<br />the issuance of $615,000 in Industrial Revenue Bonds for the benefit of Effingham Office
<br />Partners to finance the renovation of the former E. O. Crawford Building into a business
<br />incubator office building and to assist in the financing of office equipment.
<br />
<br /> "On. April 9, 1986, the Industrial Development Authority of the City of Portsmouth passed
<br />an Industrial Revenue Bond Inducement Resolution in the amount of $615,000 for the benefit
<br />of Effingham Office Partners. A public hearing was previously held for this project on March
<br />12, 1986. In accordance with applicable federal and state law, the IDA has requested Cit?
<br />Council to approve the issuance of such bonds. An allocation from the City's 1986 Local
<br />Allocation is not being requested at this time.
<br />
<br /> The intent of these bonds is to finance the renovation of the former E. O. Crawford build
<br />ing at 601-603 Effingham Street into a "business incubator" office building for use by new
<br />and small businesses. These bonds would also be used to finance the purchase of office equip-
<br />ment which will be made available tenants on a shared-use basis. As noted in the enclosed
<br />Fiscal Impact Statement and Development Summary, this project is expected.to generate in exces
<br />of $16,000'-ih local, annual taxes and 40 new jobs in the City of Portsmouth.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> Albert J. Taylor, Jr., P. O. Box 1475, Portsmouth, representing Effingham Offize Partners
<br />was present to answer questions.
<br />
<br /> Jordan-S~.One, Develaper, 5~ Sandie Point Drive, presented a brief description of the
<br />operation of the incubator office.
<br />
<br /> On morion of Mr. Gray 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 />EFFINGHAM OFFICE PARTNERS IN AN AMOUNT NOT T£ EXCEED $615,000 FOR THE ACQUISITION,
<br />RENOVATION AND EQUIPPING OF AN OFFICE AND COMMERCIAL FACILITY AT 601-693 EFFINGH~M
<br />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 ~o the issuance of Industri
<br />
<br /> WHEREAS, the IDA has considered the application of Effingham Office Partners, a Virginia
<br />5eneral Partnership, (the "Company") with a principal place of business at 54 Sandie Point
<br />Drive, Portsmouth, Virginia, for the issuance by IDA of Industrial Development Revenue Bonds
<br />in an amount not to exceed Six Hundred Fifteen Thousand Dollars ($615,000 to assist in
<br />
<br />
<br />
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