Minutes 04/22/1986 - Laserfiche WebLink

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April 22, 1986 financing the acquisition, renovation and equipping of an office and commercial facility to be located at 601-603 Effingham Street in the City of Portsmouth, Virginia (the "Facility"), and has held a public hearing thereon on March 12, 1986; and WHEREAS, IDA has requested City Council to approve the issuance of the Bonds to comply with the applicable federal and state law, and a copy of IDA's resolution approving the issu- ance of the Bonds subject to the terms and conditions contained therein and the appropriate' certifications and documentations, including, without limitation, a reasonably detailed sum- mary o~ the-comments expressed at the public hearing and a fiscal impact statement have been provided to the City Council for their consideration~ and WHEREAS, the City Council acknowledges that the adoption of this resolution does not con- stitute an allocation of the City's 1986 local Industrial Development Revenue Bond allocation or any portion thereof. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance of Industrial Development Revenue Bonds by IDA for the "Company in an amount not to exceed Six Hundred Fifteen Thousand Dollars ($615,000) to assist in financing the acquisition, rehabilitation and equipping of the "Facility". BE IT FURTHER RESOLVED that the adoption of this resolution does not constitute an endorsement of the Bonds, financial viability of the "Facility" or the credit worthiness of the "Company", but the Bonds shall provide that neither the Commonwealth of Virginia, City of Portsmouth, nor IDA shall be obligated to pay the Bonds or the interest thereon or the costs incident thereto except from the revenues and monies pledged therefor, and neither the faith nor the credit of the taxing power of the Commonwealth, the City nor IDA shall be pledged thereto. This resolution shall take effect immediately upon its adoption." ~ ~ Ayes: Eeamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley Nays: None 8.6~,.12~2 Letter from the City Manager recommending adoption of a motion endorsing Ports~ mouth's Enterprise Zone in 1985 and authorizing the City Manager to transmit the report to the Virginia Department of Housing and Community Development. "Attached for your review is the annual report on activity in Portsmouth's Enterprise Zone. Also attached is an endorsement of the report by the Enterprise Zone Advisory~ Committee As the report indicates, the value of taxable building permit activity in, the Zone totall 7.7 m~llion, a 67% increase over 1984 values and a 779% increase over the building permit value in 1983 prior to initiation of the Enterprise Zone program. New Zone business and velopment initiated during 1985 will bring an estimated 313 jobs to the Zone. I believe that the second year of the program was a tremendouS success and I. recommend that City Council adopt a motion endorsing the report for transmittal to the Virginia Depart- ment of Housing Services and Community Development." Motion of Mr. Beamer and seconded by Mrs. Lucas, to endorse the Portsmouth's Enterprise Zone in 1985, and that authorization be granted to transmit the report to the Virginia Depart- ment of Housing and Community Development, as requested, and was adopted by unanimous vote. NEW BUSINESS 86-123 ~ Richard Slepin, 5228 Lake Circle, spoke concerning $5:~00 fee charged for re~ S~mictedlparkingrand:~equested that consideration be given to providing the citizens adequate parking in the downtown area. Motion of Mr. Whitlow and seconded by Mrs. Webb, that the matter be referred to the City Manager and City Attorney, and a report be furnished, and was adopted by unanimous vote. 86-124 Brewer Moore, 308 Bobby Jones Drive, spoke regarding Citg retirement. Motion of Mr. Gray and seconded by Mrs. Lucas, that the matter be referred to the City Manager and a report be furnished, and was adopted by unanimous vote. 86-125 - Oounei!man Beamer spoke with concern regarding signs placed by candidates for Council election on City property and asked for a clarification of the law on this matter. The matter was referred to the City Manager and a report be furnished. 86-126 Councilman Corprew requested that the City Manager look into the trains crossin Turnpike Road and Frederick Boulevard that are exceeding the 5 minute time limit. 86-127 - Vice Mayor Webb spoke with concern about the problem of teenage alochol and drug use in the city and requested that the City Manager research the need for a Youth Bureau 86-128 Councilwoman Lucas inquired about the bingo permit requested by Kermit Foster. The City Attorney responded on the matter. ~d