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March 25, 1986
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<br /> WHEREAS, these park ffacilities border tributaries of the Chesapeake Bay and the cleanup
<br />of the area will clean up beach debris and trash and remove a blighting influence on our City.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth that the Council
<br />does hereby endorse the application to be submitted for a Chesapeake Bay Youth Conservation
<br />Corps Grant for Eighteen Thousand, Nine Hundred Fifty Dollars ($18,950) to fund twelve (12)
<br />students to clean up beach debris and trash along the waterways around City Park and Portsmout~
<br />Sleepy Hole Park and gives its assurances that the general provisions of the applicable State
<br />regulations governing the expenditure of these funds will be complied within the Administratio~
<br />of the project.
<br />
<br /> BE I7 FURTHER RESOLVED that the City Manager ~e, and he hereby is, authorized to file
<br />said application for the Grant certifying compliance by the City of Portsmouth with the appro-
<br />priate regulations governing the administration and use of funds.
<br />
<br />Ayes: Beamer, Corprew, 5ray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 86-92 Letter from the City Manager recommending adoption of a resolution for the issuan¢
<br />o£ $649,520 in Industrial Revenue Bonds for the benefit of Juan S. Crofton, et al, involving
<br />the purchase and improvement of 6.96 acres of land along Scott's Creek.
<br />
<br /> "On January 9, 1986, the Portsmouth Port and Industrial Commission (PPIC) passed an
<br />Industrial Revenue Bond Inducement Resolution in the amount of $649,520 for the benefit of
<br />S. Crofton, Robert E. Crofton, Kenneth S. Crofton, and Camille Gobrecht, A/K/A Camille B. Crof~
<br />or any partnership formed by them. The City Council passed a resolution on Janhary 28, 1986,
<br />which provided the required local governing body approval for this project, which involves the
<br />purchase and improvement of 6.96 acres of land along Scott's Creek.
<br />
<br /> Subsequently, the City of Portsmouth received a local Industrial Revenue Bond allocation
<br />from the Commonwealth of Virginia in the amount of ~8,092,500, for calendar year 1986.
<br />
<br /> Juan S. Crofton, Robert E. Crofton, Kenneth S.
<br />quently formed the CF Partnership and have received
<br />for the purchase of these bonds.
<br />
<br />Crofton, and Camille Gobrecht have subse-
<br />a commitment from Heritage Bank and Trust
<br />
<br /> On March 12, 1986, PPIC passed a resolution which recommends the allocation of $649,520
<br />from the City's 1986 bond allocation to the CF Partnership for this project which involves
<br />the development of a commercial diving, underwater survey, and marine construction and repair
<br />business.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> Arden Pfeiffer, 100 Culpepper Road, representing Joint Waterfront Committee~Shea Terrace,
<br />West Park View, and Park View], asked t~at the residents of the areas mentioned 6e advised of
<br />the plans of the applicant for the Industrial Revenue Bonds.
<br />
<br /> Motion of Mr. Whitlow and seconded by Mr. Beamer, to suspend the rules for representative
<br />of Juan S. Crofton, et al, to speake, and was adopted by unanimous vote.
<br />
<br /> Ray King, of Vandeventer, Black, Meredith 8 Martin, Bond Counsel representing the
<br />applicant, spoke concerning the back ground and progress of the project.
<br />
<br /> Juan S. Crofton,1008 Granada Court, Virginia Beach, applicant, stated the nature of their
<br />business and plans ~n moving to Portsmouth.
<br />
<br /> Motion of Mrs. Webb and Seconded by Mr. Beamer, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION CONFI~4ING THE APPROVAL OF THE ISSUANCE OF INDUSTRIAL DEVELOPMENT
<br />REVENUE BONDS BY THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION FOR THE BENEFIT OF
<br />JUAN S. CROFTON, ROBERT E. CROFTON, KENNETH J. CROFTON AND CAMILLE GOBRECHT, A/K/A
<br />CAMILLE B. CROETON IN AN ~MOUNT NOT TO EXCEED $649,520 FOR A WAREHOUSE FACILITY
<br />AT PINNERS POINT IN THE CITY OF PORTSMOUTH, VIRGINIA, ADJACENT TO AND SOUTHWEST
<br />OF THE PROPERTY DESIGNATED AS 2 HARPER ROAD, PORTSMOUTH, VIRGINIA, AND ALLOCATING
<br />A PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY BONDS.
<br />
<br /> WHEREAS, Portsmouth Port and Industri~[ Commission (PPIC) has been authorized by the
<br />CounciI of the City of Portsmouth, Virgmnia, to advertise and hold public hearings relative
<br />to the issuance of Industrical Development Revenue Bonds; and
<br />
<br /> WHEREAS, PPIC had considered the application o£ Juan S. Crofton, Robert E. Crofton,
<br />Kenneth J. Crofton and Camille B. Gobrecht, a/k/a Camille B. Crofton, or a partnership
<br />or other entity to be formed by them in which they would own one hundred per cent (100%),
<br />(the "Company") for the issuance of Industrical Development Revenue Bonds ~n an amount not
<br />to exceed Six Hundred Forty-Nine Thousand, Five Hundred Twent) Dollars ($649,520) to assist
<br />in the financing of the acquisition, construction, and equipping of an approximately 8,400
<br />square foot fabrication and warehouse facility and back-up facilities (the '~Project") to be
<br />located at Pinners Point in Portsmouth, Virginiae~nproperty adjacent to and southwest of the
<br />property described as 2 Harper Road, Portsmouth, Virginia, and held a public hharing thereon
<br />on January 9, 1986; and
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