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244
<br />
<br />Janury 28~ 1986
<br />
<br /> WHEREAS, Section 2.09 (c) of the Charter of the City of Portsmouth, Virginia, provides
<br />that property may be conveyed to the Commonwealth of Virginia, or a political subdivision
<br />thereof, without advertisement and receipt of bids; and
<br />
<br /> WHEREAS, Portsmouth Redevelopment and Housing Authority is a political subdivision of
<br />the Commonwealth of Virginia; and
<br />
<br /> WHEREAS, Portsmouth Redevelopment and Housing Authority has agreed to pay the sum of
<br />$8,233.00 for said property.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the
<br />the City Manager be, and hereby is, authorized to convey
<br />Portsmouth Redevelopment and Housing Authority, to-wit:
<br />
<br /> City of Portsmouth, Virginia, that
<br />the hreinafter-described property to
<br />
<br /> ll1 that certain piece of parcel of land, situated, lying and being in the
<br />City of Portsmouth Virginia, bounded and described as follows:
<br />
<br /> Beginning at a point on the South Side of Ballard Avenue, said point 1S0
<br />feet east from the South Side of Ballard Avenue, said point 150 feet east from
<br />the south eastern intersection of Ballard Avenue and Laigh Road; thence south
<br />and parallel with Laigh Road 125 feet to a point; thence east and parallel with
<br />Ballard Avenue 200 feet to a Foint: thence north 25 feet: thence west and parallel
<br />with Ballard Avenue 75 feet to a Foiut; thence north and parallel with'Laigh Road
<br />100 feet to a point on the southern boundary of Ballard Avenue; thence along the
<br />southern boundary of Ballard Avenue in a westerly direction 125 feet to the point
<br />of beglnniny."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 86-37 Letter from the City Manager recommending adoption of a resolution to authorize
<br />the approval of an Industrial Revenue Bond Inducement Resolution mn the amount of $649,820 fo~
<br />the benefit of Juan S. Crofton, Robert E. Crofton, Kenneth S. Crofton and Camille C. Gobrecht.
<br />
<br /> "On January 9, 1986, the Portsmouth Port and Industrial Commission held a public hearing
<br />and approved an Industrial Revenue Bond Inducement Resolution in the amount of $649,520 for
<br />the benefit of Juan S. Crofton, Robert E. Crofton, Kenneth S. Crofton and Camille C. Go~recht
<br />a/k/a Camille B. Crofton. These bonds would be used to acquire land, construct and equip an
<br />approximately 8,400 square feet fabrication and warehouse facility on land to be purchased fro
<br />PPIC at Pinner's Point.
<br />
<br /> This facility is to be leased to Crofton Diving Corpcration, a commercial diving, under-
<br />water survey, and marine construction and repair business. As indicated on the enclosed
<br />Development Summary, this project ms expected to generate in excess of $37,000 in local, annua
<br />taxes and to create approximately 40 jobs mn the City of Portsmouth. PPIC will retain the
<br />right to review site and landscaping plans for this project.
<br />
<br /> As the City of Portsmouth has not yet received an Industrial Revenue Bond allocation for
<br />1986, no local bond allocation can be provided to this project at this time. However, local
<br />governing body approval is required within 60 days of passage of the Inducement Resolution.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> Jim Mathews, 248 Huntsman Road, Norfolk, representing the Crofton Diving Corporation
<br />was availabe to answer questions.
<br />
<br /> On motion of Mrs. Lucas 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 THE
<br /> PORTSMOUTH PORT AND INDUSTRIAL COMMISSION FOR THE BENEFIT OF JUAN S. CROFTON, ROBER?
<br /> E. CROFTON, KENNETH J. CROFTON, AND CAMILLE GOBRECHT, A/K/A CAMILLE B. CROFTON, IN
<br /> AN ~OUN7 NO7 TO EXCEED $649,520 FOR A WAREHOUSE FACILITY AT PINNERS POINT IN THE
<br /> CITY OF PORTSMOUTH, VIRGINIA, ADJACENT TO AND SOUTHWEST OF THE PROPERTY DESIGNATED
<br /> AS 2 HARPER ROAD, PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, Portsmouth Port and Industrial Commission (PPIC), has been authorized hy the
<br />Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative
<br />to the issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEREAS, the PPIC has considered the application and plan of financing of Juan S. Crofto~
<br />Robert E. Crofton, Kenneth J. Crofton, and Camille B. Gobrecht, AZK/A Camille B. Crofton, or
<br />partnership or other entity to be formed by them in which they would own one hundred percent
<br />interest (100%) (the"Company"), for the issuance of PPIC Industrial Development Revenue Bonds
<br />in an amount not to exceed Six Hundred Forty Nine Thousand, Five Hundred Twenty Dollars
<br />($649,520) ~o assist in the financing of the acquisition, construction, and equipping of an
<br />approximately 8,400 square feet fabricatmon and warehouse facility and backup facilities
<br />(the "Project"] to be located at Pinners Point in Portsmouth, Virginia on property adjacent
<br />to and southwest of the property described as 2 Har~er Road, Portsmouth, Virginia, and has
<br />held a public hearing thereon January 9, 1986; and
<br />
<br /> WHEREAS, the PPIC has requested City Council to approve the issuance of the Bonds to
<br />comply with the applicable federal and state laws: and
<br />
<br />
<br />
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