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December 10, 1985
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<br /> BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, authorized to sign
<br />such deeds and other documents as may be necessary to complete this transaction."
<br />
<br />Ayes: Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-398 Letter from
<br />the issuance of Industrial
<br />Boyette, Jr. and Company,
<br />warehouse facility on the
<br />Godwin Street.
<br />
<br />the City Manager recommending adoption of a resolution authorizing
<br />Revenue Bonds in the amount of $350,000 for the benefit of P. H.
<br />Inc., for the acquisition and construction of an eight-unit office/
<br />south side of the 1400 block of London Boulevard immediately west of
<br />
<br /> "On November 14, 1985, the Industrial Development Authority of the City of Portsmouth
<br />held a public hearing and approved an In4B&tria] Revenue Bond Inducement Resolution in the
<br />amount of $350,000 for the benefit of P.. H. Boyette, Jr. and Company, Inc. These bonds would
<br />be used for land acquisition and construction of an eight-unit office/warehouse facility on
<br />the south side of the 1400 block of London Boulevard, immediately west of Godwin Street. This
<br />project would be located in the City's Urban Enterprise Zone.
<br />
<br /> this project will consist of eight units mn one building for rent ~o small businesses.
<br />Each unit will contain a small office with a large storage area. This projec~ will be subject
<br />to D-1 Committee design approval.
<br />
<br /> As indicated on the enclosed Development Summary, this project is expected to generate in
<br />excess of $7,500 in local, annual tax revenues and to create 32 new jobs zn the City of Ports-
<br />mouth.
<br />
<br /> The City of Portsmouth has exhausted its 1985 local Industrial Revenue Bond allocation,
<br />and the deadline has passed for the 1985 submission of applications to the State Industrial
<br />Revenue Bond Reserve fund. Therefore, this project cannot be recommended for either a local
<br />bond allocation or submission to the State Reserve at this time. However, because State law
<br />requires local governing body approval within 60 days of approval of an inducement resolution
<br />by the Industrial Development Authority, this Froject is being submitted to the City Counsil
<br />at this time. At such time as local bond allocation funds are made available to the City of
<br />Portsmouth in 1986, an allocation recommendation will be made by the Industrial Development
<br />Authority based on this project's Priority 1 status under the City's local bond allocation
<br />policy.
<br />
<br /> The attached resoIution has been prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> On motzon af Mrs. Webb and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following vo~e:
<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 />P. H. BOYETTE, JR. g COMPANY, INC. IN AN AMOUNT NOT TO EXCEED $350,000 FOR LAND
<br />ACQUISITION AND CONSTRUCTION OF AN EIGHT ~8) UNIT OFFICE~WAREHOUSE FACILITY ON
<br />THE SOUTH SIDE OF THE 1400 BLOCK OF LONDON BOULEVARD I~MEDIATELY WEST OF GODWIN
<br />STREET IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA)
<br />has been authorized to advertise and hold public hearing relative to the ~ssuance of Industria
<br />Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of P. H. Boyette, Jr. & Company, Incor-
<br />porated (the "Company") for the issuance by IDA of Industrial Development Revenue Bonds in an
<br />amount not to exceed Three Hundred Fifty Thousand Dollars [$350,000) to assist the "Company"
<br />in financing the acquisition, construction and equipping of an approximately ten thousand
<br />square foot (10,000) office, warehouse consisting of eight (8) units and one (1) building
<br />located on the south side of the 1400 block of london Boulevard in the City of Portsmouth,
<br />Virginia (the "Facility"), and has held a public hearing hereon on November 14, 1985; and
<br />
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the Bonds to
<br />comply with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of the IDA's resolution approving the issuance of the Bonds,
<br />the terms and ccnditions contained therein, and the appropriate certifications and
<br />tions have been provided to the City Council for their consideration; and
<br />
<br />subject to
<br />documenta-
<br />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia acknowledges that the City of
<br />Portsmouth has exhausted its 1985 local Industrial Development Revenue Bond allocation
<br />pursuant ro Executive Order 54185 issued by the Go'.~er¢o[~..9[ Virginia on January 23, 1985
<br />pursuant to the authority vested in'him in the Defici~ R&dudtion Act of 1985 (the ~Executive
<br />Order") and that the deadline has passed for the 1985 submission of application to the State
<br />Industrial Revenue Bond REserve resolution does not constitute a nresenr or furture allocation
<br />of the City's local bond allocation or any portion of the State REserve at this time.
<br /> NOW, THEREFORE, BE IT RESCLVED that the Council of the City of Portsmouth, Virginia,
<br />approves the issuance of Industrial Development Revenue Bonds by IDA for the "Company" in an
<br />amount not to exceed Three Hundred Fifty Thousand Dollars ($350,000) to assist in the acquisi
<br />tion, construction and equipFing of the "Facility".
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<br />
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