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December 10, 1985
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<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the Bonds as required by the
<br />applicable federal and state laws does not constitute an endorsement of the Bonds, financial
<br />viability of the "Facility" or the credit worthiness of the "Company" but, as required by the
<br />applicable provisions of the Code of Virginia the Bonds shall provide that neither the
<br />Commonwealth of Virginia, City of Portsmouth nor IDA shall be obligated to pay the Bonds or
<br />the interest thereon or other costs incident thereto except from the revenues and monies
<br />pledged therefor, and neither the faith or credit of the t~xing power of the Commonwealth,
<br />the City nor the IDA shall be pledged thereto.
<br />
<br />this resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-399 - Letter from the City Manager recommending adoption of a resolution authorizing
<br />the issuance of Industrial Revenue Bonds in the amount of $450,000 for the benefit of P. H.
<br />Boyette, Jr. and Company, Inc., for the accuisition, renovation and expansion of a retail
<br />shopping facility located at the southwest corner of Tyre Neck Road and Churchland Boulevard.
<br />
<br /> "On November 14, 1985, the Industrial Development Authority of the City of Pornsmouth
<br />held a public hearing and approved an Industrial Revenue Bond Inducement Resolution in the
<br />amount of $450,000 for the benefit of P. H. Boyette, Jr. and Company, Inc. These bonds
<br />would be used for the acquisition, renovation and expansion of a retail shopping facility
<br />located at the southwest corner o£ Tyre Neck Road and Churchland Boulevard.
<br />
<br /> This project will consist of the upgrading of the existing shopping center consisting of
<br />five (5) retail~shops and the construction of one additional shop.
<br />
<br /> As indicated on the enclosed Development Summary, this project is expected to generate
<br />in excess of $21,000 in local, annual tax revenues and to create 18 new ~cbs in the City of
<br />Portsmouth.
<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 R~serve 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 project is being submitted to the City Council
<br />at this time. At such time as State Reserve requests can be submitted by the City of Portsmo~
<br />in 1986, such action will be recommended by the Industrial Development Authority based on thi
<br />project's Priority 2 status under the City's local bond allocation policy.
<br />
<br /> The attached resolution has been approved by
<br />approval."
<br />
<br /> On motion of Mrs. Webb and seconded by Mrs.
<br />and by the £ollowing vote:
<br />
<br /> the City Attorney, and I recommend its
<br />
<br />Lucas, the following resolution was adopted,
<br />
<br />"K RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR P.
<br />H. BOYETTE, JR. ~ COMPANY, INC, IN AN AMOUNT NOT TO EXCEED $450,000 FOR THE
<br />CONSTRUCTION AND EQUIPPING OF A SHOPPING CENTER LOCATED AT THE SOUTHWEST CORNER
<br />OF TYRE NECK ROAD AND CHURCHLAND BOULEVARD 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 issuance of Industri
<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 ~ot to exceed Four Hundred Fifty thousand Dollars ($450,000) to assist the "Company"
<br />in financing the acqumslt~on and renovation of, and the construction and equipping of an
<br />addition to a shopping center consisting of Five (51 shops located at the southwest corner
<br />of Tyre Neck Road and Churchland Boulevard in the City of Portsmouth, Virginia (the "Facility
<br />and has held a public hearing thereon 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, subject to
<br />the terms and conditions contained therein, and the appro[riate certifications and documenta-
<br />tions have been provided to the City Council for their consideration; and
<br />
<br /> WHEREAS, the Ccuncil of the City of Portsmouth, Virginia acknowledges that the City of
<br />Portsmouth has exhausted its 1985 local Industrial Development Revenue Bond allocation pur-
<br />suant to Executive Order No. 54(85) issued by the Governor of Virginia on January 23, 1985
<br />pursuant to the authority vested in him mn the Deficit Reduction 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 Eund and that, therefore, the adoption of this resolution
<br />does not constitute a present or future allocation of the City's local bond allocarion or any
<br />portion of the State Reserve at this time.
<br />
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