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190
<br />
<br />November 12, 1985
<br />
<br /> WHEREAS, the Portsmouth Redevelopment g Housing Authority of the City of Portsmouth,
<br />Virginia (PRHA) has been authorized by the Council of the City o£ Portsmouth, Virginia, to
<br />advertise and hold public hearings relative to the issuance of Industrial Development Revenue
<br />Bonds; and
<br />
<br /> WHEREAS, the PRHA has considered the application of Reubin Manning for the issuance by
<br />PRHA of Industrial Development Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code of
<br />Virginia, 1950, as amended, in a princmpal amount not to exceed Nine Hundred Thousand Dollars
<br />($900,000) to assist in acquiring, constructing and equipping two (2) multi-family residential
<br />housing projects in the City of Portsmouth, Virgmnia (the "Pro~ect"i , know as:
<br />
<br />1. The Manning Apartments, a four (4] unit project located at the northeast
<br /> intersection of Wall Street and Hansen Avenue (formerly Martin Street): and
<br />
<br />2. The Shirley Apartments, a twenty-eight (28) unit project located at the
<br /> northwest intersection of Benton Avenue and Deep Creek Boulevard; and
<br />
<br /> WHEREAS, the PRHA held a public hearing on the application for the "Project" on October
<br />22, 1985, and Reubin Manning (the "Company") has described to PRHA the benefits which the
<br />"Project" will bring to the Commonwealth of Virginia and to the City of Portsmouth, Virginia
<br />in that the project will provide housing for persons of low and moderate income and thereby
<br />promote the public purposes for which the PRHA was established; and
<br />
<br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the Bonds to comp
<br />wmth the applicable federal and state laws and a copy of PRHA's resolution approving the
<br />issuance of said Bonds, subject to the terms and conditions contained therein, and the appro-
<br />priate certifications and documentations required by the applicable federal and state laws
<br />have been provided to the City Council for its consideration.
<br />
<br /> NOW, tHEReFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />approves the issuance of Industrial Development Revenue Bonds by the PRHA for the "Company"
<br />in an amount not to exceed Nine Hundred Thousand Dollars ($900,000) to assist in financing
<br />a portion of the cost of acquiring, constructing and equipping of the "Project".
<br />
<br /> BK 17 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 "Project" 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 Com-
<br />monwealth of Virginia, City of Portsmouth or the PRHA shall be obligated to pay the Bonds or
<br />the interest thereon or other costs incident thereto except from the revenues and monies pledg
<br />therefor, and neither the faith or the credit of the taxing power of the Commonwealth, the
<br />City nor PRF~ shall be pledged thereto.
<br />
<br />This resolution shall take effect ~mmediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-351 Letter from the City Manager recommending adoption of a resolution for the
<br />submission of an application to HUD for a business development program.
<br />
<br /> "I was recently invited by Mr. Kenneth J.
<br />Department of Housing and Urban Development to
<br />ment program.
<br />
<br />Finlayson,
<br />submit an
<br />
<br />Regional Administrator of the U. S.
<br />application for a business develop-
<br />
<br /> The Small Busines Development System, developed by the Economics Department of the Bank
<br />of Boston, is directed specifically at successful identification of promising business oppor-
<br />tunities and the formation of small businesses within a targeted area. The Boston program is
<br />operated by the Ccuncil for Economic Action, Inc., and links together all of the key elements
<br />of successful business development: market opportunities, access to capital, and management
<br />training. The system is designed to produce 30 to 40 new busmnesses within 24 to 30 months
<br />after the program begins.
<br />
<br /> HUD is offering cities the opportunity to apply for grant funds to replicate the Boston
<br />Model Program. The program will be conducted over a two (2[ year period and will cost ~100,001
<br />of which 50~ will represent federal funds and 50% will be recuired as local match.
<br />
<br /> The business development program will produce the identification of 30 to 40 undersupplie~
<br />industries and existing firms with expansion needs in the area; a management ~rainine program
<br />flor new small and minority businesses; a networW of professionals to provide techn~ca~ assista~
<br />to the new busimesses; and at least 200 new jobs within the first two years.
<br />
<br /> the Small g Minority Buesiness Enterprise Comm~ittee has been examing a variety of busi-
<br />ness assistance programs and recommends developing the application for these funds.
<br />
<br /> I recommend your suppor~ for a resolut.ion authorizing the submission of an application
<br />to HHD for this business development program."
<br />
<br /> Raymond Turner, 526 Bunche Court, Chairman of Small Minority Enterprise, spoke in support
<br />of the resolution and requested its adoption.
<br />
<br /> On motion of Mr. Beamer and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />Y
<br />
<br />ce
<br />
<br />
<br />
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