Minutes 11/12/1986 - Laserfiche WebLink

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188 November 12, 1985 WHEREAS, the IDA has considered the application of Crawford Office Associates, a Virginia General Partnership, (the "Company") for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed One Million, Nine Hundred Thousand Dollars 151,900,000) to assist the "Company" in acquiring, constructing and equipping of an office building consisting of forty thousand (40,000) .square feet located on the southwest corner of High and Crawford Streets in the City of Portsmouth, Virginia (the "Facility"i and has held public hearings thereon on May 9, 1985 and November 8, 1985; and WHEREAS, the IDA has requested City Council to approve the issuance of the Bonds to compl with the applicable federal and state law: and WHEREAS, a copy of IDA's resolution approving the issuance of the Bonds, subject to the terms and conditions contained therein, and the appropriate certifications and documentations have been provided to the City Council £or their consideration; and WHEREAS, the Council of the City of Portsmouth adopted a resolution approving the issuanc of Industrial Development Revenue Bonds by IDA for the "Company" for the purpese of compliance with ~103 (kl of the Internal Revenue Code, 1954, as amended, and requested an allocation from the State Reserve for the benefit of the "Company" on August i3, 1985; and WHEREAS, §15.1-1378.1 of the Code of Virginia, 1950, as amended, requires further con- sideration by this Council of this Bond issue within s~xty (60) calendar days from an addition al public hearing held by the IDA on November 8, 1985; and WHEREAS, the City of Portsmouth has allocated its entire local allocation pursuant to Executive Order No. 54(85) issued by the Governor of Virginia on January 23, 1985 pursuant to the authority vested in him in the Deficit Reduction Act of 1985 (the "Executive Order"), and the City Manager has submitted an application with the Allocation Administrator requesting an allocation from the State Reserve as defined in the "Executive Order" and an allocation of One Million, Nine Hundred Thousand Dollars [$1,900,000) has been received from the State Indus trial Revenue Bond Reserve on September 3, 1985. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by IDA for the "Company" in an amount not to exceed One Million, Nine Hundred Thousand Dollars ($1,900,000) to assist the "Compan)" in acquiring, constructing, and equipping the "Facility" and reiterates its request for an allocation from the State Reserve as provided for in the resolution adopted August 13, 19~5 ~n accordance with the "Executive Order" in an amount not to exceed One Million, Nine Hundred Thousand Dollars ($1,900,000) for the benefit of the "Company" and approves the sub- mission by the City Manager of an application with the Allocation Administrator to request an allocation from the State Reserve of One Million, Nine Hundred Thousand Dollars ($1,900,000) for the "Facility" and the execution of any documents as may be required thereby. BE IT FURTHER RESOLVED that the approval of the issance of the Bonds a required by the applicable federal and state laws does not constitute an endorsement of the Bonds, financial viability of the "Facility' or the credit worthiness of the "Company" and the Bonds shall pro- vide that neither the Commonwealth of Virginia, City of Portsmouth nor IDA shall be obligated to pay the Bonds or the interest thereon or the costs incident thereto except from the revenue and monies pledged therefor, and neither the faith or credit of the taxing power of the Com- monwealth, the City nor IDA shall be pledged thereto. This resolution shall take effect immediately upon its adoption." Ayes: Beamer, Corprew, Gray, Lucas, Nebb, Whitlow, Holley Nays: None 85-349 Letter from the City Manager ~ecommending adoption of a resolution authorizing the issuance of Industrial Development Revenue Bcnds in an amount not to exceed ~4,500,000 for the benefit of Independence Square Associates, a Virginia General Partnership, for the acquiring and construction of a multi-family residential rental housing project located on George Washington Highway just north ofthecChesapeake line. "The Portsmouth Redevelopment and Housing Authority held a public hearing to consider the issuance of Industrial Development Revenue Bonds for Independence Square Associates, a Virgini General Partnership, in an amount not to exceed $4,500,00~ to assist the Company in financmng a portion of the cost of acquiring and constructing a 152-unit, multi-family residential renta housing project located on George Washington Highway lust north of the Chesapeake City line. The Portsmouth Redevelopment and Housing Authority adopted a Resolution of Intent no issu the Bonds, and in accordance with the applicable State and Federal law, has requested City Council's approval of same. The necessary documentation, including the Fiscal Impact Sta~emen f~r the project is enclosed for your information. The attached resolution has been prepared by the City Attorney, and I recommend its approval." On motion of Mr. Beamer and seconded by Mrs. Lucas, the following resolution was adopted, and by the following vote: "A RESOLUTION APPROVING TH~ ISSUANCE OF INDUSFRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR INDEPENDENCE SQUARE ASSOCIATES IN AN AMOUNT NOT TO EXCEED $4,500,000 FOR A 152 UNIT MULTI-FAMILY R~SIDENTIAL RENTAL HOUSING PROJECT KNOWN AS INDEPENDENCE SQUARE APARTMENTS LOCATED ON GEORGE WASHINGTON HIGHWAY IN THE CITY OF PORTSMOUTH, VIRGINIA.