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<br />October 8, 1985
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<br /> This 1S,000 squa:e feet neighborhood shopping center would contain 8 retail stores
<br />servicing the Cavalier Manor area. As indicated on the enclosed Development Summary, this
<br />project is expected to generate in excess of $23,000 in local, annual tax revenues, and to
<br />create 30 new jobs in the City of Portsmouth. In addition, the developer of this Frojecz has
<br />agreed to provide the IDA with the right of site plan review. This review will include both
<br />exterior building materials and landscaping plans.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />approval.'
<br />
<br /> Robert L. Baker, 1520 CArson Crescent E, spoke in opposition of the project, and stated
<br />that the citiznes ~n the area had not been consulted regarding the development, and requested
<br />deferral until the matter can be discussed with community and Mr. Graham, Representative of
<br />Cavalier Greenwood Associates.
<br />
<br /> Motion of Mrs. Lucas and seconded by Mr. Corprew, to suspend the rules for Mr. Baker
<br />to speak again, and was adopted by unanimous vote.
<br />
<br /> Mr. Baker asked for support zo help the minorities to implement a plan to be involved in
<br />the development,'of £ity projeets.
<br />
<br /> Barry W. Hunter, Attorney, Kaufman & Canoles, representing Cavalier Greenwood Associates.
<br />stated he did not think Mr. Baker's comments were directed to the project on the bcnd issue,
<br />but that the'minorities be involved in the project.
<br />
<br /> Miss Geraldine Holmes, 1417 Mt. Vernon Avenue, spoke in opposition of the development
<br />and requested that Council take another look in the matter.
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Gray, the following resolution was adoFted,
<br />and by the following vote:
<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 />CAVALIER GREENWOOD ASSOCIATES IN AN AMOUNT NOT TO EXCEED $750,000 FOR THE ACQUISI-
<br />TION, CONSTRUCTION AND EQUIPPING OF A RETAIL SHOPPING CENTER ON GREENWOOD DIRVE
<br />NEAR ITS INTERSECTION WITH CAVALIER BOULEVARD IN THE CITY OF PORTSMOUTH, VIRGINIA,
<br />AND REQUESTING AN ALLOCATION FROM THE STATE RESERVE FOR THE BENEFIT OF CAVALIER
<br />GREENWOOD ASSOCIATES.
<br />
<br /> WHEREAS, the Industrial Development Authority of the CitT of Portsmouth, Virginia (IDA)
<br />has been authorized to advertise and hold public hearings relative to the issuance of Industr
<br />Development Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of Cavalier Greenwood Associates, a
<br />Virgxn~a partnership (the "Company") whose address is 510 United Virginia Bank Building, 5
<br />Main Plaza East, Norfolk, Virginia, for the issuanze by IDA of Industrial Development Revenue
<br />Bonds in an amount not to exceed Seven Hundred Fifty Thousand Dollars ($750,000) to assist
<br />in financing the acquisition, construction and equipping of a retail shopping center facility
<br />(the "Facility") containing up to fifteen thousand (15,000) square feet of space to be located
<br />on a parcel of land situated on the southern side of Greenwood Drive approximately one hundred
<br />fifty (150) feet west of the intersection of Greenwood Drive and Cavalier Boulevard in Ports-
<br />mouth, Virginia, and to be owned or managed by the "Company", and has held a public hearing
<br />thereon on October 3, 1985: and
<br />
<br /> WHEREAS, IDA has requested City Council to approve the issuance of the Bonds to comply
<br />with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of IDA's resolution approving the issuance of the Bonds subject to the
<br />terms and conditions contained therein and the appropriate certifications and documentations,
<br />including, without limitation, a reasonably detailed summary of the comments expressed at the
<br />public hearing and a fiscal impact statement have been provided to the City Council for their
<br />consideration: and
<br />
<br /> WHEREAS, the City of Portsmouth has allocated its entire local allocation ~mposed pursuan
<br />~o Executive Order No. 54(85] issued by the Governor of Virginia on January 23, 1985 pursuant
<br />to the authority vested in him in the Deficit Reduction Act of 1984 (the "Executive Order").
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />approves the foregoing recitals which are incorporated in, and deemed a part of, this resolutJ
<br />as if fully set forth herein and approves the issuance of Industrial Development Revenue Bonds
<br />by IDA for the "Company" in an amount not to exceed Seven Hundred Fifty Thousand Dollars
<br />($750,000) ~o assist in financing the acquisition, construction and equipping of the "Facility
<br />and requests an allocation from the State Reserve as provided for in the "Executive Order" in
<br />an amount not ~o exceed Seven Hundred Fifty Thousand Dollars ($650,000) for the benefit of the
<br />"Company", and that the City Manager be, and he hereby is, authorized zo submit an application
<br />with uhe Allocation Administrator to request an allocation from the State Reserve and execute
<br />any documents as may be required thereby.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the Bonds, as required by
<br />the applicable federal and state law, dces not constitute an endorsement of the Bonds, financi
<br />viability of the "Facility" or the credit worthiness of th "Company" but, as required by
<br />~15.1-1380 of the Code of Virgxnxa, 1950, as amended, the Bonds shall provide that neither the
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