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October 8, 1985
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<br />City Council's approval of same. The necessary documentation, including the Fiscal Impact
<br />Statement for the project is enclosed for your information. With this proposal I am requestin
<br />that the developers meet with Planning staff to ensure adec_uate landscaping, signage, circu-~
<br />lation and general maintenance of the buildimgs and parking areas. As I have stated on numer-
<br />ous occasions, the City has not participated in the 'regional growth' as ~t relates to retaiI
<br />sales and Churchland is a target area we should emphasize. With the proper emphasis, Church-
<br />land Shopping can be a major draw for Portsmouth.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Lucas, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELPPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA
<br />FOR CHURCHLAND SHOPPING CENTER ASSOCIATES IN AN AMOUNT NOT 50 EXCEED $6,100,O00 FOR
<br />THE ACQUISITION/RENOVATION OF AN EXISTING SHOPPING CENTER AND THE CONSTRUCTION OF
<br />ADDITION RETAIl SPACE AT THE NORTHWEST INTERSECTION OF CHURCMLAND BOULEVARD AND
<br />STAMFORD ROAD IN THE CITY OF PORTSMOUTH, VIRGINIA, AND REpUESTING AN ALLOCATION
<br />FROM THE STATE RESERVE FOR THE BENEFIT OF CHURCHLAND SHOPPING CENTER ASSOCIATES.
<br />
<br /> WHEREAS, the
<br />advertise and hold
<br />Bonds; and
<br />
<br />Portsmouth Redevelopment &
<br />public hearings relative
<br />
<br />Housing Authority (PRHA) has been authorized ~o
<br />to the issuance of Industrial Development Revenue
<br />
<br /> WHEREAS, the PRHA has considered the application of Churchland Center Shopping Associates
<br />a Virginia General Partnership (the "Company") for the issance by PRHA of Industrial Develop-
<br />ment Revenue Bonds in an amount not to exceed Six Million, One Hundred Thousand Dollars
<br />($6,100,000) to assist the "Company" in acquisition renovation of an existing shopping center
<br />(140,000 square feet) and the construction of 40,000 square feet in additional retail space
<br />in a commercial project located at the northwest intersection of Churchland Boulevard and
<br />Stamford Road in the City of Portsmouth, Virginia .~the "Facility:i, and has held a public hear
<br />lng thereon on September 24, 1985; and
<br />
<br /> WHEREAS, PRHA 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 PRHA'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, Virginia has allocated its entire local allocation
<br />imposed pursuant to ~xecutive Order No. 54(8S) issued by the Governor of Virginia on January
<br />23, 1985 pursuant to the authority vested in him in the Deficit Reduction Act of 1984 (the
<br />"Executive Order").
<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 PRHA for the "Company" in an
<br />amount not to exceed Six Million, One Hundred Thousand Dollars ($6,100,000) to assist in the
<br />acquisition/renovation and additional construction for the "Facility" and requests an allocati,
<br />from the State Reserve as provided for in the "Executive Order" in an amount not to exceed
<br />Six Million, One Hundred Thousant Dollars ($6,100,000) for the benefit of the "Company", and
<br />that the City Manager be, and he hereby is, authorized to submit an application with the
<br />Allocation Administrator to request an allocation from the State Reserve and execute any
<br />documents as may be required thereby.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the Bonds as required by the
<br />applicable federal and state law does not constitute an endorsement of the Bonds, financial
<br />viability of the "Facility" or the credit worthiness of the "Company", but the Bonds shall
<br />provide that neither the Commonwealth of Virginia, the City of Portsmouth, nor the PRHA shall
<br />be obligated to pay the Bonds or the interest thereon or the costs incident thereto except
<br />from the revenues and monies pledged therefor, and neither the faith nor the credit of the
<br />taxing power of the Commonwealth, the City nor PRHA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Holley
<br />Nays: None
<br />
<br /> 85-306 Letter from the City Manager recommending adoption of a resolution authorizing
<br />the issuance of Indistrial Revenue Bonds in the amount of $7S0,000 for the benefit of Cavalier
<br />Greenwood Associates for land acquiBition and contruction of a retail strip shopping center
<br />at Greenwood Drive and Cavalier Boulevard.
<br />
<br /> "On October 3, 1985, the Industrial Development Authority of the City of Portsmouth held
<br />a public hearing and approved an Industrial Revenue Bonds Inducement Resolution in the amount
<br />of $750,000 for the benefit of Cavalier G~eenwood Associates. These bonds would be used for
<br />land acquisition and construction of a retail strip shopping center at Greenwood Drive and
<br />Cavalier Boulevard as indicated on the attached map.
<br />
<br /> This project wili.r~equire funding from the State Industrial Revenue Bond Reserve Fund.
<br />The deadline for submission of applications to the State Reserve is October 16, 1985.
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