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October 1. 1985
<br />
<br /> On motion of Mr. Beamer and seconded by Mr. Corprew, the £ollowzng resolution was adopted
<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 P ·
<br /> ORTSMOUTH, VIRGINIA, FOR
<br />P. H. BOYETTE, JR. & COMPANY, INCORPORATED IN AN AMOUNT NOT TO EXCEED $500,000
<br />FOR FINANSING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF AN APPROXIMATELY
<br />8,000 SQUARE FOOT OFFICE BUILDING LOCATED IN THE 3300 BLOCK OF TYRE NECT ROAD
<br />IN THE CITY OF PORTSMOUTH, VIRGINIA, ALLOCATING A PORTION OF THE STATE CEILING
<br />ON PRIVATE ACTIVITY BONDS FOR THE BENEFIT OF P. H. BOYETTE, JR. & COMPANY,
<br />INCORPORATED AND REQUESTING AN ALLOCATION FROM THE STATE RESERVE FOR THE BENEFIT
<br />OF P. H. BOYETTE, JR. & COMPANY, INCORPORATED.
<br />
<br />has
<br />DevelBpme~pme~nRevg~ndsBol~:
<br />
<br />WHEREAS, the Industrial Development Authority of the
<br />been authorized to advertise and hold public hearings
<br />
<br />City of Portsmouth, Virginia, (IDA)
<br />relative to the issuance of Industri
<br />
<br /> WHEREAS, the IDA has considered the application of P. H. Boyette, Jr. 8 Company, Incor-
<br />porated, a Virginia Corporation, (the "Company") fo~ the iss'uance by IDA of Industrial Develo
<br />ment Revenue Bonds in an amount not to exceed FiFe Hundred Thousand Dollars ($500,000) to
<br />assist the "Company" in financing the acquisition, construction and equipping of an approxi-
<br />mately 8,000 square foot office building located in the 3300 block of Tyre Neck Road in the
<br />City of portsmouth, Virginia (the "Facility") and has held a public hearing thereon on Sep-
<br />tember 12, 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 la~: and
<br />
<br /> WHEREAS, a copy of IDA's resolution approving qhe issuance of the Bonds, subject to the
<br />terms and conditions contained therein and the apprQpriate certifications and documentations
<br />required by the applicable federal and state laws have been provided to the City Council for
<br />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 IDA for the "CompanF" in an
<br />amount not to exceed Five Hundred Thousand ($500,000) to assist in financing the acquisition
<br />construction and equipping of the "Facility" an~ t~ ~, '
<br /> · , ............ in of Five Hundred Thousar~t Doll
<br />($S00,000) of the Czty s limit imposed pursuant to E~ecutive Order No. S4(85) issued by the
<br />Governor of Virginia on January 23, 198S pursuant to the authority vested in him in the Defici
<br />Reduction Act of 1984 (the "Executive Order") to IDA in order to cover the issuance by IDA of
<br />Five Hundred Thousand Dollars ($S00,000) Industrial Development Revenue Bonds for the benefit
<br />of the 'Company"; provided, however, if the Bonds are not issued on or before October 16,
<br />such allocation for the benefit of the "Company" sha%l expire unless su=h expiration date ~s
<br />extended by resolution of this Council.
<br />
<br /> BE IT FURTHER RESOLVED that should the allocation expire as provided for herein, then the
<br />Council of the City of.Portsmouth, Virginia, request~ an allocation from the State Reserve as
<br />provided for in the "Executive Order" in an amount nSt to exceed Five Hundred Thousand Dollars
<br />(${~0,900~ for t~e benefit 9f the "Company", and tha~ the City Manager be, and here hereby is,
<br />au~normzed to susmit an app±ication with the Allocation Adminstrator to request an allocation
<br />from the State Reserve and to execute any documents ~s may be required thereby.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuancs 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
<br />Section 15.1-1380 of the Code of Virginma, 1950, as amended, the Bonds shall provide that
<br />neither the Commonwealth of Virginia, City of Portsmouth, nor IDJ shali be obligated to pay
<br />the Bonds or the interest thereon or the costs incident thereto except from the revenues and
<br />monies pledged therefor, and neither the faith nor credit of the taxing power of the Common-
<br />wealth, the City nor IDA shall be pledged thereto.
<br />
<br /> This resolution shall take effact immediately upon its adoption."
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 85-286 Letter from the City Manager recommending adoption of a resolution to issue
<br />$550,000 in Industrial Development Revenue Bonds for the benefit of P. H. Boyette, Jr. g
<br />Co., Inc., to assist in the cost of acquiring, rehabilitating and equipping an approximate
<br />24-unit rental apartme~t project located in the 3700 block of Turnpike Road in the City of
<br />Portsmouth.
<br />
<br /> "The Portsmouth Redevelopmenn and Housmng Authority held a public hearing to consider the
<br />issuance of Industrial Development Revenue Bonds for P. H~ Bcyette, Jr. and Company, Inc.,
<br />a Virginia Corporation, in an amount not to exceed $SS0,000 for assistance in financing a por-
<br />tion of the cost of acquiring, constructing and equipping of an office building in the City of
<br />Portsmouth, Virginia.
<br />
<br /> The Portsmouth Redevelopment and Housing Authority adopted a Resolution of Intent to
<br />issue the Bonds, and in accordance with the applicable State and FederaI law, has requested
<br />City Council's approval of same. The necessary documentation, including the Fiscal Impact
<br />Stazement for the project, is enclosed for your information.
<br />
<br /> The attacheR resolution has been prepared by the City Attorney, and I recommend its
<br />approval.
<br />
<br />
<br />
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