Minutes 10/01/1985 - Laserfiche WebLink

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147 October 1, 1985 WHEREAS, the Portsmouth Redevelopment & Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized ~o advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, PRHA has considered the application of H ~ H Associates, a Virginia General Partnership (the "Company"), for the issuance by PRHA of Industrial Development Revenue Bonds ~n an amount not to exceed One Million, Two hundred Thousand Dollars ($1,200,000) to assist the "Company" in acquiring, constructing, and equipping an office building ~o be owned by the 'Ccmpany" containing approximately 1~,000 square feet to be located in the 300 block of County Street, Portsmouth, Virginia., adjacent to and east of an office building located at 309 County Street, Portsmouth, Virginia, the "Facility", and has held public hearings thereon on June 11 1985 and September 10, 1985; and WHEREAS, the PRHA has requested City Council no approve the issuance of the Bonds to com- ply with the applicable federal and state daw; and WHEREAS, a copy of PRHA'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 ~o the City Council for their consideration; and WHEREAS, the Council of the City of Portsmouth adopted a resolution approving the issuanc of Industrial Development Revenue Bonds by PRHA for the "Company' for the purpose of complianc with Section 103 (k) of the Internal Revenue Code, 1D54, as amended, and requested an alloca- tion from the State Reserve for the benefit of the "Company" on August 27, 1985; and WHEREAS, Section 15.1-1378.1 of the Code of Virginia, 1950 as amended required further consideration by this Council of this Bond ' ' issue within sixty (60) calendar days from an addi- tional public hearing held by the PRHA on September 10, 1985; and WHEREAS, the City of Portsmouth has allocated its entire local allocation pursuant to Executive Order No. 54185) 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". NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by PRHA for the "Company" in an amounn not to exceed One Million, Two Hundred Thousand Dollars ($Z,200,000[ to assist the "Company" in acquiring, constructing and equipping the "F ' ' -" ac~l~t~ and reiterates its request for an allocation from the State Reserve as provided for in the Resolution adopted August 27, 1985 in accordance with the "Executive Order" in an amount not to exceed One Million, Two Hundred Thousand Dollars(S1,200,000) for the benefit of the "Company" and adopts the recitals made in the firs~ preamble to this Resolution as p~r~ of this Resolution, and approves the submission by the City Manager of an application w~t~ the Allocation Administmator to request an allocation from the State Reserve of One Million, Two Hundred Thousand Dollars ($1,200,000) for ~he "Facility" and the execution of any documents as may be required thereby. BE IT FURTHER RESOLVED that the approval of the issuance of the Bonds as required by the applicable federal and state laws does not constitute an endorsement of the Bonds, the finan- cial viability of the "Facility" or the credit worth~ness of the "Company" and the Bonds shall provide that neither the Commonwealth of Virgina, City of Portsmouth nor PRHA shall b~ obligat to pay the Bonds or the interest thereon or the costs incident thereto e~cept from'~e~revenues and monies pledged therefor, and neither the faith nor credit of the taxing power of the Commonwealth, the City nor PRHA shall be pledged thereto." Ayes: Beamer, Corprew, Gray, hucas, ~hitlow Holley Nays: None ' 85-258 Letter from the City Manager recommending adoption of a resolution to issue $2,$00:000 in Industrial Development Revenue Bonds for the benefit of Haysom Street Assouiates ~o assit in cost of acquiring, constructing and opera~ing a commercial project located on Portsmouth Boulevard at Haysom Street in the Hedges Manor section in the City of Portsmouth. "The Portsmouth Redevelopment and Housing Authority held a public hearing to consider the issance of Industrial Development Revenue Bonds £~r Haysom Street Associates, a Virginia Limited Partnership, ~n an amount not to exceed $2,500,000 for assistance in financing a porti of the cos~ of acquiring, constructing and equipping of an office building in the City of Portsmouth, Virginia. The Portsmouth Redevelopment and Housing Authority adopted a Resolution of Intent to issu the Bonds, and in accordance with the applicable State and Federal law, has requested City Council's approval of same. rhe necessary documentation, including the Fiscal ~mpact State- ment for the project, ~s enclosed for your in[ormation. The attached resolution has been prepared by the City Attorney, and I recommend its approval." "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMEN~ AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR HAYSOM STREET ASSOCIATES IN AN AMOUNT NOT TO EXCEED $2,500,000 FOR THE ACQUISITION, CONSTRUCTI3N AND EQUIPPING OF A COMMERCIAL SHOPPING CENTER LOCATED AT THE INTERSECTION OF HAYSOM STREET AND PORTSMOUTH BOULEVARD IN THE CItY OF PORTSMOUTH, VIRGINIA, ALLOCATING A PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY BONDS FOR THE BENEFIT OF HAYSOM STREET ASSOCIATES, AND REQUESTING AN Al- LOCATION FROM THE STATE RESERVE FOR THE BENEFIT OF HAYSOM STREET ASSOCIATES.