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148
<br />
<br />October 1~ 1985
<br />
<br /> WHEREAS, the Portsmouth Redevelopment 8 Housing Authority of the City of Portsmouth,
<br />Virginia (PRHA) has been authorized to advertise and hold public hearings relative to the
<br />issuance of Industrial Development Revenue Bonds; and
<br /> WHEREAS, PRHA has considered the application of Haysom Street Associates, a Virginia
<br />General Partnership (the"ComEany"), for the issuance by PRHA of Industrial Development Revenue
<br />Bonds in an amount not to exceed Two b~illion Five Hundred Thousand ($2~,500,000) to assist the
<br />"Company" in financing a portion of the cost of acquiring, constructing and equipping a com-
<br />mercial project consisting of a commarcial shopping center to be located on a parcelof land
<br />at the intersection of Haysom Street and Portsmouth Boulevard in the City of Portsmouth,
<br />Virginia, (the "Facility"), and has held a public hearing thereon on September 10, 1985; and
<br /> WHEREAS, PRHA has requested City Council to approve the issuance of the Bonds to comply
<br /> with the applicable federal and state law; and
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of the Bonds, subject to the
<br /> terms and conditions contained therein, and the appropriate certifications and documentations
<br /> have been provided to the City Council for their consideration; and
<br /> WHEREAS, with the allocation of Seven Hundred Fifty-Two Thousand, Eight Hundred Dollars
<br /> ($?52,800) to the "Company", the City of Portsmouth Virginia would have allocated its entire
<br />
<br />local allocation.
<br />
<br /> NOW, THEREFORE, BE I% 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
<br />an amount not to exceed Two Million, Five Hundred Thousand Dollars ($2,500.,000) to assist the
<br />· 'Company" in financing a portion of the cost of acquiring, constructing and equipping of the
<br />"Facility" and the allocation of Seven Hundred Fifty-Two Thousand Eight Hundred Dollars
<br />(~752,800) of the City's limit imposed pursuant to Executive Order No. 54(85) issued by the
<br />Governor of Virginia on January 23, 1985 pursuant to the authority vested in him in the Defici
<br />Reduction ~ct of 1984 (the "Executive Order") to PRHA in or,er to cove the issuance by PRHA
<br />of the Seven Hundred Fifty-Two Thousand Eight Hundred Dollars ($752,800) Industrial Developmen
<br />Revenue Bonds for the benefit of the "Company"; provided, however, if the Bonds are non issued
<br />on or before October 16, 1985, such allocation for the benefit of the "Company" shall expire
<br />unless such period is extended by resolution of this Council.
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia, request an
<br />alt~zation from the State Reserve as provided for in the "Executive Order" in an amount not to
<br />exceed One Million Seven Hundred Forty-Seven Thousand, Two Hundred Dollars *$1,747,200) for th
<br />benefit of the "Company", and that the City Manager be, and he hereby is, authorized to sub-
<br />mit an allocation with the Allocation Administrator to request an allocation from the State
<br />Reserve and to execute any documents as may be recuired thereby.
<br /> BE IT FURTHER RESOLVED that the approval of the issuance 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 Virginia, 1950, as amended, the Bonds shall provide that
<br /> neither the Commonwealth of Virginia, City of Portsmouth, nor PRHA shall 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 PRHA shall be pledged thereto.
<br /> This resolution shall take effect immediately upon its adoption."
<br /> On motion or, Mr. Beamer and seconded by Mr. Nhitlow, the above resolution was adopted,
<br /> and by the following vote:
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 85-289 Letter f~om the City
<br />viewers for the closing of Project
<br />
<br /> "The Portsmouth Redevelopment
<br />Drive from Turnpike Road to Frederick
<br />
<br />5~anager recommending adoption of a resolution to appoint
<br />Drmve.
<br />
<br />& H~using Authority has made application to vacate Project
<br />
<br /> Boulevard.
<br />
<br /> The attached resolution appoints viewers in accordance with applicable State law to view
<br />the street and to report to the Planning Commissmon if any inconvenience would result in the
<br />closing of Project Drive.
<br /> I, therefore, concur and recommend the adoption of the attached resolution."
<br /> Gordon Wheatley, New Kirn Building, representing PRHA, was present to answer questions.
<br /> On motion of Mr. Beamer and seconded by Mr. Whitlow, the following resolution was adopte~
<br />and by the following vote:
<br /> "A RESOLUTION APPOINTING VIEWERS FOR CLOSING OF PROJECT DRIVE.
<br /> WHEREAS, Portsmouth Redevelopment & Housing Authority has made application to vacate,
<br />close and discontinue the hereinafter-described street, and it appearing that notice of appli-
<br />cation and request for the appointment of viewers was duly advertised as required by law.
<br />
<br />
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