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August 27, 1985
<br />
<br /> 85-246 Letter from the City Manager recommending adoption of an ordinance to close
<br />a portmon of Little John Road.
<br />
<br /> "Portsmouth Redevelopment ~ Housing Authority has made application to close a portion of
<br />Little John Road located on the east side of Ponderosa Street in the Hattonsville Redevelop-
<br />ment Project.
<br />
<br /> Based on their examination of the property and discussion with an adjoining property
<br />owner, the viewers appointed by Council have recommended approval of the street closure.
<br /> The Planning Commission in its meeting on August 6, 1985, also recommended approval of
<br />the application.
<br />
<br /> I recommend approval of the ordinance on your Agenda tonight to close this street.'
<br />
<br /> On motion of Mr. Gray and seccnded by Mrs. Lucas, the following ordinance was adopted
<br />on first and final reading, and by the following vote:
<br />
<br />"AN ORDINANCE CLOSING A PORTION OF LITTLE JOHN ROAD."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-247 Letter from the City Manager recommending adoption of a resolution to authorize
<br />the issuance of Industrial Development Revenue Bonds in an amount not to exceed $1,200,000 fo~
<br />H g H Associates, a Virginia General Partnership, for the acquiring, constructing and equippin
<br />of an office building in the City of Portsmouth.
<br />
<br /> 'On May 14, 1985, the Portsmouth Redevelopment and Housing Authority passed an Industrial
<br />Revenue Bond Inducement Resolution in the amount of $1,200,000 for the benefit of H 8 H Associ
<br />ares, a Virginia General Partnership. A public hearing was held for this project on June 11,
<br />1985.
<br />
<br /> These bonds would be used by H & H Associates for the acquisition of land and constructio
<br />of a new, 16,698 square foot effice building in the block bounded by Crawford Street, Court
<br />Street, County Street, and Columbia Street in the Urban Enterprise Zone.
<br />
<br /> As the City has exhausted its 1985 Industrial Revenue Bond per capita allocation, it is
<br />necessary to request additional bonding authorization from the State Industrial Revenue Bond
<br />Reserve. A financing commitment was received for this project on August 16, 1985. In order
<br />to meet the latest deadline for the submission of requests to the State Reserve, a request for
<br />$900,000 in State Reserve funding was submitted to the State Allocation Administrator on Augus
<br />19, 1985, subject to City Council approval.
<br />
<br /> As indicated on the enclosed Fiscal Impact Statement, this project is expected to generat
<br />approximately $45,000 in local, annual tax revenues and to create 40-50 new jobs in the City
<br />of Portsmouth. If financing had been in place prior to the exhaustion of the City's local
<br />allocation, this project would have been a first priority for bonds due to its location in
<br />the Urban Enterprise Zone.
<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 Mr. Beamer, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />FOR H g H ASSOCIATES IN AN AMOUNT NOT PO EXCEED $1,200,000 FOR THE ACQUISITION,
<br />CONSTRUCTION AND EQUIPPING OF AN OFFICE BUILDING TO BE LOCATED IN THE 300 BLOCK OF
<br />COUNTY STREET IN THE CITY OF PORTSMOUTH, VIRGINIA, AND REQUESTING AN ALLOCATION FROM
<br />THE STATE RESERVE FOR THE BENEFIT OF H ~ H ASSOCIATES.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment ~ 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 />
<br /> WHEREAS, PRHA has considered the application of H & H Associates, a Virginia General
<br />Partnership (the "Company"), for the issuance by PRHA of Industrial Development Revenue Bonds
<br />in an amount not to exceed One Million, Two Hundred thousand Dollars [$1,200,000) to assmst
<br />the "Company" in acquiring, constructing and equipping an office building to be owned by the
<br />"Company" contamning approximately 16,700 square feet to be located in the 300 block of
<br />County Street, Portsmouth, Virginia, adjacent to and east of an office building located at
<br />309 County Street (the "Facility") and has held a public hearing thereon on June 11, 1985; and
<br />
<br /> WHEREAS, PRHA has requested City Council to approve
<br />of compli~e~ with ~103(k) of the Internal Revenue Code
<br />
<br />the issuance of the Bonds for purpose
<br />of 1954, as amended; and
<br />
<br /> WHEREAS, a copy of IDA's resolution approvmng 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 />
<br /> WHEREAS, the Council of the City of Portsmouth, Virginia, acknowledges that ~15.1-1378.1
<br />of the Code of Virginia 1950, as amended, will require subsequent consideration by this
<br />
<br />
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