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88
<br />
<br />August 13~ 1985
<br />
<br /> "A RESOLUTION APPROVING THE ISSUANCE 3F INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br /> THE INDUSTRIAL DEVELOPMENT AUTHCRITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR
<br /> MEDICAL FACILITIES OF AMERICA XXXVII IN AN AMOUNT NOT TO EXCEED $4,480,000 FOR
<br /> THE ACQUISITION, CONSTRUCTING, AND EQUIPPING OF A 100 BED NURSING HOME FACILITY
<br /> ON TEJO LANE, EXTENDED, AT CHURCHLAND BOULEVARD IN THE CITY OF PORTSMOUTH,
<br /> VIRGINIA, AND REQUESTING AN ALLOCATION FROM THE STATE RESERVE FOR THE BENEFIT
<br /> OF MEDICAL FACILITIES OF AMERICA XXXVII.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia, (IDA)
<br />has been authorized to advertise and hold public hearings relative to the issuance of Indus-
<br />trial Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of Medical Facilities of America XXXVII,
<br />a Virginia Limited Partnership (the "Company"), for the issuance by IDA of Industrial Develop.
<br />merit Revenue Bonds in an amount not to exceed Four Million, Four Hundred Eighty Thousand
<br />Dollars ($4:480:000) to assist she "Company" in acquiring, constructing and equipFing a one
<br />hundred (100) nursing home facility on Tejo Lane, Extended, at Churchland Boulevard in the
<br />City of Portsmouth, Virginia ~the "Facility"i and has held a public hdearing thereon on August
<br />8, 1985; and
<br />
<br /> WHEREAS, IDA has requested City Council to approve the issuance of the Bonds to comply
<br />with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of IDA's resolutmon approving the issuance of the Bonds, subject to the
<br />terms and conditions contained therein, and the appropriate certifications and documentations
<br />including, without limitation, a reasonably detailed summary of the comments expressed at the
<br />public hearing and a fiscal impact statement mn accordance with Section 15.1-1378.2 of the
<br />Code of Virginia, 1950, as amended~ have been provided to the City Council for their censider
<br />tion; and
<br />
<br /> WHEREAS, the City of Portsmouth, Virginia, has allocated its entire local allocation
<br />imposed pursuant to Executive Order No. 54(85) issued by the Governor of Virginia on January
<br />23, 1985 pursuant to the authority vested in Rim in the Deficit Reduction Act o~ 1984 (the
<br />"Executive Order[.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />approves the issuance of Industrial Development Revenue Bonds by IDA for the "Company" mn an
<br />amount not to exceed Four Million, Four Hundred Eighty Thousand Dollars ($~,480,0001 to assis~
<br />in financing the acquisition, construction and equmpping of the "facility" and request an allo
<br />cation from the State Reserve as provided for ~n the UExecutive Order" in an amount not to
<br />exceed Four Million, Four Hundred Eighty Thousant Dollars ($4,480,000) for the benefit of
<br />the "ComFany", and that the City Manager be, and he hereby is, authorized to submit an appli-
<br />cation with the Allocation Administrator to request an allocation from the State Reserve and
<br />execute any 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 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 IDA shall be obligated to pay
<br />the Bonds or the interest thereon or the costs incident thereto, and neither the faith nor the
<br />credit of the taxmng power of the Commonwealth, the City nor IDA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 85-227 Letter from the City Manager recommending adoption of a resolution authorizing
<br />the issuance of Industrial Development R~Va~ Bonds for Sea View Properties in an amount not
<br />to exceed $150,000 for cost of acquiring and rehabilitating a 5-unit multi-family residential
<br />rental apartment Fro]ect in the City of Portsmouth.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing zo consider th~
<br />issuance of Industrial Development Revenue Bonds for Sea View Properties, A Virginia Partner-
<br />ship, mn an amount not to exceed $150,000 for assistance in financing a portion of the cost o~
<br />acquiring and rehabilitating a 5-unit multi-family residential rental apartment project in th~
<br />City of Portsmouth, Virgmnia.
<br />
<br /> The Portsmouth Redevelopment and Housing Authority adooted a Resolution of Intent to issue
<br />the Bonds, and in accordance with the applicable state and federal law, has requested City
<br />Council's approval of same. The necessary documentation, including the Fiscal Impact State-
<br />ment for the project, is enclosed for your information.
<br />
<br /> The attached resolution has been prepared by the City tttorney;
<br />approval."
<br />
<br /> Motion of Mrs. Webb and seconded by Mrs. Lucas, to suspend the
<br />Attorney, to speak and was adopted by unanimous vote.
<br />
<br /> Gordon Tayloe, Attorney, Central Fidelity Bani Building, spoke
<br />being issued.
<br />
<br /> On motion of Mr. Beamer
<br />and by the ~ello~in~ yo~
<br />
<br />and I recommend its
<br />rules for Gordon Tayloe,
<br />in support of the bonds
<br />
<br />and seconded by Mrs. Webb, the following resolution was adopted~
<br />
<br />
<br />
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