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July 9, 1985
<br />
<br /> Motion of Mrs. Lucas and seconded by Mr. Whitlow, to deny GHP 85-19, was defeated by the
<br />following vo~e:
<br />
<br /> Ayes: Corprew, Lucas, Whitlow
<br /> Nays: Beamer, Gray, Webb, Holley
<br />
<br /> On motion of Mr. Beamer and seconded by Mr. Gray GHP 85-19for five buildings containing
<br />a total of 36 condominiums units on land east of Wa~]~ington Street between Columbia and
<br />South S~m~e~ was approved on first reading ar the regular meeting of Ju~y 9~, 1985 by the
<br />following vote:
<br />
<br />Ayes: Beamer, Gray, Webb, Holley
<br />Nays: Corprew, Lucas, Whitlow
<br />
<br /> 85-184 Resolution approving the issuance of Industrial Development Revenue Bonds by
<br />the Portsmouth Port and Industrial Commission for Portsmouth Properties in an amount not to
<br />exceed $80,000,000 for a ten million ton per year coal blending, storage and export terminal
<br />on approximately 135 acres between Elm Avenue, the Southern Branch of the Elizabeth River,
<br />Paradise Creek and Victory Boulevard in the City of Portsmouth, Virginia, and allocating a
<br />portion of the state ceiling on private activity bonds for the benefit of Portsmouth
<br />Properties, deferred from the meeting of June 25, 1985.
<br />
<br /> Guy Eridell, 1800 Sovran Center, Norfolk, representing Portsmouth Properties, was avail-
<br />able to answer questions.
<br />
<br /> James Comyns, Palm Beach, Florida, Project Manager for Portsmouth Properties, spoke
<br />briefly on the Froposed coal facility.
<br /> New York
<br /> Robert A. Lamb, New York~ representing L. F. Rothchild stated that Rothchild had bought
<br />the bonds and ~e~wmuld be offered on the open market to the mnvestors.
<br />
<br /> On motion of Mrs. Lucas and seconded by Mr. Gray, the following resolution was adopted
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE
<br />BONDS BY THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION FOR PORTSMOUTH
<br />PROPERYIES IN AN AMOUNT NOT TO EXCEED $80,000,000 FOR A TEN MILLION
<br />TON PER YEAR COAL BLENDING, STORAGE AND EXPORT TERMINAL ON APPROXIMATELY
<br />135 ACRES BETWEEN ELM AVENUE, THE SOUTHERN BRANCH OF THE ELIZABETH RIVER,
<br />PARADISE CREEK AND VICTORY BOULEVARD IN THE CITY OE PORTSMOUTH, VIRGINIA,
<br />AND ALLOCATING A PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY?BONDS
<br />FOR THE BENEFIT OF PORTSMOUTH PROPERTIES.
<br />
<br /> WHEREAS, Portsmouth Port and Industrial Commission (PPIC)
<br />advertise and hold public hearings relative to the issuance of
<br />Revenue Bonds; and
<br />
<br />has been authorized to
<br />Industrial Development
<br />
<br /> WHEREAS, EPIC has considered the application of Portsmouth Properties, a Virginia Limite
<br />Partnership (the "Company"i, for the issuance by PPIC of Industrial Development Revenue
<br />Bonds in an amount not to exceed Eighty Million Dollars ($80,000,000) to assist the "Company"
<br />in the acquisition, construction and equipping of a Coal, Blending, Storage, and Export
<br />Terminal, including, without limitation, a turning basin, piers, dredgmng, conveyers, and
<br />loading, storage, an8 rail transportation facilities which is to be located on approximately
<br />one hundred thirty-five acres (1351 bounded on the north by the Norfolk Naval Shipyard Refus~
<br />Derived Fuel Pcwer Plant, Norfolk Veneer Mills, and Elm Avenue-State Route 33T; on the east
<br />by the Elizabeth River, the southern annex of the Norfolk Naval Shipyard, and the oral dis-
<br />tribution and storage facilities of BP Oil Company; on the south bT Paradise Creek, Peck
<br />Iron and Metal Company, and the Aluminum ComFany of America~ and on the west by a Virginia
<br />Electric and Power Company high-voltage transmission tower right-of-way, Victory Boulevard,
<br />the Cradock residential area, and the Norfolk Naval Shipyard, ali within the City of Ports-
<br />mouth, Virginia, with the following ancillary parcels for railroad right-of-way: and approxi
<br />mately three (3) acre parcel in Chesapeake, Virginia across ~ictory Boulevard from the above-
<br />described property, and an approximately fifty-two hundred ~,200) foot by three hundred
<br />(300) foot curved parcel with frontage on ~tate Route 460 just east of the Magnolia section
<br />in Suffolk, Virginia, (collectively the "Facility"), and has held a public hearing thereon
<br />June 13, 1985; and
<br />
<br /> WHEREAS, PPIC 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 PPIC's resolution approving the issuance of the Bonds, subject to th~
<br />nerms and conditions contained therein, and the appropriate certifications and documentations
<br />have been provided to the City CounciI for their consideration.
<br />
<br /> WHEREAS, with the a.llocation of One Million, Two Hundred Forty-Four Thousand, Four
<br />Hundred Dollars ($1,244,400) to the "Company" the City of Portsmouth, Virginia, would have
<br />allocated its entire local allocation.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />approves the issuance of Industrial Development Revenue Bcnds by EPIC for the "Company" in
<br />an amoun~ not to exceed Eighty million Dollars ($80,000,000) to assist in financing the
<br />acquisition, construction, and equmpping of the "Facility" and the allocation of One Million,
<br />Fwo Hundred Forty-Four Thousand, Four Hundred Dollars ($1,244,400) of the City's limit impose
<br />pursuant to Executive Order No. 54185) issued by the Governor of Virginia on January 23, 1985
<br />
<br />
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