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<br />particularly described as follows:
<br /> All that certain piece or parcel of land bounded and described as follows:
<br /> BEGINNING at the ncrthwest corner of the intersection of Thelmar Lane and
<br /> Lampler Road: thence north 57 degrees 55' 37- west ~24.12' to a point; thence
<br /> north 32 degrees 04' 23" east 100.00 to a point; thence south 57 degrees 55' 37-
<br /> east 356.53' to a point~ thence south 37 degrees 40' 24" east 71.91' to a point;
<br /> thence south 57 degrees 55' 37" east 103.82' to a point on the western right-of-
<br /> way of Lampler Road; thence along the western right-of-way of Lampler Road south
<br /> 34 degrees 53' 25" west 75.20' to the Point of Beginning.
<br />
<br /> Said parcel containing 1.13 acres.
<br /> BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, authorized to sign
<br />such deeds and other documents as may be neeessary to complete this transaction."
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 85-152 Letter from the City Manager recommending adoption of a resolution to allocate
<br />$650,000 of the City's $7,935,525 portion of the State ceiling on Industrial Revenue Bonds to
<br />IDA for the benefit of John I. Kitchen.
<br /> "On May 17, 1985, the Industrial Development Authority of the City of Portsmouth (IDA)
<br />approved a r'esolution which recommends that City Council allocate $650,000 of it $7~935,525
<br />portion of the State ceiling on Industrial Revenue Bonds to IDA for the benefit of Mr. John
<br />I. Kitchen. These bonds would be used by Mr. Kitchen for the acquisition and renovation of
<br />the former Spectre Freight Facility at 2655 Elmhurst Lane in the Hattonsville area of the
<br />City. This facility is to be developed as a transportation center in accordance with the
<br />enclosed letter from Mr. Kitchen to the Chairman of the IndUstrial Development Authority.
<br />This letter also specifies Mr. Kitchen's plans for landscaping and beautifying this facility.
<br /> As indicated on the enclosed Development Summary, this project is expected to generate
<br /> in excess of $19,000 in local, annual taxes and to create 21 new jobs in The City of Portsmouth.
<br /> The attached resolution has been prepared by the City Attorney and I recommend its
<br />apprcval."
<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 INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR
<br /> JOHN I. KITCHEN IN AN AMOUNT NOT TO EXCEED $650,000 FOR AN [FFICE AND WAREHOUSE
<br /> FACILITY AT 2655 ELMHURST LANE IN THE CITY OF PORTSMOUTH, VIRGINIA, AND ALLOCATING
<br /> A PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY BONDS FOR THE BENEFIT OF JOHN
<br /> I. KITCHEN.
<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 Industrial
<br /> Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of John I. Kitchen (the "Company") for
<br /> the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed six
<br /> Hundred, Fifty rhousand Dollars ($650,000) to assist the "ComFany" in the acquisition of a
<br /> certain parcel of land located at 2655 Elmhurst Lane in Portsmouth, Virginia, and to renovate
<br /> the existing building thereon for office and warehouse space (the "Facility"), and has held
<br /> a public hearing thereon on May 17, 1985; and
<br />
<br /> WHEREAS, the IDA has requested City Counsil to approve the mssuance of the Bonds to comp1
<br /> with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of the IDA's resolution approving the issuance of the Bonds, subject to
<br /> the terms and conditions contained therein, and the appropriate certifications and documenta-
<br /> tions havabeen provmded to the City Council for their consideration.
<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" in an
<br /> amount not to exceed six Hundred, Fifty lhousand Dollars ($650,000) to assist in the acquisi-
<br /> tion and renovation of the "Facility" and the allocation of Six Hundred, Fifty Thousand
<br /> Dollars ($650,000) of the City's limit imposed pursuant to Executive Order No. 54[85) issued
<br /> by the Governor of Virginia on January 23, 1985 pursuant to the authority vested in him in th~
<br /> Deficit Reduction Act of 1984 to IDA in order to cover the issuance by IDA of the Six Hundred,
<br /> Fifty Thousand Dollars [$650,000) Industrial Development Revenue Bonds for the benefit of John
<br /> I. Kitchen; provided, hcwever, if the Bonds are not issued on or before the sixtieth (60th)
<br /> day after the date on which this resolution is adopted by Council, such allocation for the
<br /> benefit of John I. Kitchen shall expire unless such sixty (60) day period is extended by
<br /> resolution of the Council.
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the Bonds as required by the
<br /> applicable f~deral 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 />
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