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393
<br />
<br />April 23. 1985
<br />
<br />WHEREAS, the IDA has considered the application of the "Company" for the reissuance and
<br />modification of the "1982 Bonds" in the amount of Nine Hundred and Thirty-Five Thousand Dollar
<br />($935,000) for the purpose of refunding said '1982 Bonds" for the financing of the "Facility",
<br />and has held a public hearing thereon on April 11, 1985; and
<br />
<br /> WHEREAS, the IDA has requested that the City Council approve the reissuance and modifica-
<br />tion of the "1982 Bonds" for refunding and reissuance to comply with Section 103 (k) of the
<br />Internal Revenue Code of 195a, as amended; and
<br />
<br /> WHEREAS, a copy of IDA's resolution approving the reissuance and modification of the
<br />Bonds, subject to the terms and conditions contained therein, and the appropriate certifica-
<br />tions and documentations have been provided to the City Council for their consideration; and
<br />
<br /> WHEREAS, the purpose of reissuing and modifying these Bonds will be to refund the "1982
<br />Bonds" without increasing the amount thereof and, as such, does not require an allocation of
<br />any portion of the City's limit imposed pursuant to Executive Order No. 54 (85) providing for
<br />formula for allocating the State Ceiling for the Commonwealth of Virginia imposed pursuant to
<br />Section 103 (n) of the Internal Revenue Code of 1954, as amended.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />the Council approves the reissuance and modification of the the "1982 Bonds" in a principal
<br />amount of Nine Hundred Thirty-Five Thousand Dollars ($935,000) for financing the "Facility" fo
<br />the benefit of Elmhurst Square Properties, to the extent required by Section 103 (k) of the
<br />Internal Revenue Code of 1954, as amended, to permit the IDA to assist in the financing of the
<br />"Facility", provided that such modification shall not increase the face amount of the the "198
<br />Bonds".
<br />
<br /> BE IT FURTHER RESOLVED that approval of the reissuance 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, the City of Portsmouth, nor IDA shall be obligated to pt
<br />the Bonds or the interest thereon or other costs incident thereto except from the revenues
<br />monies pledged therefor, and neither the faith or credit or the taxing power of the Commonweal
<br />the City or the 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 /> 85-106 Letter from the City Manager reccmmending adoption of a motion endorsing the
<br />annual report on activity ~n Portsmouth's Enterprise Zone in 1984 and to authorize the City
<br />Manager to transmit the report to t~e Virginia Department of Housing and Community Develo'
<br />
<br /> "Attached for your review is the annual report on activity in Portsmouth's Enterprise
<br />Zone. The Enterprise Zone Advisory Committee has submitted an endorsement, and authorization
<br />from City Council is required (by motion) to authorize submission of this report to the
<br />Virginia Department of Housing and Community Development.
<br />
<br /> As the report indicates, the value of taxable building permit activity in the Zone
<br />totalled $4.6 million in 1984, a 428% increase over 1983 values. New Zone businesses brought
<br />145 jobs to the Zone.
<br />
<br /> I believe that the first year of the program was a tremendous success, and ~ recommend
<br />that City Council endorse the report for transmittal to the State.'
<br />
<br /> Motion of Mrs. Webb and seconded by Mr. Corprew, to~.endor~e.'tha._annnkt yepnrt:2on~acttvi~y
<br />in~Poztamouth_s~nterpri~e' 7~one and authorization be granted to submit same to the Virginia
<br />Department of Housing and Community Development, as ~equested, and was adopted by unanimous
<br />vote.
<br />
<br /> 85-107 Letter
<br />contract with Conrad
<br />amount not to exceed
<br />
<br />from the City Manager recommending adoption
<br />Brothers]. Inc. to allow for additional work
<br />$285,155.
<br />
<br />of a motion to increase the
<br />requested by City by an
<br />
<br /> "As you recall, Council appropriated $780,000 in July for Phase I of the Priority Action
<br />Program, and $1,905,000 in August for Phase I1 for a total budget of $2,685,000. The project
<br />includes Riverfront Park and streetscape improvements on High Street from Water to Washington.
<br />Included in the Landsacpe Designer's plan for construction of Riverfront Park was a fountain.
<br />When the contract for Phase I was bid, design of the fountain was not Concluded. Funding,
<br />however, was provided under Phase II appropriation with the intent that the fountain be treate
<br />as a Change Order. Since then, however, other change orders totaling $104,558 are neeessary.
<br />Most of this expense is the result of working in streets several hundred years old, resulting
<br />in modifications being made in the field.
<br />
<br /> The following is a breakdown of the costs associated with the fountain and other work
<br />currently underway.
<br />
<br />
<br />
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