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:376
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<br />Mmrch ~6, 19~$
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<br />"A RESOLUTION APPROVING THE APPLICATION FOR AN URBAN DEVELOPMENT ACTION GRANT
<br />FOR REVITALIZATION OF STRUCTURES IN THE ENTERPRISE ZONE.
<br />
<br /> WHEREAS, under the Urban Development Action Grant Program, financial assistance is avail
<br />able to designated cities and urban counties which are experiencing severe economic distress
<br />help stimulate development activity to aid in economic recovery; and
<br />
<br /> WHEREAS, the Governor has designated the High Street Corridor and surrounding neighbor-
<br />hoods as an Urban Enterprise Zone and has approved certain local and state incentives designe
<br />to stimulate private investment and jobs in this economically depressed area; and
<br />
<br /> WHEREAS, the City of Portsmouth and the Portsmouth Redevelopment and Housing Authority
<br />have undertaken significant investment in the downtown area in order to revitalize the
<br />infrastructare, commercial and residential components under the Priority Action Program; and
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<br /> WHEREAS, an Urban Action Grant will assist merchants and property owners to expand and
<br />accelerate the redevelopment process.
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<br /> NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Portsmouth, that the
<br />application for an Urban Development Action Grant is approved, and the City Manager is
<br />hereby authorized to file the application and to provide additional information as may be
<br />required by the Department of Housing and Urban Development in order to obtain the grant.
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<br /> BE IT FURTHER RESOLVED, that the City Manager is the certifying officer and authorized
<br />representative of the City of Portsmouth and shall provide assurances as required by the
<br />regulations of the Housing and Community Development Act of 1974, as amended, for the ap-
<br />proval of this grant."
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<br />: Ayes: Corprew, Gray,
<br /> Nays: None
<br />Abstaining: Beamer
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<br />Lucas, Webb,
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<br />Whitlow, Holley
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<br />Councilman Beamer stated that he may have a conflict of interest.
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<br /> 85-78 - Letter from the City 3~anager recommending adoption of a resolution to allocate
<br />$2,000,000~of the City's $7,935,525 portion of the State ceiling on Industrial Revenue Bondg
<br />to the Portsmouth Port and Industrial Commission for the benefit of DQughtie's Foods, Inc.
<br />
<br /> "On March 14, 1985, the Portsmouth Port and Industrial Commission (PPIC) approved a re-
<br />~olution which recommends that the City Council allocate$$~9000,000 of its $7,935,525 portion
<br />of the State ceiling on Industrial Revenue Bonds to PPIC for the benefit of Doughtie's Foods,
<br />Inc. These bonds would be used by Doughtie's for construction of a new office building and
<br />expansion of existing warehouse and manufacturing operations at~2410 Wesley Street.
<br />
<br /> The City Council previougly approved the use of Industrial REvenue Bonds from the City's
<br />1984 annual allocation, however, conditions within Doughtie's Foods prevented the company frol
<br />closing the bonds for this project during 1984.
<br />
<br /> As indicated on the enclosed Development Summary, this project is expected to generate
<br />in excess of $28,000 in local, annual tax revenues and to create 25 new jobs in addition to
<br />the retention of the 45 existing jobs in the City of Portsmouth.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />approval."
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<br /> Ann R. Bergan, 1330 Sovran Center, Norfolk, VA, Attorney, representing Doughtie's Foods,
<br />Inc., requested approval for ~he issuance of $2,000,000 Industrial Development Revenue Bond.
<br />
<br /> On motion of Mr. Gray and seconded by Mr. Whitlow, the following resolution was adopted,
<br />and by the following vote:
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<br />"A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, ALLOCATING
<br />TWO MILLION DOLLARS OF ITS SEVEN MILLION, NINE HUNDRED THIRTY-FIVE THOUSAND,
<br />FIVE HUNDRED TWENTY-FIVE DOLLAR PORTION OF THE STATE CEILING ON PRIVATE ACTIVITY
<br />BONDS TO THE PORTSMOUTH PORT AND INDUSTRIAL COMMISSION OF PORTSMOUTH, VIRGINIA,
<br />FOR THE BENEFIT OF DOUGHTIE'S FOODS, INC..
<br />
<br /> WHEREAS, on July 18, 1984, the President of the United States signed into law the
<br />De£icit Reduction Act of 1984 (the "Act") which placed certain limitations on the volume
<br />private activity bonds to be issued by any state; and
<br />
<br />of
<br />
<br /> WHEREAS, pursuant to the authority vested in him pursuant to the Act, the Governor of
<br />Virginia on January 23, 1985 issued Executive Order 54 (85) (the "Order") providing a formula
<br />for the allocation of the State Ceiling as defined in the Order; and
<br />
<br /> WHEREAS, lC,1. of the Order authorized the City Council of Portsmouth, Virginia (the
<br />"Council") to allocate its portion of the State Ceiling to the issuing authorities within
<br />the City of Portsmouth, Virginia; and
<br />
<br /> WHEREAS, the Council now desires to allocate Two Million Dollars ($2,000,000) of its
<br />Seven Million, Nine Hundred Thirty-Five Thousand, Five Hundred Twenty-Five Dollar ($7,935,525~
<br />portion of the State Ceiling to the Portsmouth Port and Industrial Commission of Portsmouth,
<br />Virginia (the "Commission") to cover the issuance by the Commission of Industrial Development
<br />Revenue Bonds (the "Bonds") for Doughtie's Foods, Inc..
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