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December 11~ 1084
<br />
<br /> WHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of 1954, as amended,
<br />(the Code), there is imposed upon each state a ceiling (the State Ceiling)on the amount of
<br />the private activity bonds that may be issued in the state for any calendar year; and
<br />
<br /> WHEREAS, pursuant to his authority granted by paragraph 6 of Section 103(n) of the Code,
<br />the Governor of the Commonwealth of Virginia issued Executive Order No. 50(84) (the Executive
<br />Order) providing for a formula for allocating the State Ceiling for the Commonwealth of Vir-
<br />ginia (the Commonwealth) among the governmental units in the Commonwealth having authority to
<br />issue private activity bonds; and
<br />
<br /> WHEREAS, pursuant to the Executive Order, Portsmouth, Virginia has been allocated
<br />$7,935,000 (the City Limit) of the State Ceiling for the remainder of the calendar year of
<br />1984; and
<br />
<br /> WHEREAS, on August 14, 1984, the Council of Portsmouth, Virginia, by motion, endorsed the
<br />policy recommendations developed by the Industrial Development Authority of the City of Ports-
<br />mouth and the Portsmouth Port and Industrial Commission, but did not assign its authority to
<br />allocate the City Limit to competing projects; and
<br />
<br /> WHEREAS, there have been presented to the Council of Portsmouth, Virginia requests that
<br />the hereinafter described projects' (the Projectsl be granted allocations of the City Limit;
<br />and
<br />
<br /> WHEREAS, the Council of Portsmouth, Virginia has previously approved the Projects and
<br />has determined that the Projects should be granted an allocation of the City Limit; and
<br />
<br /> WHEREAS, by resolution adopted by the Counzil of
<br />of the City of Portsmouth 1984 Per Capita Industrial
<br />those projects previously approved; and
<br />
<br /> Portsmouth on November 13, 1984, shares
<br />Revenue Bond allocation were appointed to
<br />
<br /> WHEREAS, a project previously approved will not utilize the funds authorized during the
<br />year 1984, and the Council of Portsmouth desires to reallocate a portion of said funds to
<br />another project previously approved.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. That there is hereby granted to each of the following companies an allocation of a
<br />portion of the City Limit with respect to the following described facilities:
<br />
<br /> Allocation
<br />Company of City Limit Facility
<br />
<br />1. Collins
<br /> Company, Ltd. $3,300,000
<br />
<br />Acquisition, renovation and
<br />sq. ft. office and warehouse
<br />facility located at 1300 Court
<br />Street, Portsmouth, Virginia
<br />
<br />2. Hecht & Hecht $ 650,000
<br /> ?rincess Ribbon)
<br />
<br />Acquisition, renovation, and
<br />equipping of a manufacturing
<br />~acility at Duke Street and
<br />Chestnut Street, Portsmouth,
<br />Virginia~
<br />
<br />Portsmouth Medical
<br />Properties
<br />
<br />$1,500,000
<br />
<br />Acquisition, construction, and
<br />equipping of a medical office
<br />building, London Boulevard,
<br />Portsmouth, Virginia
<br />
<br />4. 122 Cavalier
<br /> Boulevard, Inc. $ 300,000
<br />
<br />Purchase and improvements to
<br />property located at 1224
<br />Cavalier Boulevard, Portsmouth,
<br />Virginia
<br />
<br />5. Elmhurst Square
<br /> Associates, II $ 600,000
<br />
<br /> 2. This Resolution is subject to the
<br />Executive Order and any Executive Order of
<br />be to
<br />
<br />Retail Shopping Center expansion,
<br />Portsmouth Boulevard at Elmhurst
<br />Lane, Portsmouth, Virginia
<br />
<br />zssued with
<br />
<br />respect
<br />
<br /> terms, condition
<br /> the Governor of
<br />the subject matter hereof.
<br />
<br />s, and limitations imposed by the
<br />the Commonwealth that might hereaft~
<br />
<br /> 3. This Resolution is subject to the issuance, execution, sale and delivery of the bonds
<br />for which the above allocations have been made on or prior to December 31, 1984.
<br />
<br /> 4. To the extent that the terms of this resolution are in conflict with previous alloca-
<br />tion resolutions of this Council, this resolution and the terms and conditions set forth
<br />herein shall be deemed to be controlling.
<br />
<br />5. This resolution shall take effect immediately upon ~ts adoption."
<br />
<br />
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