Minutes 12/11/1984 - Laserfiche WebLink

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~e~ember ll, 1984 84-458 - Letter from the City Manager recommending adoption of an ordinance to c~o~e-~ portion of Cemetery Lane in connection with the development contract for property at the intersection of London Boulevard and gffingham gtreet. "In connection with the proposed commercial development of property at the intersection of London Boulevard and Effingham Street, Portsmouth Redevelopment & Housing Authority has made application to close a portion of Cemetery Lane. The viewers have met with adjacent property owners and Chief Benton of the Fire Department and report that there is no objection to the closure so long as it does not involve movement of the Fire Department flagpole and monument on the west side of Kffingham Street. The property on which the flagpole and monume~ are located is not included within the boundaries of this street closure. Therefore, the development will not affect this public property. The Planning Commission has recommended approval of the closure. I recommend approval of the ordinance on your agenda for closure of a portion of Cemeter Gordon Wheatley, representing Portsmouth Redevelopment & Housing Authority, was availabl to answer any questions if necessary. On Motion of Mr. Gray and seconded-by Mrs. Webb the following ordinance was adopted on first and final reading and by the following vote: "AN ORDINANCE CLOSING A PORTION OF CEMETERY LANE" Ayes: Beamer, Corprew, Gray, Lucas, l~ebb, Whitlow, Holley Nays: None 84-459 - Letter from the City Manager recommending adoption of a resolution to the amendment of the City of Portsmouth's per capita allocation of ~rivate purpose Revenue Bonds. authorize Industrial 'The City has been advised by the Portsmouth Port and Industrial Commission that Doughtie's Foods, Inc. will not be utilizing the $2,000,000 in Industrial Revenue Bonds alloce to Doughtie's Foods in 1984. Doughtie's expansion has not been cancelled, but has been post- poned due to current financial conditions within the company. They expect to undertake ex- pansion during 1985. The Commonwealth of Virginia allows localities ~o reallocate funds from cancelled bond issues to other projects which have been approved by the locality. The only such eligible pre jec~ currently pending is a retail shopping center expansion approved for Elmhurst Square Associates, II, and previously submitted for funding to the State Reserve. Reallocation of a portion of the City's local allocation to this projec~ will eliminate the need for state reserve funding and ensure the availability of bonds for this project provided such bonds are closed by December 31, 1984. It is therefore recommended that the City of Portsmouth's per ca~ita allocation of private-purpose Industrial Revenue Bonds be ammended as follows: Issuing Agency Projec~ Amount IDA Hecht and Hecht $ 650,000 (Princess Ribbon) IDA Portsmouth Medical ~1,500.00[ Properties IDA Collins Company, Ltd, $3,300,000 (Va. Products Bldg.) IDA 1224 Cavalier Blvd. Inc. $ 300,000 IDA Elmhurst Square $ 600,000 Associates, II TOTAL: $6,350,000 This allocation will result in a net return to the State Reserve of $1,585,000 in unused 1984 bond authority. The attached resolution is recommended for your approval." On motion of Mr. Gray and seconded by Mr. Beamer, the £ollowing resolution was adopted and by the following ~ote : '~ RESOLUTION AUTHORIZING TH~ R~ALLOCATION OF SHARKS OF THE CITY OF PORTSMOUTH 1984 PER CAPITA INDUSTRIAL R~V~NUE BOND ALLOCATION TO THOSE PROJKCTS PREVIOUSLY APPROVED. ted