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November 13, 1984
<br />
<br /> BE IT FURTHER RESOLVED that the successful bidder shall pay the cost of advertising
<br />the franchise."
<br />
<br />Ayes: Beamer, Corprew, gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 84-419 Letter from the City Manager recommending adoption of a resolution to authorize
<br />the apportioning of shares of the City's 1984 per capita Industrial Revenue Bond allocation to
<br />those projects previously approved by City Council.
<br />
<br /> "In order to satisfy Bond Counsel, it is recommended that the attached resolution speci-
<br />fically allocating proportionate shares of our 1984 Industrial Revenue Bond Allocatior to pro-
<br />jects that were authorized by City Counsil and the Industrial Development Authority be approve
<br />
<br /> It is therefore recommended that Council pass the attashed resolution designating the
<br />following projects in the appropriate shares that they would receive:
<br />
<br />Issuing Agency
<br /> IDA Hecht 8 Hecht (Princess Ribbon' $ 650,000
<br /> IDA Portsmouth Medical Properties 1,500,000
<br /> IDA Collins Company, Ltd.(Virginia
<br /> Products Building) 3,300,000
<br /> IDA 1224 Cavalier Boulevard, Inc. 300,000
<br /> PPIC Doughtie's Foods, Inc. 2,000,000
<br /> TOTAL $7,750,000"
<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 AUTHORIZING THE APPORTIONING OF SHARES OF THE CITY OF PORTSMOUTH
<br />1984 PER CAPITA INDUSTRIAL REVENUE BOND ALLOCATION TO THOSE PROJECTS PREVIOUSLY
<br />APPROVED.
<br />
<br /> WHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of 1954, as amended (the
<br />Code), there is imposed upon each state a ceiling (the State Ceiling) on the amount of the
<br />private activity bonds that may be issued in that state for any calendar year; and
<br />
<br /> WHEREAS, pursuant to his authority granted by paragraph 6 of Section 103(nl 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 $7,935,
<br />000 (the City Limit[ of the State Ceiling for the remainder of the calendar year of 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 Projects) be granted allocations of the City Limit; an
<br />
<br /> WHEREAS, the Council of Portsmouth, Virginia has previously approved the Projects and has
<br />determined that the Projects should be granted an allocation of the City Limit.
<br />
<br />NOW, FHBREFORE, 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
<br />portion of the City Limit with respect to the following described facilities:
<br /> Allocation
<br /> Company of City Limit Facili%y
<br />
<br />1. Collins Company, Ltd.
<br />
<br />4
<br />
<br />$3,300,000
<br />
<br />Hech~ 8 Hecht
<br /> (Princess Ribbon[ $ 650,000
<br />
<br />Acquisition, renovatmon
<br />and equipping of a 122,000
<br />sq. ft. office and warehouse
<br />facility located at 1300 Court
<br />Street, Portsmouth, Virgmnia
<br />
<br />Acquisition, renovatmon, and
<br />equipping of a manufacturing
<br />facility at Duke Street and
<br />Chestnut Street, Portsmouth,
<br />Virginia
<br />
<br />3. 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 />
<br />
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