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October 23. 1994
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<br /> With Council's adoption of these proposed actions, employees will be transferred to VSRS
<br />except for those present employees who have selected to remain in the Portsmouth System.
<br />(Pensioners and terminated vested employees will also be transferred to VSRS.) Ail employees
<br />hired on, or after, the effective date of December 1, 1984 will be required to become members
<br />of VSRS upon employment. '
<br />
<br /> It should be expressly noted that these actions do not ap~ly to the members of the Ports-
<br />mouth Fire and Police Retirement System in accordance with their wishes as expressed by their
<br />vote. Their status will remain unchanged. In addition, newly hired fire fighters and police
<br />officers will continue to become members of the Portsmout~ Fire and Police Retirement System,
<br />and shall not be included in VSRS. The police officers and fire fighters elected to stay in
<br />the Portsmouth System instead of getting a 10% pay raise and enter into the VSRS System.
<br />
<br /> Ihese proposed actions as submitted to the Council represent the wishes of the employees
<br />as expressed by more than a 70% majority vote. Our approach has been careful to include mea-
<br />sures to ensure no present employee be transferred to VSRS except by his or her own choice.
<br />Therefore, I am pleased to recommend these actions to the City Council which will benefit many
<br />of our treasured employees."
<br />
<br /> On motion of Mr. Beamer and seconded by Mr. Whitlow, the following ordinance was adopted
<br />on first and final reading, and by the following vote:
<br />
<br /> "AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 197'3, BY
<br /> AMENDING SECTION 31-1, 31-2, 31-3, 31-13, 31-14, AND 31,-22 OF ARTICL I OF
<br /> CHAPTER 31 THEREOF, PERTAINING TO THE PORTSMOUTH EMPLOYEE SUPPLEMENTAL RE%IREMENT
<br /> SYSTEM; AND BY ADDING AR%ICLE IV TO CHAPTER 31 THEREOF CONSISTING OF SECTIONS
<br />- 31z'2~i~T~ROUGH-Si~9~;-P~RTJffNING TO THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM.'
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 84-39- Letter from the City Manager recbmmending adoption of a resolution to authorize
<br />the issuance of $300,000 in Industrial Development Revenue Bonds for Spencer Scott, an individ-
<br />ual developer, for the acqulsztion and rehabilitation of a 12-unit multi-family rental housing
<br />facility in the City of Portsmouth.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing to consider the
<br />issuance of Industrial Development Revenue Bonds for Spencer Scott, an individual developer,
<br />in an amount not to exceed $300,000 for the acquisition and rehabilitation of a 12-unit multi-
<br />family rental housing facility in the City of Portsmouth.
<br />
<br /> The Portsmouth Redevelopment and Housing Authority adopted a Resolution of Intent to iss~
<br />the Bonds, and in accordance with the applicable state and federal law, has requested City
<br />Council's approval of same, ~he necessary documentation, including the Fiscal Impact Statemen
<br />for the project is enclosed for your information. The attached resolution has been prepared
<br />by the City Attorney, and I recommend its approval."
<br />
<br />Motion-~of Mr. Whitlow and seconded by Mrs. Webb, to adopt the resolution.
<br />The City Attorney advised that PRHA's advertisement did not comply with State
<br />Motion withdrawn by Mr. Whitlow.
<br />
<br />manadate.
<br />
<br /> Motion of Mrs. Webb and seconded by Mr. Beamer, that the matter be referred to the Ports-
<br />mouth Redevelopment and Housing Authority, and was adopted by unanimous vote.
<br />
<br /> 84-398 Letter from the City Manager recommending adoption of a resolution to authorize
<br />the issuance of $600,000 in Industrial Development Revenue Bonds for Elmhurst Ssuare Associate
<br />II, for the purchase of and improvements to property located at Elmhurst Lane a{d Portsmouth
<br />Boulevard.
<br />
<br /> "On October 11, 1984, the Industrial Development Authority approved the issuance of Indus
<br />trial Development Revnue Bonds for Elmhurst Square Associates, III in an amount estimateJ at
<br />$600,000 for the purchase of and improvements to proper~y located at Elmhurst Lane and Ports-
<br />mouth Boulevard. In accordance with the applicable federal and state law, the IDA has request,
<br />City Council to approve the issuance of such bonds.
<br />
<br /> This project must be submitted to the Commonwealth of Virginia bond reserve fund Yor ap-
<br />proval as the City has insufficient Bond authority remaining in 1984.
<br />
<br /> The intent of these bonds is to finance the acquistion of land and construction of a fetal
<br />skopping center expansion. As noted in the enclosed Development Summary, this project meets
<br />both the job and tax threshold criteria ~s established in the Counail's bond approval policy.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Whitlow, the follow~ng resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT BONDS BY THE
<br />INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR
<br />ELMHURST SQUARE ASSOCIATES, II IN AN AMOUNT NOT TO EXCEED $600,000 FOR A
<br />12 UNIT RETAIL COMMERCIAL SHOPPING CENTER AT ELMHURST LANE AND PORTSMOUTH
<br />BOULEVARD IN PORTSMOUTH, VIRGINIA.
<br />
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