|
October 23. 1984
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Pcrtsmouth, Virginia (IDA)
<br />has teen authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Development Bonds; and
<br />
<br /> WHEREAS, the [DA has considered the application of Elmhurst Square Associates, Il, a
<br />Virginia General Partnership, andfor the individual partners, Steve Sandier, Art Sandler, Sher
<br />Sandler Begel, and Allen Resh, with its principal place of business at 1224 Diamond Springs
<br />Road, Virginia Beach, Virginia, for the issuance of Industrial Development Revenue Bonds in an
<br />amount not to exceed Six Hundred Thousand Dollars ($600,000) to finance the construction of a
<br />12 unit retail commercial shopping center to be located at the intersection of Elmhurst Lane
<br />and Portsmouth Boulevard in the City of Portsmouth, Virginia, and has held a public hearing
<br />thereon on October 11, 1984; and
<br />
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the bonds to compl
<br />with the applicable federal and state laws; and
<br />
<br /> WHEREAS, a copy of IDA's resolution approving the issuance of the bonds, subject to the
<br />Terms and conditions contained therein, and the appropriate certifications and documentations
<br />have been provided to the City Council for their consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />the Council approves the issuance of Industrial Development Revenue Bonds by the Portsmouth In
<br />dustrial Development Authority in an amount not to exceed Six Hundred Thcusand Dollars ($600,0
<br />for the benefit of Elmhorst Square Associates, II, a Virginia CeneraI Partnership, and/or the
<br />individual partners, Steve Sandler, Art Sandler, Sheri Sandler Begel, and Allen Resh, to finan
<br />the construction of a 12 unit retail commercial shopping center to be located at the intersec-
<br />tion of Elmhurst Lane and Portsmouth Boulevard in the City of Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the
<br />applicable federal and state laws does not constitute an endorsement of the bonds, financial
<br />viability of the facilit?, or the credit worthiness of Elmhurst Square Associates, II, but, as
<br />required by ~15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall prcvide that
<br />neither the Commonwealth of Virginia, City of Portsmouth, nor IDA shall be obligated to pay thc
<br />bonds or the interest thereon or the costs incident thereto except from the revenues and monie~
<br />pledged therefor,, and neither the faith or credit of the taxing power of the Commonwealth, the
<br />City, nor IDA, shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, CorFrew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: Ncne
<br />
<br /> 84-399 Letter from the City Manager recommending adoption of a resolution to authorize
<br />City Manager to negotiate purchase of or institute eminent domain proceedings against Mr. Johm
<br />Everett mn connection with the Midtown Drainage Project.
<br />
<br /> 'The 1984/8~~ Capital Improvement Program authorized $1,721,000 for drainage improvement~
<br />to the Midcity area. As part of this project, it is necessary to acquire a number of small
<br />parcels for the improvements to be made. All but two parcels have been acquired by the City
<br />Attorney's Office.
<br />
<br /> As you are aware, this is the third and final phase of the Midcity project which will
<br />provide drainage improvements to the Midcity area as well as the community of Westhaven and
<br />portions of Mt. Hermon. This phase will also include major drainage improvements to Frederick
<br />Boulevard, South Street to Turnpike, as well as outfall improvements to the ditch west of
<br />Louisa Avenue. The condemnation of the requested properties will give the City title to pro-
<br />perty on both sides of a 20 foot wide outfall ditch to avoid future access and maintenance
<br />problems. ~his project ~s expected to begin January 1985 and continue for eight months.
<br />
<br /> Therefore, it is requested that the attached resolution be adopted by City Council
<br />authorizing the acqums~t~on of the two small parcels of property."
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION TO PROVIDE FOR THE ACQUISITION OF CERTAIN PROPERTY BY THE CITY
<br />OF PORTSMOUTH, VIRGINIA, UNDER EMINENT DOMAIN PROCEEDINGS PURSUANT TO CHAPTER
<br />471 OF THE ACTS OF ASSEMBLY, AS AMENDED, SAID PROPERTY BEING NECESSARY FOR
<br />THE CONSTRUCTION, ALTERATION AND MAINTENANCE OF THE MID-CITY DRAINAGE PROJECT.
<br />
<br /> WHEREAS, the City
<br />after specified in and
<br />Portsmouth, Virginia,
<br />City drainage project;
<br />
<br />of Portsmouth has found it necessary to acquire the interest herein-
<br />to the hereinafter-described parcel of land situate in the City of
<br />for the purpose of construction, alteration and maintenance of the Mid-
<br />and
<br />
<br /> IFHEREAS, the City of Portsmouth has no~ been able to purchase the property described
<br />herein, necessary to the project, because the owners thereof and the City have not been able t
<br />agree upon the price to be paid therefor; and
<br />
<br /> WHEREAS, advancement of the work and use of the said project will be delayed unreasonably
<br />if said property is no~ made available as soon as possible.
<br />
<br />0)
<br />
<br />ie
<br />
<br />
<br />
|