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September 11~ 1984
<br />
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br /> BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br /> FOR ARNOLD S. HECHT AND NEVA R. HECHT IN AN AMOUNT NOT TO EXCEED $650,000
<br /> FOR A MANUFACTURING FACILITY AT THE CORNER OF DUKE AND' CHESTNUT STREET IN
<br /> PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA)
<br /> has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and
<br /> hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br /> WHEREAS, the IDA has considered the application and plan of financing of Arnold S. Hecht
<br /> and Neva R. Hecht, whose principal place of business is currently 601 West 50th Street, New
<br /> York, New York 10019, for the issuance of IDA Industrial Development Revenue Bonds in an
<br />~.c~ amount not to exceed Six Hundred Fifty Thousand Dollars C$650,000) to assist in the financing
<br /> of the acquisition, irenovation, and equipping of a warehouse facility to be leased to Princess
<br /> Ribbon Corp, a New York Corporation, (the "facility"), such facility to be located at the
<br /> intersection of Duke Street and Chestnut Street in Portsmouth, Virginia, and has held a public
<br /> hearing thereon on August 31, 1984; and
<br />
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the bonds to
<br /> comply 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 City Council for their consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia,
<br /> that the Council approves the issuance of Industrial Development Revenue Bonds by the Portsmou'
<br /> Industrial Development Authority for the benefit of Arnold S. Hecht and Neva R: Hecht to assist
<br /> in the financing of the acquisition, renovation, and equipping of the facility to be located
<br /> at the corner of Duke Street and Chestnut Street in the City of Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED tkat the approval of the issuance of the bonds as required by
<br />the applicable federal and state laws does not constitute an endorsement of the bonds, finan-
<br />cial viability of the facility, or the credit worthiness of Arnold S. Hecht and Neva R. Hecht,
<br />but as required by ¢15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall
<br />provide that neither the Commonwealth of Virginia, the City of Portsmouth, nor IDA shell be
<br />obligated to pay the bonds or the interest thereon, or other costs incident thereto, except
<br />from the revenues and monies pledge therefor, and neither the faith or credit of the taxing
<br />power of the Commonwealth, the City, nor the IDA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 84-334 - Letter from the City Manager recommending adoption of a resolution to approve
<br />issuance of Industrial Development Revenue Bonds for Collins Company, L~., in an amount esti-
<br />mated at $3,300,000 for the purchase, renovation, and equipping of the former Virginia Product~
<br />Building at 1300 Court Street.
<br />
<br /> "On August~31, 1984, the Industrial Development Authority approved the issuance of
<br />Industrial Development Revenue Bonds for Collins Company, Limited in an amount estimated at
<br />$3,300,000 for the purchase, renovation and equipp.ing of the former Virginia Products Building
<br />at 1300 Court Street. In accordance with the applicable federal and slate law, the IDA has
<br />requested City Council to approve:the issuance of such bonds.
<br />
<br /> The intent of these bonds ~s to transform the existing 9acant structure into an East Coas~
<br />distribution nenter for imported general merchandise. As noted in the enclosed Development
<br />Summary, this project meets the job threshold Criteria as established ini~the Council's Bond
<br />Approval Policy. In addit&om, this project represents a priority project in that it is an
<br />industrial expansion.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its ap?r~
<br />proval." .
<br />
<br /> On motion of Mr. Beamer and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following vote:
<br />
<br /> "A RESOLUTION APPROVING THE ISSUANCE 0F INDUSTRIAL DEVBLOPMBNT REVENUE BONDS BY
<br /> TH~ INDUSTXIAL DEVELOPM~NT AUTHORITY 0F THE CITY 0P PORTSMOUTH, VIRGINIA, P0R COLLINS
<br /> COMPANY, LTD., IN AN AMOUNT NOT TO EXCEED $B,$00,000 PO~ AN 0FF~CE AND WAREHOUSE
<br /> ~ACILITY TO BB LOCATED AT 1300 COURT STREET IN PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA)
<br />has been authorized by the Council of the City of PortsmoUth, .Virginia,~to advertise and
<br />hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered, the application and plan of financing of Collins
<br />Company, Ltd., a South Dakota Corporation, whose address is 110 Meadow Lands Parkway, Secaucus
<br />New Jersey 07094, for the issuance of IDA Industrial Development Revenue Bonds in an amount
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