Minutes 08/13&14/1984 - Laserfiche WebLink

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August 14~ 1984 84-292 - Letter from the City Manager recommending adoption of a motion to endorse policy recommendatgons developed by IDA½PPIC for allocation of annual bond-issuing authority. "Enclosed is a copy of a recommended Industrial Revenue Bond Approval Policy submitted by the Industrial Development Authority of the City of Portsmouth (IDA) and the Portsmouth Port and Indust~&al Commission (PPIC). As you are aware, recent changes in Federal legislation seriously limit the volume of Industrial Revenue Bonds that can be issued by all localities. This limitation necessitates the creation of guidelines by which Industrial Revnue Bonds may be allocated among potential The enclosed policy recommendation was developed by IDA and PPIC and has been endorsed by the Commissioners of the Portsmouth R~development and Housing Authority (PRHA). If approve this ~d~:~-~? would be implemented by IDA, PPIC and!~RHA, the three organizations empowered to issue bonds in the City of Portsmouth. It is anticipated that the City of Portsmouth will have approximately $7,935,000 in annua bond-issuing authority. For the calendar year 1984, it is recommended that $7,500,000 be al- located to IDA"and PPIC for priority projects. The balance of $435,000 in bond authority woul accrue to PRHA for the first year of the Downtown Facade Improvement Program. The PRHA Board of Commissioners has endorsed this allocation in concept as well. The Governor's Office~has recently mandated that all Virginia localities must return any unused bond allocation to the State by October 1, 1984. Additionally, certain projects must be assured of the avaitibility of bonds. It is, therefore, imperative that the. City's bond-issuing Authorities be provided policy direction as soon as possible. I believe the enclosed bond policy recommendation accurately reflects the City's economic development priorities, and I recommend its approval." Motion o~'Mr. Gray and seconded by Mrs. Webb, to go into an executive session for con- sultation with Legal Counsel, and was adopted by uananimous vote. Council went into executive session at 7:40 p.m. and reconvened at 7:58 p.m. Mnt~n of Mr. Whitlow and seconded by Mr. Gray, to endorse theip6liCyiz~c~mmen~atlon~ R~lop~d?b~DA/PPIC for allocation of annual bond-issuing authorities, and was adopted by unanimous vote NEW BUSINESS - 84-293 - On motion of Mr. Beamer and seconded by Mr. Whitlow, the following resolution was adopted, and by the following vote: "A RESOLUTION RECOGNIZING THE CONTRIBUTIONS MADE TO THE QUALITY OF LIFE IN THE CITY OF PORTSMOUTH, VIRGINIA BY THE CENTRAL CIVIC FORUM ON THE OCCASION OF THEIR 40TH ANNIVERSARY. WHEREAS, the Central Civic Forum will celebrate its 40th Anniversary on August 25, 1984; and WHEREAS, unchanged over the 40 years is the Group's purpose as stated in its Constitution "To provide leadership in all matters affecting the political, social, civic and moral welfar, of the City, and provide a public forum for the exchange of ideas and opinions of general public intezest"; and WHEREAS, the Central Civic Forum over the years has aimed its efforts at voter registraticn, police-community relations, education, recreation, public health and safety, juvenile delin- quency, child care and transportation issues; and WHEREAS, the Central Civic Forum has lobbied tirelessly to assure the election and ap- pointment of black citizens of this City to responsible positions and has provide~ a training ground for young black citizens who aspire to political or other leadership roles in the City and WHEREAS, the Central Civic Forum has expanded from a group of three civic leagues to an umbrella organization which embraces nine civic leagues representing 80% of the City's black population; and WHEREAS, the Central Civic Forum has, through its undertakings, fostered mutual understanding and respect among the citizens of this City; and ~IJ_EREAS, the Central Civic Forum has been a positive factor in the improvement of quality of life for the citizens of this City. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth that this on behalf of the citizens of the City of Portsmouth, quality of life within the City of Portsmouth by the lng their 40th anniversary. the Council recognize the contributions made to the Central Civic Forum on the occasion mark