|
181
<br />
<br />June 26, 1984
<br />
<br /> WHEREAS, on November 24, 1981, the IDA issued, sold and delivered Two Million, Two
<br />Hundred ihousand Dollars ($2,200,000.) in an aggregate principal amount of its floating
<br />rate Industrial Development Revenue Notes (Beverley Enterprises Affiliated Medical Center
<br />Project) Series 1981 (the "1981 Bonds") to enable Affiliated Medical Center, Inc. to finance
<br />the cost of acquisition, construction and equipping of a 120 bed skilled and intermediate
<br />care nursing home facility (the "Facility") located on London Boulevard in the City of
<br />Portsmouth, Virginia; and
<br />
<br /> WHEREAS, the IDA has considered the application of Beverley Enterprises-Virginia, Inc.
<br />for the issuance by the Industrial Development Authority of Industrial Development Revenue
<br />Bonds for Beverley Enterprises-Virginia, Inc. in the amount of Two Million, Two Hundred
<br />Thousand ($2,200,000) for refunding of the 1981 Bonds, and has held a public hearing thereon
<br />on June 19, 1984; and
<br />
<br /> WHEREAS, the IDA has requested that the City Council approve the issuance of the bonds
<br />for refunding to comply with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of IDA's resolution approving the issuance of the bonds, subject to
<br />the terms and conditions contained thereiN, and the appropriate certifications and documentati
<br />have been provided to the City Council for their consideratmon.
<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 IDA
<br />for the benefit of Beverley Enterprises-Virginia, Inc. to refund the 1981 Bonds which were
<br />used to finance the cost of the acquisition, construction and equipping of a 120 bed skilled
<br />and intermediate care nursing home facility located on London Boulevard in the City of
<br />Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED that 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,
<br />financial viability of the facility, or the credit worthiness of Beverley Enterprises-Virginia
<br />Inc., but as required by 615.1-1380 of the Code of Virginia, 1950, as amended, the bonds
<br />shall provide that neither the Commonwealth of Virginia, the City of Portsmouth, nor IDA
<br />shall be obligated to pay the bonds or the interest thereon or other costs incmdent thereto
<br />except from the revenues and monies pledged therefor, and neither the faith or the credit
<br />of the taxing 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: Barnes, Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> 84-220 -
<br />the issuance
<br />estimated at
<br />
<br />Letter from the City Manager recommending adoption of a resolution approving
<br />of Industrial Development Revenue Bonds for Doughtie's Foods, Inc. in an amount
<br />$3,000,000.
<br />
<br /> "The Portsmouth Port and Industrial Commission held a public hearing on June 19, 1984,
<br />and approved the issuance of Industrial Development Revenue Bonds for Doughtie's Foods, Inc.
<br />in an amount estimated at $3,000,000 for the purchase of and improvements to property located
<br />behind Doughtie's present facility at 2410 Wesley Street. In accordance with the applicable
<br />federal and state law, the PPIC has requested City Council to approve the issuance of such
<br />bonds.
<br />
<br /> The intent of the bonds is to finance the acquismt~on oi land, warehouse expansion and
<br />equipping, and the construction of a new office building. This project will result in 20
<br />additional jobs in addition to the retention of i5 ex~sting jobs in the City of Portsmouth.
<br />
<br /> The attached resoiut~on has ~een prepared by the City Attorney and I recommend its
<br />approval."
<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 OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br />BY THE PORTSMOUTH PORT AND INDUSiRIAL COMMISSION,OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR DOUGHTIE'S FOODS, INC. IN AN AMOUN'i NOT TO EXCEED $3,000,000
<br />FOR A WAREHOUSE AND COLD STOPiAGE FACILITY TO BE LOCATED AT 2410~WESLEY STREET,
<br />PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Port and industrial Commission of
<br />Virginia (PPIC) has been authorized by the Council of the City
<br />advertise and hold public hearings relative to the issuance of
<br />Revenue Bonds; and
<br />
<br />the City of Portsmouth,
<br />of Portsmouth, Virginia,
<br />Industrial Developmen~
<br />
<br />to
<br />
<br /> WHEREAS, PPIC has considered the application and plan of financing of Doughtie's
<br />Foods, Inc., a Virginia Corporation, for the mssuance of PPIC Industrial Development Reven~e
<br />Bonds in an amount not to exceed Three Million Dollars ($3,)00,000) to assist in the financin
<br />of the acquisition, constructmon and equipping of a warehouse and cold storage facility
<br />[the "Facility"), such facility to be located at 2410 Wesley Street, Portsmouth, Virginia,
<br />mhd has held a public hearing thereon on June 19, 1984; and
<br />
<br />
<br />
|