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June 12~ 1984
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<br />Revenue Bonds.mn an amount non to exceed Two Hundred Thousand Dollars ($200,000) to assist
<br />in the financing of the acquisition, substantial renovanion and equipping of a warehouse
<br />and wholesale facility containing approximately nine thousand, three hundred (9,300) square
<br />feet to be leased to International Supply Services (U.S.A.) Ltd., a Virginia Corporation,
<br />for use in,its wholesale e×port trading business (the "Facility"), such facility to be located
<br />at 2400 Cleveland Street in Portsmouth, Virginia, and has held a public hearing thereon on
<br />May 15, 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 law; and
<br />
<br /> WHEREAS, a copy of the IDA's resolution approving the issuance of the bonds, subject
<br />to the terms and conditions contained therein, and the appropriate certifications and
<br />documentation have been provided to the City Council for their consideration.
<br />
<br /> NOW, THEREFORE, BE IT RES£LVED b) the Council of the City of Portsmouth, Virginia,
<br />that the Council approves the issuance of Industrial Development Revenue Bonds by the
<br />Portsmouth Industrial Development Authority for the benefit of I.S.S. Properties to assist
<br />in the financing of the acquisition, substantial renovation and equipping of the facility
<br />to be located at 2400 Cleveland Street in the City of 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 I.S.S. Properties, but,
<br />as required by §15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall provide
<br />that neither the Commonwealth of Virginia, the City of Portsmouth, nor IDA shall be obligated
<br />to pay the bonds or the interest thereon or other costs incident thereto except from the
<br />revenues and monies pledged therefor, and neither the faith or credit of the taxing power
<br />of the Commonwealth, the City, nor the IDA shall be pledged therteo.
<br />
<br />This
<br />
<br />resolution shall take effect immediately
<br />
<br /> Ayes: Barnes, Beamer, Holley, Webb,
<br /> Nays: None
<br />
<br />upon its adoption."
<br />Whitlow
<br />
<br /> 84-196 Letter from the City Manager recommending adoption of a resolution approving
<br />the issuance of Industrial Development Revenue Bonds by the Portsmouth Redevelopment and
<br />Housing Authority for Cherry Properties Associates in an amount not to exceed $600,000 for
<br />a facility at 2915 London Boulevard.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing on May 15,
<br />1984 and approved the issuance of Industrial Development Revenue Bonds for Cherry Pronerties
<br />Associates to assist in the financing, construction and equipping of a commercial and office
<br />facility az 2915 London Boulevard. In accordance with the applicable federal and state law,
<br />the Portsmouth Redevelopment and Housing Authority has requested City Council to approve the
<br />issuance of such bondS. Cherry Rug Company is presently constructing their facility on
<br />Londong Boulevard which will combine their present office and warehouse facility on South
<br />Street which has been sold with their showroom currently on High Street. The project will
<br />result in the retention of an existing business with 20 regular employees and tax revenues in
<br />excess of $11,000.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> On motion of Mr. Barnes and ~econded by Mr. Whitlow, the following resolution was
<br />adopted, and by the following vote:
<br />
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br />BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />'¥IRG2~fA,~FOR CHERRY PROPERTIES ASSOCIATES, IN AN ~OUNT NOT TO EXCEED $600,000
<br />FOR A FACILITY AT 291S LONDON BOULEVARD IN PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment & Housing Authority of the City of Portsmouth,
<br />Virginia (PRHA), has been authorized by the Council of the City of Portsmouth, Virginia,
<br />to advertise and hold public hearings relative no the issuance of Industrial Development
<br />Revenue Bonds; and
<br />
<br /> WHEREAS, PRHA has considered the application of Cherry Properties Associates, a Virginia
<br />General Partnership, for the issuance of PRHA Industrial Development Revenue Bonds in an
<br />amount non to exceed Six Hundred Thousand Dollars ($600,000) To assist in financing the
<br />construction and equipping of a commercial and office facility at 2915 London Boulevard in
<br />the City of Portsmouth, Virginia within the boundaries of the Mount Hermon Conservation
<br />and Redevelopment Project (VA. R-69), and has held a public hearing thereon on May 15, 1984;
<br />and
<br />
<br /> WHEREAS, PRHA has requested City Council to approve the issuance of the bonds to comply
<br />with the applicable federal and state laws; and
<br />
<br /> WHEREAS, a copy of the resolution of PRHA approving the issuance of the bonds, $ubject
<br />to the terms and conditions contained therein, and the appropriate certification have been
<br />provided to the City Council for its consideration.
<br />
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