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<br />
<br />February 14~ 1984
<br />
<br />GREEN STREET
<br />
<br /> Ail that certain piece or parcel of land, lying and being in the City of
<br />Portsmouth, Virginia, as shown on the plat attached hereto entitled "Plat Showing
<br />Closure O£ A Portion Of Green Street For Portsmouth Redevelopment And Housing
<br />Authority, Effingham Project, VA. R-72, Portsmouth, Virginia", dated November
<br />4, 1983, prepared by Hassell ~ Folkes, P. D., Surveyors and Engineers, Portsmouth,
<br />Virginia, comprising that portion of Green Street which is bounded on the north
<br />by the Southern right-of-way line of Argyle Street, and on the south by the north-
<br />ern right-of-way line of Portsmouth Boulevard."
<br />
<br />Ayes: Barnes, B~amer, Gray, Holley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> 84-59
<br />issuance of
<br />estimated at
<br />
<br />Letter from the City Manager recommending adoption of a resolution authorizing
<br />Industrial Development Revenue Bonds for Urgent Care Associates in an amount
<br />$375,000 for improvements to property located at 3531 Airline Boulevard.
<br />
<br /> "The Industrial Development Authority held a public hearing on December 20, 1983, and
<br />approved the issuance of Industrial Development Revenue Bonds for Urgent Care Associates in
<br />an amount estimated at $375,000 for improvements to property located at 3531 Airline Boulevard
<br />In accordance with the applicable federal and state law the IDA has requested City Council
<br />to approve the issuance of such bonds.
<br />
<br /> The intent of these bonds is to finance the purchase of medical equipment and improve-
<br />ments to an existing building to be utilized as a minor emergency care facility. This develo
<br />ment is estimated to return in excess of $15,000 annually to the City in local tax revenues.
<br />
<br /> The attached resolution has been prepared by the City Attorney and I recommend its
<br />approval."
<br />
<br /> 0~i R6~i6n 6fYMr;iBSlr~ef and gec0nded by >~r~ Gr~y,i th~ f611Owii~gT:gCS;olgtiO~ was. adopted,
<br />and by the.:f61lowing vote:
<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 />IN AN JaviOUNT NOT TO EXCEED $375,000 FOR A MINOR EMERGENCY ROOM AND MEDICAL
<br />TREATMENT CENTER AT 3531 AIRLINE BOULEVARD AT 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 hold
<br />public hearings relative to the issuance of Industri.al~ Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered an application for the issuance of IDA Industrial Develo
<br />merit Revenue Bonds in an amount not to exceed Three Hundred Seventy-Five Thousand ($375,000)
<br />Dollars to assist Urgent Care Associates, a Virginia General Partnership, of which Andrew M.
<br />Fekete is the principal partner or its assigns, which shall include as a principal owner Dr.
<br />Andrew M. Fekete in financing the acquisition, construction and equipping of an out patient
<br />minor emergency room and medical treatment center at 3531 Airline Boulevard of the City of
<br />Portsmouth, Virginia, and has held a public hearing thereon on December 20, 1983; and
<br />
<br /> WHEREAS, the IDA has requested the 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 the IDA's resolution approving the issuance of the bonds, subject to
<br />the terms and conditions contained therein, and the appropriate certifications and documentat
<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
<br />Industrial Development Authority for the benefit o£ Urgent Care Associates, a Virginia Genera]
<br />Partnership, of which Dr. Andrew M. Fetete is the principal partner or its assigns, which.s~a~
<br />include as a principal owner Dr. Andrew M~ Fekete for the acquisition, construction and equip-
<br />ping of an out patient minor emergency room and medical treatment center to be located at
<br />353iilAir%ine 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 facility, or the credit worthiness of the company, but, as required by
<br />~15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither th~
<br />Commonwealth of Virginia, City of Portsmouth, nor IDA shall be obligated to pay the bonds or
<br />the interest thereon, or other costs incident thereto except from the revenues and monies
<br />pledged therefor, and neither the faith or credit of the taxing power of the Commonwealth, th~
<br />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 />
<br />
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