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¸48
<br />
<br />Inc.,
<br />
<br /> Kaufman and Canoles,
<br />Barryl;W~, Hu~ter,/2030 Virginia National Bank Building,
<br /> spoke in support of the resolution.
<br />
<br />Norfolk,
<br />
<br />representing Farm Fresh,
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Barnes, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE
<br />INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR FARM FRESH,
<br />INC. IN AN AMOUNT NOT TO EXCEED $6,000,000 FOR A SHOPPING CENTER FACILITY AT THE
<br />INTERSECTION OF GEORGE WASHINGTON HIGHWAY AND VICTORY BOULEVARD 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 hold
<br />public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of Farm Fresh, Inc., a Virginia Corpora-
<br />tion, whose address is 3487 Inventors Road, Norfolk, Virginia, for the issuance of ~IDA
<br />Industrial Development Revenue Bonds in an amount not to exceed $6,000,000 to assist in
<br />financing the acquisition of approximately 16.39 acres of the "Williams Court', property situ-
<br />ated at the northwestern corner of the intersection of George Washington Highway and Victory
<br />Boulevard in Portsmouth, Virginia, and the construction thereon, and equipping of a shopping
<br />center facility comprised of a 100,000 square foot super market/retail store, and 41,250 squa~
<br />feet of miscellaneous shops and has held a public hearing thereon on December 12, 1983; and
<br />
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the bonds to compl
<br />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 to
<br />the terms and conditions contained therein, and the appropriate certifications and documentati
<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 t.he Portsmouth
<br />Industrial Development Authority for the benefit of Farm Fresh, Inc. for the acquisition and
<br />equipping of a shoppiBg center facility at the intersection of George Washington Highway and
<br />Victory 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 ~15.1-
<br />1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Commo
<br />wealth of Virginia, City of Portsmouth, nor IDA shall be obligated to pay the bonds or the
<br />interest thereon or other costs incident thereto except from the revenues and monies pledged
<br />therefor, and neither the faith or credit of the taxing power of the Commonwealth, the City
<br />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
<br />Nays: None
<br />
<br /> 83-435- Resolution approving the issuance of Industrial Development Revenue Bonds by the
<br />Industrial Development Authority for P. H. B0yette, Jr. and Company, Inc. in an amount not to
<br />exceed $925,000 for a facility at the corner of George Washington Highway and Frederick Boule
<br />yard, deferred from the meeting of November 22, 1983.
<br />
<br />The,.following letter received from the City Manager:
<br />
<br /> "The Industrial Development Authority held a public hearing on December 13, 1983, and
<br />approved the issuance of Industrial Development Revnue Bonds for P~ H~.~Boyette; Jr. and Compa]
<br />Inc. in an amount estimated at $925,000 for the purchase of and improvements to land located
<br />at the corner of George Washington Highway and Frederick Boulevard. In accordance with the
<br />applicable federal and state law the IDA has requested City Council to approve the issuance of
<br />such bonds.
<br />
<br /> The intent of these bonds is to finance the purchase of land and construction of a 410-
<br />unit mini-storage warehouse. This development is estimated to return in excess of $13,000
<br />annually in local tax revenues.
<br />
<br /> The attached resolution was deferred from the meeting of November 22, 1983, and I recom=
<br />mend its approval."
<br />
<br />P. H. Boyette, Jr., 650 Frederick Boulevard, was available for questions~presented.
<br />
<br /> On motion of Mr. Gray and seconded by Mr. Barnes, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE
<br />INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR P. H.
<br />BOYETTE, JR. AND COMPANY, INCORPORATED IN AN AMOUNT NOT TO EXCEED $925,000 FOR A
<br />FACILITY AT THE CORNER OF GEORGE WASHINGTON HIGHWAY AND FREDERICK BOULEVARD IN
<br />PORTSMOUTH, VIRGINIA.
<br />
<br />
<br />
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