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"The Industrial Development Authority of the City of Portsmouth )IDA) held a public hear-
<br />ing on Tuesday~ October 18, 1983, to consider the issuance of Industrial Development Revenue
<br />Bonds for Dr. James H. Pauley, D.D.S., Ltd. After the public hearing, the IDA approved issu-
<br />ance of s~id bonds in an amount estimated at $500,000 for the acquisition, construction and
<br />equipping of a medical office building to be located at the corner of Airline Boulevard and
<br />Scott Street. In accordance with the applicable federal and state law, the IDA has requested
<br />City Council to approve the issuance of said bonds.
<br />
<br /> Staff of the Department of Economic Development have prepared a Fiscal Impact/Development
<br />Summary for this project which is attached for your information.
<br />
<br /> The attached resolution has veen prepared by the City Attorney and I recommend its
<br />approval."
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Whitlow, the following resolutin w~s adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH FOR J~¥iES H. PAULEY,
<br />D~D~Si,LTD...tNiAN ~\{OUNT NOT TO EXCEED $500,000 FOR THE ACQUISITION, CONSTRUCTION
<br />AND EQUIPPING OF A MEDICAL OFFICE BUILDING TO BE LOCATED AT THE.CORNER OF AIRLINE
<br />BOULEVARD AND SCOTT STREET TO BE OWNED BY JAMES H. PAULEY, D.D.S., LTD.
<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 James H. Pauley, D.D.S., Ltd. (the
<br />."Company") for the issuance of IDA's Industrial Development Revenue Bonds in an amount not to
<br /> exceed Five Hundred Thousand ($500,000) Dollars to assist in the financing of the acquisition
<br /> construction and equipping of a medical office building to be located at the corner of Airline
<br /> Boulevard and Scott Street in the City of Portsmouth, Virginia, to be owned by the Company and
<br /> has held a public hearing thereon on October 18, 1983; and
<br />
<br /> WHEREAS, the IDA has requested City Council to approve the issuance of the bonds to compll
<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 th~rein and the appropriate certifications by their legal
<br />counsel have been provided to the City Council for their consideration,
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia ap-
<br />prove the issuance of Industrial Development Revenue Bonds by the IDA for the Company in an
<br />amount not to exceed Five Hundred Thousand ($500,000) Dollars for the acquisition, constructiol
<br />and equipping of a medical office building to be located at the corner of Airline Boulevard an,
<br />Scott Street in the City of Portsmouth, Virginia, to be owned by the Company and has held a
<br />public hearing thereon on October 18, 1983; and
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the
<br />applicable federal and state law does not constitute an endorsement of the bonds, financial
<br />viability of the facility or the creditworthiness of the Company, but, as required by
<br />1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Com-
<br />monwealth of Virginia, the City of Portsmouth nor the IDA shall be obligated to pay the bond~
<br />or the interest thereon or other costs incident thereto except from the revenues and moneys
<br />pledged therefor, and neither the faith or credit of the taxing power of the Commonwealth, the
<br />City nor the IDA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />ZAyes:
<br /> Nays:
<br />
<br />Barnes, Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br />None
<br />
<br /> 83-413 Letter from the City Manage~recommending adoption of a resolution authorizing
<br />that the Seaboard Coast Line Railroad Company be notified pursuant to Section 56-405, Code of
<br />Virginia and take such further action as may be necessary to repair Railroad Crossings. Also,
<br />included is an ordinance for the appropriation of $220,000 for the initiation of railroad
<br />crossing repairs, if action is not taken within specified time period ~y the Seaboard Coast
<br />Line Railroad Company.
<br />
<br /> "For over a year the Director of Public Works has been earnestly seeking tmwork with the
<br />officials of the Seaboard Coast Line Railroad Company in a cooperative effort to resolve the
<br />issue of adequate railroad crossings over many of our streets. To date, we have been unsucces:
<br />ful in dealing with officials of the Seaboard Coast Line Railroad Company.
<br />
<br /> Listed below are railroad crossings that have bee~ designated as being poorly mgintained
<br />by the Seaboard Coast Line Railroad Company along with the recorded daily count of traffic
<br />flow:
<br />
<br />1. Frederick Boulevard between Incinerator Road and Project Drive
<br /> daily.
<br />
<br />,.33,490 vehicles
<br />
<br />
<br />
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