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388
<br />
<br />September 13, 1983
<br />
<br />tationincluding a detailed summary of ~h~mm~m/c~}:e~tP~~l~d~th~ ~icr~gr~e ~.',ms~M~cs]
<br />impact statement.
<br /> The attached resolution approving the issuance of the bonds has bee prepared by the
<br />City Attorney and I recommend its adoption."
<br /> On motion of Mr. Reamer and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following vote:
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL D~VELOPMENT REVENUE BONDS
<br /> BY THE PORTSMOUTH REDEVgLOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br /> VIRGINIA, FOR LURER ENTERPRISES, INC., IN AN AMOUNT ESTIMATED AT $7,500,000 FOR
<br /> PROPERTY LOCATED ON HIGH, DINWIDDIE AND KING STR£ETS.
<br /> WHEREAS, the Portsmouth Redevelopment and 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 to the issuance o,f Industrial Development
<br />Revenue Bonds; and
<br /> WHEREAS, the PRHA has considered the application of Lureb Enterprises, Inc., a Virginia
<br /> corporation, for the issuance of PRHA's Industrial Development Revenue Bonds in an amount
<br /> estimated at S~ven Million Five Hundred Thousand Dollars ($7,500,000) to assist in the financ
<br /> lng of the acquisition of certain land and improvements thereon located on High, Dinwiddie
<br /> and King Streets in the City of Portsmouth, (currently known as the Dinwiddie Hotel) and the
<br /> rehabilitation, construction and equipping thereof for use as rental housing; and has held a
<br /> public hearing thereon on September 6, 1983; and
<br /> WHgREAS, the PRHA has requested City Council to approve the issuance of the bonds to
<br /> comply with the applicable federal and state law; and
<br /> WHEREAS, a copy of the PRHA's resolution approving the issuance of the bonds, subject to
<br /> the terms and conditions contained therein, and the appropriate certification have been pro~
<br /> vided to the City Council for its consideration.
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br /> approve the issuance of Industrial Development Revenue Bonds by the Portsmouth Redevelopment
<br /> and Housing Authority for Lureb Enterprises, Inc., in an amount estimated at Seven Million
<br /> Five Hundred Thousand Dollars ($7,500,000) for acquisition, rehabilitation and construction
<br /> of property located on High, Dinwiddie and ~ing Streets.
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds are required by
<br /> tAe applicable federal and state laws does not constitute an endorsement of the bonds,
<br /> financial viability Of the facility or the credit worthiness of Lureb E~terprises, Inc.,.but,
<br /> as required by ~15.11380 of the Code of Virginia, 1950, as amended, the bond shall provide th~
<br /> neither the Commonwealth of Virginia, City of Portsmouth nor PRHA shall be obligated to pay
<br /> the bonds or the interest thereon or other costs incident thereto except from the revenues
<br /> and monies pledged therefor, and neither the faith or credit of the taxing power of the Commo~
<br /> weal~h,.the City nor the PRHA shall be pledged thereto.
<br /> This resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Reamer, Gray, Holley, Webh, Whitlow, Johansen
<br /> Nays: None
<br />
<br />- NEW BUSINESS -
<br />
<br />83-349 -
<br />Boards/Commissions:
<br />
<br /> Portsmouth Redevelopment & Housing Authority
<br />
<br /> James D. Topping, Jr. to be reappointed for a
<br />1987.
<br />
<br /> Group Housing/Condominium Study Committee
<br />
<br /> John G. Hatcher, Jr. replacing Harvey N. Johnson,
<br /> 'Emergency Medical Services Advisory Commission
<br />
<br /> Dr. John Vargas to fill an unexpired term,
<br /> C. Wilson, who resigned.
<br />
<br /> Commission of Architectural Review
<br />
<br />Mr. Whitlow offered the following nominations
<br />
<br />term of
<br />
<br />for~9~t~mnt~t~.s to the:following
<br />
<br />four years, ending September 1,
<br />
<br />Jr., who resigned.
<br />
<br />ending July 31, 1984, replacing Dr. Geozge
<br />
<br /> Harry Diekerson to be appointed to CAR as the Port Norfolk Designee.
<br /> Motion of Mrs. Webb and seconded by Mr. Gray, to close nominations and there being no
<br />further nominations, the above members to be elected to the designated Boards/Commissions,
<br />and was adopted by unanimous vote.
<br /> 83-350 James Staples, 28 Channing Avenue, recommended to the Council some form of
<br />welcom~ to the Coral Sea when it arrives on Friday at the Norfslk Naval Shipyard.
<br />
<br />
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