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385
<br />
<br />September 13, 1983
<br />
<br /> BE IT FURTHER RESOLVED that the City Manager be, and he hereby is, aUthorized to submit
<br />all information necessary in connection with such application and to meet all other adminis-
<br />trative and reporting program requirement upon such designation."
<br />
<br /> Ayes: Beamer, Gray, Holley, We~b, WhitlOw, Johansen
<br /> Nays: None
<br />
<br /> ~83-343 - Letter from City Manager recommending adoption of a resolution approving the
<br />issuance of Industrial Development Revenue Bonds for LTD Associates in the amount of $1,370,
<br />for acquisition, construction and equioping of a 60-room motel to be located at 1031 London
<br />Boulevard. '
<br />
<br />O0
<br />
<br /> "The Industrial Development Authority of the City of Portsmouth (IDA) held a public
<br />hearing on Tuesday, August 16, 1983, to consider the issuance of Industrial Development Revenu~
<br />Bonds for LTD Associates. After the publico hearing, the IDA approved issuance of said bonds
<br />in an amount estimated at $1,370,000 for the acquisition of and improvements to property
<br />located at the corner of London Boulevard and Hatton Street. In accordance with the applicabi~
<br />federal and state law, the IDA has requested City Council to approve the issuance of such
<br />bonds.
<br />
<br /> The purpose of these bonds is to enable LTD Associates to construct and furnish a 60 unit
<br />motel. Staff of the Department of Economic Development have prepared a Fiscal Impact/Develop-
<br />ment Summary for this project which is attached for your information. This project is within
<br />the area of the Priority Action Plan for Central Portsmouth and LTD Associates has agreed to
<br />abide by the provisions of that plan upon its adoption by City Council.
<br />
<br /> The attached resolution has been prepared by the City Attorney and I recommend its
<br />approval."
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br />BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE_CITY OF PORTSMOUTH FOR LTD
<br />ASSOCIATES tN THE AMOUNT OF $1,370,000. FOR ACQUISITION, CONSTRUCTION AND
<br />EQUIPPING OF A 60-ROOM MOTEL TO BE LOCATED AT 103] LONDON BOULEVARD TO BE
<br />OWNED BY LTD ASSOCIATES.
<br />
<br /> WHEREAS, the Industrial Development Auth3rity of the City of Portsmouth, Virginia (IDA)
<br />has been authorized hy the Council of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the mssuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHERAS, the IDA has considered the application of LTD Associates (the "Company") for the
<br />issuance of IDA's Industrial Development Revenue Bonds in an amount not to exceed One Million
<br />Three Hundred Seventy Thousand ($1,370,000) Dollars to assist in the financing of the acquisi-
<br />tion, construction and equipping of a 60-room motel, office and manager's apartment, along
<br />with furnishings, laundry facilities and amenities to be located at 1031 London Boulevard in
<br />the City of Portsmouth, Virginia, to be owned by the Company and has held a public hearing
<br />thereon on August 16, 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 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 by their legal
<br />counsel have been provided to the City Council for their consideration.
<br />
<br /> NOW,._THEREFORE, BE IT RESOLVED that the Souncil of the City of Portsmouth, Virginia
<br />approve the issuance of Industrial Development Revenue Bonds by the IDA for the Company in an
<br />amount not to exceed One Million Three Hundred Seventy Thousand ($1,370,000) Dollars for the
<br />acquisition, construction and equipping of a 60-room motel, office and manager's-apartment,
<br />along with furnishings, laundry facilities and amenities to be located at' 10S1 London Boulevar~
<br />in the City of Portsmouth, Virginia, to be owned by the Company and has held a oublic hearing
<br />t~ereon on August 16, 1983; and ~
<br />
<br /> BE IT FURTHER RESOLVED lhat 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 creditworthiness of the Company, but, as required by ~15.1-
<br />~380 ~f the Code of Virginia, 1950, as amended, the bonds shall provide that neither the Commo~
<br />~ealth of Virginia, the City of Portsmouth nor the IDA shall be obligated to pay the bonds or
<br />t~e 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 /> Ayes: Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br /> Nays: None
<br />
<br /> 83-344 - Letter from City Manager recommending adoption of a resolution appointing
<br />viewers for the closing of a portion of Randolph Street.
<br />
<br />
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