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April 262 1983
<br />
<br />This resolution shall take effect immediately upon its dopt_on.
<br />
<br />Ayes: Barnes, Beamer, gray, Holley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> 83-153 Letter from the City
<br />issuance of Industrial
<br />of Portsmouth for Jack
<br />
<br />Manager
<br />
<br />recommending adoption
<br />
<br />of a resolution
<br />
<br /> "As I advised you
<br />was scheduled to ho~d a
<br />Industrial Development
<br />that meeting as planned
<br />
<br /> approving the
<br /> Development Bonds by the Industrial Development Authority of the ~ity
<br /> S. and Ronnle H. Moscovitz in an amount estimated at $330,000.
<br />
<br /> in my letter of April 21, 1983, the Industrial Development Authority
<br /> special public hearing on April 22,1983, to consider the issuance of
<br /> Revenue Bonds for Jack S. and Ronnie H. Moscovitz. The IDA conducted
<br /> and approved the issuance of said bonds in an amount estimated at
<br />$330,000 for the acquisition of and improvements to property located at 1010 Airline Boulevard
<br />In accordance with the applicable federal and state law the IDA has request City Council to
<br />approve the issuance of such bonds.
<br />
<br /> The purpose of these bonds is to enable Electronics Unlimited, presently located at 710-
<br />714 County Street, to relocate and expand within the City of Portsmouth. Electronics Unlimit-
<br />ed is engaged in electronic components, sales and service. This relocation and expansion will
<br />result ~n a net increase in both jobs and local taxes. Staff of the Department of Economic
<br />Development have agreed to assist Mr. Jack S. Moscovitz in his efforts to market the County
<br />street property.
<br />
<br /> The~attached resolution has beer prepared by the City Attorney and I recommend its
<br />approval."
<br />
<br /> On motion of Mr. Whitlow 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
<br />THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR JACK
<br />S. MOSCOVITZ~AND RONNIB H. MOSCOVITZ IN AN ~MOUNT ESTIMATED AT $330,000. FOR
<br />PROPERTY LOCATED AT 1010 AIRLINE BOULEVARD.
<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 Jack S. Moscovitz and Ronnie H. Moscov
<br />for the ~ssuance of IDA's Industrial Development Revenue Bonds in an amount estimated at Three
<br />Hundred and Thirty Thousand ($330,000.) Dollars to assist in the financing of the acquisition,
<br />construction and equipping of an electronics sales and service facility to be located at 1010
<br />Airline Boulevard in the City of Portsmouth, Virginia; and has held a ~ublic hearing thereon
<br />on March 15, 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,
<br />the terms and conditions contained therein, and the appropriate certification by
<br />counsel have been provided to the City Council for their consideration.
<br />
<br />subject to
<br />their legal
<br />
<br /> NOW, THEREFORE, BE IT RBSPLVBD 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 Jack S. and Ronnie H. Moscovitz for the acquisition,
<br />construction and equipping of an electronic sales and services facility in the City of Ports-
<br />mouth, 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 tbs credit worthiness of the company, but, as required by Section
<br />15.1-1380 of the Code of Virginia, 1950, as amended, the bonds shall provide that neither the
<br />Commonwealth of Virginia, the City of Portsmouth nor IDA shall be obligated to pay the bonds
<br />or 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 ~ommonwealth, the
<br />City nor IDA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon ~ts adoption."
<br />
<br />Ayes: Barnes, Beamer, Gray, Holley, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> 83-148
<br />Proposed Real Estate Tax increase
<br />~ (See City Manager' s Budget Letter
<br /> The following citizens spoke
<br />salaries:
<br />
<br />Margaret Duffey, 4013 gmokey
<br /> Education As.sociation.
<br />Molly Blanton, 4911 Colonial AVenue,
<br />Rosa Wells, ~632 High Street,
<br />Doris Copela~d, 3324 Eil!ian A~enue,
<br />Vince Mitchell, 3209 Madden Terrace,
<br />Lucian Johnson, 303 Logan Drive~
<br />
<br />Public Hearing on City Operating Budget, General Revenue Sharing Budget,
<br /> for Fiscal Year ending June 30, 1984 was held:
<br /> - Pages 284 & 285)
<br /> concerning the the School Board Budget and teachers'
<br />
<br /> LakeDDrive, Virginia Beach, representing Portsmouth
<br />
<br />Norfolk,
<br />
<br />and
<br />
<br />representing Portsmouth ~ducation Assn.
<br />
<br />
<br />
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