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252
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<br />February 22, 1983
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<br /> 83-74 - h~t~ from the City Manager recommending adoption of a resolution approving the
<br />issuance of Industrial Revenue Bonds by the Portsmouth Industrial Development Authority for
<br />FT Associates in the amount of $1,600,000.
<br /> "Attached is a resolution authorizing the City Council to approve the issuance of
<br />$1,600,000 in Industrial Revenue Bonds to FT A~sociates, aka Elmhurst Square ~roperties. The
<br />Industrial Development Authority of the City of Portsmouth has reviewed this application and
<br />recommends to City Council_for your approval."
<br />
<br /> Mntion of Mr. Barnes and seconded by Mr. Whitlow to adopt the resolution.
<br /> Motion of Mr. Gray and seconded by Mrs. Webb, the resolution be amended that the location
<br />of Food Town Shopping Center to High Street West and Tyre Neck Road, and was adgpted by
<br />nnanimous vote.
<br />
<br /> On motion the following resolution, as amended, was adopted and by the following vote:
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br /> THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH FOR F. T. ASSOCIATES,
<br /> A/K/A ELMHURST SQUARE PROPERTIES IN THE AMOUNT OF $1,600,000. FOR IMPROVEMENTS TO
<br /> PROPERTY LOCATED AT FOOD TOWN SHOPPING CENTER ON HIGH STRBET WEST AND TYRE NECK
<br /> ROAD.
<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 /> WHEREAS, ~e fD~ has considered the application of F. T. Associates, A/K/A Elmhurst Squat
<br /> Properties for the issuance of IDA's Industrial Development Revenue Bonds in.an amount estimat~
<br /> at One Million, Six Hundred Thousand ($1,600,000.) Dollars to assist in the financing of the
<br /> acquisition and renovation of an existing neighborhood shopping center facility on High Street
<br /> West and Tyre Neck Road in Portsmouth, Virginia and has held a public hearing thereon on
<br />
<br />February 15, 1983; and
<br />
<br /> WHEREAS, the IDA has requested City Council to
<br />with the applicable federal and state law; and
<br />
<br />approve
<br />
<br />the issuance of the bonds to compl]
<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 /> NOW, THBREFORE, BB IT RESOLVED that the Council of the City of Portsmouth, Virginia appro
<br />the issuance of Industrial Development Revenue Bonds by the Portsmouth Industrial Development
<br />Authority for F. T. Associates, A/K/A Elmhurst Square Properties in the amount of One Million,
<br />Six Hundred Thousand ($1,600,OO0.) Dollars for improvements to property located at Food Town
<br />Shopping Center on High Street West and Tyre Neck Road.
<br /> BE IT FURTHBR RBSOLVBD 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 worhtiness of the company, but, as required by ~15.1-
<br />1380 of the Code of Virginia, ~[950, as amended, the bonds shall provide that neither the Comf
<br />monwealth of Virginia, the City of Portsmouth nor IDA shall be obligated to pay the bonds or
<br />the interest there'S'or other costs incident thereto except from the revenues and monies pled~
<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 /> This resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Barnes, Gray, Holley, Webb, Whitlow, Johansen
<br /> Nays: None
<br /> 83-75 Letter from the"City Manager recommending adoption of a motion to refund $83.54
<br /> without interest for City Business License taxes paid in error.
<br /> "A partial refund for City Business License for the year 1982 is requested for Ronald M.
<br /> Vance, T/A Vance Masonry, 3314 Scott Street, Portsmouth, Virginia 23707.
<br /> Mr. Vance reported Grogs Receipts of $60,221.76 on the 1982 Cityc~.of Portsmouth Business
<br /> License Applicati6n~and paid a tax of $160.44. He erroneously included gross receipts of
<br /> $41,771.00.from work conducted in Chesapeake. Gross receipts for Portsmouth should have been
<br /> reported in the amount of $18,450.76 with a tax of 76.90. A refund in the amount of $83.54
<br /> is requested.-' The Commissioner of Revenue has verified the overpayment and recommends the
<br /> refund."
<br /> Motion of Mrs. Webb and seconded by Mr. Gray, that authorization be granted to refund
<br /> Ron~d M. Vance $83.54, without interest, on City Business License taxes paid in error, and
<br /> was adopted by unanimous vote.
<br /> 83-76 - Letter from the City Manager recommending adoption of a motion to refund $188.80
<br /> plus interest for Business Tangible Personal Property taxes assessed in error.
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