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MAY 6, 2003 AGENDACITY COUNCIL MAYOR MEYERA E OBERNDORF, At -Large VICE MAYOR LOUIS R JONES Bayside - District 4 HARRY DIEZ,EL, Kempsville - District 2 MARGARET L EURE, Centerville -District I REBA S McCLANAN, Rose Hall - District 3 RICHARD A MADDOX, Beach - District 6 IIM REEVE, Princess Anne - District 7 PETER W SCHMIDT, At -Large RON A VILLANUEVA, At -Large ROSEMARY WILSON At -Large TAMES L WOOD, Lynnhaven -District 5 JAMES K SPORE, City Manager LESLIEL LILLEY, City Attorney RUTH HODGES SMITH, MMC, City Clerk CITY OF VIRGINIA BEACH "COMMUNITY FOR A LIFETIME" CITY COUNCIL AGENDA 6 May 2003 CITY HALL BUILDING I 2401 COURTHOUSE DRIVE VIRGINIA BEACH, VIRGINIA 23456-8005 PHONE (757) 427-4303 FAX (757) 426-5669 EMAIL Ctycncl@vbgov com I. CITY MANAGER'S WORKSHOP -Conference Room - 1:00 PM A. RESOURCE MANAGEMENT PLAN FISCAL YEAR 2003-2004 City's Proposed Operating Budget - "Community For a Lifetime" Catheryn Whitesell, Director Management Services I RECONCILIATION II REVIEW OF AGENDA ITEMS III COUNCIL LIAISON REPORTS IV CITY COUNCIL COMMENTS V INFORMAL SESSION A CALL TO ORDER - Mayor Meyera E Oberndorf B ROLL CALL OF CITY COUNCIL C RECESS TO CLOSED SESSION D CERTIFICATION OF CLOSED SESSION -Conference Room - 4:00 PM II VI CITY COUNCIL INFORMAL DISCUSSION VII FORMAL SESSION -Council Chamber - 6:00 PM A CALL TO ORDER - Mayor Meyera E Oberndorf B INVOCATION: Chaplain D. R. Staton Police Chaplain C PLEDGE OF ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA D ELECTRONIC ROLL CALL OF CITY COUNCIL E. CERTIFICATION OF CLOSED SESSION F MINUTES 1 INFORMAL AND FORMAL SESSIONS April 22, 2003 G AGENDA FOR FORMAL SESSION H MAYOR'S PRESENTATION 1. RESOLUTION - Bollmann Family I. CONSENT AGENDA J PUBLIC HEARING 1 AGRICULTURAL RESERVE PROGRAM (ARP) - 2794 West Gibbs Road - 6421 Crags Causeway - West Landing Road 2 LEASE OF CITY PROPERTY - 203 Laskin Road K RESOLUTIONS/ORDINANCES 1 Resolution APPROVING the issuance of Industrial Development Revenue Bonds, Series 2003 in an amount not to exceed $5,000,000 for London Bridge Holding LLC (Auburn Associates, LP), at 2601 Reliance Drive, Oceana West. 2 Resolutions re General Obligation Public Improvement Bonds for various public improvements, including schools, roadways, coastal, economic and tourism and building prof ects a AUTHORIZING the Issuance and Sale of $50,000,000 of Series 2003A Bonds. b AUTHORIZING the Issuance and Sale of $51,205,000 of Refunding Bonds, Series 2003B. c 3 Resolution CREATING a Commission to study and make recommendations on Real Estate Tax Relief for Senior Citizens 4 Ordinance to AMEND Section 33-18 of the City Code re Vending Machines on public property in the Resort Tourist Districts and EXEMPT those dispensing public transportation tickets. 5 Ordinance to AUTHORIZE acquisition of 6.7 acres from the City of Norfolk adjacent to Lake Lawson for $300,000 under the Open Space preservation program 6 Ordinance to AUTHORIZE exercise of an April 25, 2001, Option Agreement with the Caton Family and Edward T. Caton re purchase of .344 acres at Rudee Loop for $1,000,000. 7 Ordinance to AUTHORIZE the lease of 1800 square feet of City -owned office space at 203 Laskin Road to USO of Hampton Roads. 8 Ordinance to APPROPRIATE $100,000 from the General Fund for an interest -free loan to Sandbridge Volunteer Rescue Squad re ambulance replacement. 10 Ordinances to AUTHORIZE the acquisition of Agricultural Reserve Preservation (ARP) easements and issuance of contract obligations (DISTRICT 7 - PRINCESS ANNE). a Sea Bay Development Corporation 62 59 Acres $310,326 Installment Purchase Agreement No 2003-57 b Sharon J. Sattler 29 46 Acres $106,056 Installment Purchase Agreement No 2003-56 c Craig C and Susan L. Creamer 22 18 Acres $45,321 Installment Purchase Agreement No 2003-55 11. Ordinance to ACCEPT and APPROPRIATE a $9,180 grant from the Norfolk Foundation for the Virginia Beach Public Library re two online grant databases 12 Ordinance to ACCEPT and APPROPRIATE a $50,000 grant from the National Fish and Wildlife Foundation and to TRANSFER $33,000 from the FY 2002-2003 Reserve for Contingency for a matching grant re Lynnhaven River Watershed Management Plan. 13 Ordinance to APPROPRIATE $8,000 from the Oyster Heritage Trust Fund to develop educational and informational materials re restoration of oysters in the Lynnhaven River watershed 14 Ordinance to AUTHORIZE acquisition of property in fee simple for replacement of the existing Timberlake-Foxwood pump station, PS#59. K. APPOINTMENTS EASTERN VIRGINIA MEDICAL SCHOOL (EVMS) FRANCIS LAND HOUSE BOARD OF GOVERNORS PARKS AND RECREATION COMMISSION PLANNING COUNCIL VIRGINIA BEACH COMMUNITY DEVELOPMENT CORPORATION (VBCDC) YOUTH SERVICES COORDINATING COUNCIL L UNFINISHED BUSINESS M NEW BUSINESS N. ADJOURNMENT 2003 Time Resource Management Schedule ♦ May 6 Reconciliation Workshop ♦ May 13 6 00 pm City Council ADOPTION FY 2003-04 Resort Management Plan City Council, in trying to be more responsive to the needs of citizens who attend the meetings, has adopted the following time limits for future Formal Sessions Applicant or Applicant's Representative 10 Minute Attorney or Representative for Opposition 10 Minutes Other Speakers - each 3 Minutes Applicant's Rebuttal 3 Minutes THESE TIMES WILL BE STRICTLY ADHERED TO. If you are physically disabled or visually impaired and need assistance at this meeting, please call the CITY CLERK'S OFFICE at 427-4303 Hearing impaired, call TDD only 427-4305 (TDD - Telephonic Device for the Deaf) ********** Agenda 04/08/03 st '.VNN, v vbgov Corn �- 1A BF,� U ==C� �S N OP OUR NA1,p, �r�nl�ttinn CERTIFICATION OF CLOSED SESSION VIRGINIA BEACH CITY COUNCIL WHEREAS: The Virginia Beach City Council convened into CLOSED SESSION, pursuant to the affirmative vote recorded here and in accordance with the provisions of The Virginia Freedom of Information Act, and, WHEREAS: Section 2.2-3712 of the Code of Virginia requires a certification by the governing body that such Closed Session was conducted in conformity with Virginia Law NOW, THEREFORE, BE IT RESOLVED: That the Virginia Beach City Council hereby certifies that, to the best of each member's knowledge, (a) only public business matters lawfully exempted from Open Meeting requirements by Virginia Law were discussed in Closed Session to which this certification resolution applies, and, (b) only such public business matters as were identified in the motion convening this Closed Session were heard, discussed or considered by Virginia Beach City Council. �PBD11YtiAYi CERTIFICATION OF CLOSED SESSION VIRGINIA BEACH CITY COUNCIL WHEREAS: The Virginia Beach City Council convened into CLOSED SESSION, pursuant to the affirmative vote recorded here and in accordance with the provisions of The Virginia Freedom of Information Act, and, WHEREAS: Section 2.2-3712 of the Code of Virginia requires a certification by the governing body that such Closed Session was conducted in conformity with Virginia Law NOW, THEREFORE, BE IT RESOLVED: That the Virginia Beach City Council hereby certifies that, to the best of each member's knowledge, (a) only public business matters lawfully exempted from Open Meeting requirements by Virginia Law were discussed in Closed Session to which this certification resolution applies, and, (b) only such public business matters as were identified in the motion convening this Closed Session were heard, discussed or considered by Virginia Beach City Council. ... % U 211 9y10 �gP��'r'' kS OF OUR NAS\ON5 ..i 41, WHEREAS. It began on Lolly Lane, in Green Run to May 1997, when seven children moved in with relatives next door to Cheri and Dave Bollmann and their four children, WHEREAS: The Bollmann 's established a youth group called "Children Living Under the Bible " or CLUB which drew dozens of neighborhood children to the lively household of Christian songs and laughter The seven new children joined the group and the rest is history, WHEREAS: The Bollmann's opened their home to the children whose parents were unable to care for them, first becoming foster parents and eventually, in 1998, adopting them, WHEREAS: Their uniquely blended family runs smoothly with chore charts, mountains of food to be prepared and laundry to wash They take care of one another, the older ones supporting and helping the younger, WHEREAS: The family is an inspiration to all who know them and they have become local and national celebrities as their singing group, Blended, has performed at local churches and appeared on "Good MorningAmerica", "Sally'; and "It'sShowtimeattheApollo'; and, WHEREAS: In January, the Bollmann family was chosen to compete on national television in "My Life is a Sitcom " with eight other families from seven states to determine who would star in anew television show They placed second in the competition NOW, THEREFORE, BEITRESOLVED: That the City Council, as the governing body of the City of Virginia Beach, is duly proud of the accomplishments of this blended family that has become an inspiration to our citizens AND FURTHER RESOL VE: That Cheri, Dave, Country, E J, David, Kelly Scott, Steven, Drew, Nancy, Stacie, Cinnamon, Christopher and Sarah Bollman are AMBASSADORS OF LOVE AND HARMONY that is exemplified by their talent and commitment to family making them an integral part of our "Community for a Lifetime " ADOPTED by the Members of Virginia Beach City Council this 6th day of May 2003. HE SLEACON Surday, April 20, 2003 I� NOTICE OF PUBLIC HEARING ON THE EXECUTION AND DELIVERY OF INSTALLMENT PURCHASE AGREEMENTS FOR THE ACQUISITION OF DEVELOPMENT RIGHTS ON CERTAIN PROPERTY BY THE CITY OF VIRGINIA BEACH, VIRGINIA Notice is hereby given that the City Council of the City of Virginia Beach Virginia will hold a public hearing with respect to the execution and deliver; of Installment Purchase Agreements for the acquisition of agricultural Iano preservation easements with respect to lands located on West Gibbs Road, Crags Causeway and West Landing Road in the City of Virginia Beach, Virginia, pursuant to Ordinance No 95-2319, known as the Agricultural Lands Preservation Ordinance, which estab- lishes an agricultural reserve program for the southern portion of the City designated to (a) oromote,and encourage the preservation of farm- land, (b) preserve open spaces and the area's rural character, (c) con- serve and protect environmentally sensitive resources, (d) reduce and defer the need for major infrastructure improvements and the expendi- ture of public funds for such improvements, and (e) assist in shaping the character, direction and timing of community development Such easements will be purchased pursuant to Installment Purchase Agreements for an aggregate estimated maximum purchase price of $461,703 The City's obligation to pay the purchase price under the Installment Purchase Agreements is a general obligation of the City, and the full faith and credit and the unlimited taxing power of the City will be irrevocably pledged to the punctual payment of the purchase price and the interest on the unpaid principal balance of the purchase price as and when the same respectively become due and payable The Public Hearing, which may be continued or adjourned, will be held by the City Council on May 6, at 6 00 p m in the City Council Cham- ber located on the 2nd floor of the City Hail Building, 2401 Court- house Drive Virginia Beach, Virginia Any person interested in this matter may appear and be heard CITY OF VIRGINIA BEACH VIRGINIA Ruth Hodges Smith, MMC City Clerk Beacon April 20 and April 27, 2003 10265156 THE BEACON Sunday, April 27, 2003 PUBLIC HEARING LEASE OF CITY PROPERTY The Virgiria Beach City Council will hold a PUBLIC HEARING or the proposed leas-Ing of approximately 1800 square feet of City -owned office space at 203 Laskin Road to the USO of Hampton Roads Tuesday May 6 2003 at 6 00 p m in the Council Chamber of the City Hall Budding (Building #1) at the Virginia Beach Municipal Center 'sir ginia Beach, Virginia The ourpose of this hearing will be to obtain public irput to determine whethe, this orooerty should be 'eased to the USO If you are physically disabled or visually impaired and need asses tance at this meeting, please call the CITY CLERK'S OFFICE at 4274303, Hearing impaired call TDD only 427 4305 (TDO Tele phone Device for the Deaf)i Any questions concerning this matter should oe directed to the Department of General Services Room 228 Building #18. at the V girna Beach Municipal Center The General Sen;-races Office telephone number is (757)427-4567 Ruth Hodges Smith MMC City Clerk Beacon April 27 2003 10277285 CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: Resolution Approving the Issuance of Refunding Revenue Bonds (Auburn Associates, L P. Project) MEETING DATE: May 6, 2003 ■ Background: The City of Virginia Beach Development Authority has considered the request of London Bridge Holding LLC (the "Company") for the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $5,000,000 to assist in the financing of (a) the Company's acquisition from JRC, LLC of a certain parcel of land containing approximately 7 706 acres located at 2601 Reliance Drive, Oceana West Industrial Park in the City of Virginia Beach, Virginia and (b) the Company's equipping and renovation of a manufacturing facility to be leased to London Bridge Trading Company, LTD for use in its business of manufacturing sewn nylon equipment The Authority passed a resolution on March 18, 2003, recommending that the City Council approve issuance of the bonds The Authority passed a resolution on March 18, 2003, recommending that the City Council approve issuance of the bonds ■ Considerations: The matter comes before Council for its approval pursuant to Section 15 2-4906 which requires the municipality on behalf of which the bonds of an authority are issued to either approve or disapprove any financing recommended by such authority within sixty (60) days of the date of the authority's public hearing ■ Public Information: The request was duly advertised for a public hearing before the Authority in accordance with the requirements of Section 15 2-4906 of the State Code ■ Alternatives: Not Approve ■ Recommendations: Approval ■ Attachments: IDP Submission to Council Notice of Public Hearing Record of Public Hearing Development Authority's Resolution Disclosure Statement Authority's Statement Fiscal Impact Statement Summary Sheet Letter from Department of Economic Development dated March 12, 2003 Resolution Location Map Recommended Action: APPROVAL Submitting Department/Agency: Development Authority G L. Fentress of Counsel City Manage7 . t F \Data\ATY\Forms\ E UTH\BO \WOR A 48 agd doc RESOLUTION OF THE CITY COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (LONDON BRIDGE HOLDING LLC PROJECT), SERIES 2003 WHEREAS, the City of Virginia Beach Development Authority (the "Authority") has considered the application of London Bndge Holding LLC (the "Company") for the issuance of the Authority's variable rate demand bonds in an amount not to exceed $5,000,000 (the "Bonds") to assist in the financing of (a) the Company's acquisition from JRC, LLC of a certain parcel of land containing approximately 7.706 acres better known as 2601 Reliance Drive, Oceana West Industrial Park in the City of Virginia Beach, and (b) the Company's equipping and renovation of a manufacturing facility to be leased to London Bridge Trading Company, LTD for use in its business of manufactunng sewn nylon equipment (all improvements and land being collectively referred to as the "Facility") and has held a public hearing thereon on March 18, 2003, and WHEREAS, the Authority has requested City Council (the "Council") of Virginia Beach, Virginia (the "City') to approve the issuance of the Bonds to comply with Section 147(f) of the Internal Revenue Code of 1986, as amended; and WHEREAS, pursuant to Section 15.2-4906, Code of Virginia, 1950, as amended, a copy of the Authority's Resolution approving the issuance of the Bonds, subject to terms to be agreed upon, and a reasonably detailed summary of the comments expressed at the public hearing, if any, have been filed with the Council of the City of Virginia Beach, Virginia. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA: 1 The Council of the City of Virginia Beach, Virginia, approves the issuance of the bonds by the City of Virginia Beach Development Authority, in a principal amount not to exceed $5,000,000 to finance the Company's acquisition from JRC, LLC of a certain parcel of land containing approximately 7 706 acres better known as 2601 Reliance Drive, Oceana West Industrial Park in the City of Virginia Beach, and (b) the Company's equipping and renovation of a manufacturing facility to be leased to London Bridge Trading Company, LTD for use in its business of manufacturing sewn nylon equipment for the benefit of London Bridge Holding LLC, to the extent required by Section 147(f) of the Internal Revenue Code. 2. The approval of the issuance of the Bonds, as required by Section 147(f) does not constitute an endorsement of the bonds or the creditworthiness of the Company; but, pursuant to Chapter 643, Virginia Acts of Assembly of 1964, as amended, the Bonds shall provide that neither the City nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and moneys pledged therefor, and neither the faith or credit nor the taxing power of the Commonwealth, the City or the Authority shall be pledged thereto 3 In approving the Resolution, the City of Virginia Beach, including its elected representatives, officers, employees and agents, shall not be liable and hereby disclaims al liability for any damages to any person, direct or consequential, resulting from the Authority's failure to issue Bonds for the Facility for any reason 4 This Resolution shall take effect immediately upon its adoption. Dated , 2003 #385491 vl - Resolution of City Council Clerk, City Council of the City of Virginia Beach1-7 x1 AWROVED AS TO LEGAL SUFFICIENCY 2 Rand McNally - Get a Map Page l of 2 Uj Local Information Construction gels a map � �"ri'.. r � Y ]� 3-;o�i�' �.+�.�n�tia • -`:�—+S.f EL 2601 Reliance Dr 1 Places to Stay Virginia Beach, VA 23452-7833 ' express map mint save ® ema Virginia Beach ` Weather More Options r ~ y� enge I Or l i ` Get drivinq directions t to this location 1 414 I =� ''�, ;;.dustjY � � , ' Get mileage between two locations in the ' L nnhaven �' 11 �;y- � l Excal►bur i:t I� US -� y Gil -,._ _�- Q Mao another address --+ y l FeurtRr-Rdoceana _Recenter map on hoc" tiifi a f.�� -Vi�� -� r 2601 Reliance Dr . address`�ar�'r'�/� n .'�' CP •� �'�� * uthorPl-- 7 j 0� j � f 1, ^4r 2Q02 rarjd cnaiX�s rn inc. a12= avigataTTe hnologiies Increase Mao Size _, 2o��:r3 but _ ] �, 3 4 g ly T 8 � 10 Zoam )tl Click on map to (* Recenter i" Zoom In (' Zoom In & Recenter Yes, our maps look different' Find out more about our new online mapping Find it in the 2003 Road Atlas • page 105, Virginia Beach / Norfolk detail map • page 107, grid section M-18h+r-�-� • page 107, grid section L-18 f Visit our Travel Store for your road trip needs e_anr n+qua �w•Y� ■Srioi, 75 Watt Laatg2 Rand McNally_ D� ital Com ass Power Inverter -�---- TripLink $49.95 Bs-s: Seller $39.95 http'//wtiv-w randmenally com/rmc/directions/dirGetMap jsp?BV SessionID= @@@@O50 3/10/2003 VIRGINIA BEAx-CH March 17, 2003 The Honorable Meyera E Oberndorf, Mayor Members of City Council Municipal Center Virginia Beach, VA 23456 Re London Bridge Holding LLC Revenue Bonds ($5,000,000) Dear Mayor Oberndorf and Members of City Council: Vn!ainia Beach Development Authority- 222 Central Part. Avenue, Suite 1000 Virainia Beach, VA 23462 (757) 437-6464 FAX (757) 499-9894 W'ebsite www vbjov com We submit the following in connection with project London Bridge Holding LLC located at 2601 Reliance Drive, Oceana West Industrial Park in the City of Virginia Beach, Virginia. (1) Evidence of publication of the notice of hearing is attached as Exhibit A, and a summary of the statements made at the public hearing is attached as Exhibit B. The City of Virginia Beach Development Authority's (the "Authority") resolution recommending Council's approval is attached as Exhibit C (2) The Disclosure Statement is attached as Exhibit D. (3) The statement of the Authority's reasons for its approval as a benefit for the City of Virginia Beach and its recommendation that City Council approve the issuance of the bonds described above is attached as Exhibit E. (4) The Fiscal Impact Statement is attached as Exhibit F The Honorable Meyera E. Oberndorf, Mayor Members of City Council March 17, 2003 Page 2 (5) Attached as Exhibit G is a summary sheet setting forth the type of issue, and identifying the Project and the principals (6) Attached as Exhibit H is a letter from the appropriate City department commenting on the Project. Very truly yours, WRobeJones Chairman RGJ/GLF/rab Enclosures Exhibit A THE VIRGINIAN-PILOT NORFOLK, VIRGINIA AFFIDAVIT OF PUBLICATION The Virginian -Pilot --------------------------------------------------+--------------------------- WILLIAMS MULLEN CLARK DOBBI SUITE 900 ONE COLUMBUS CENTER VA BEACH VA 23462 REFERENCE: 10219123 385846v3 10191616 NOTICE OF PUBLIC HEA State of Virginia City of Norfolk This day, D. Johnson personally appeared before me and after being duly sworn, made oath that: 1) She is affidavit clerk of The Virginian -Pilot, a newspaper published by Landmark Communications Inc., in the cities of Norfolk, Portsmouth, Chesapeake, Suffolk, and Virginia Beach, Common- wealth of Virginia and in the state of North Carolina 2)That the advertisement hereto annexed has been published in said newspaper on the date stated. PUBLISHED ON: 03/05 03/11 TOTAL COST: 433.92 FILED ON: 03/14/ LegS- I -Public yrliOTICE�F PUB1)C_7iF-ARING:DN'PROPOSED.INDUkTW)AL 'DEVELOPMENT, REVENUE BOND FJNANCING,BY'THE CITY OF ' VIRGINIA,BEACH DEVELOPMENT AU THORITY;, VIRGINIA (LONDON BRIDGE HOLDING LMPR03ECT), SERIES 2003, Nonce is hereby given th;3t the City ,oP Virginia -Beach Development Autnonty (the `Authority") Will hold wpUbiic hearing or, the application of London Bridge Holding LLC a Vuginia:limited-liability company 3509 Virginia Beach Boulevard,-,Virgmra-Athe ",Applicants) for the Authority to issue pursuant to Chapter 643.zlahe Acts of Assembly of 1954, as:amended,i(the-Act'),'Wfo,$5,000,000_oflits Industrial Development, Revenue Bonds,to assist'_the-Applicant-�4n"financing the ,acquisition renovation -and equipping of an approximately'40,000 square foot existing liudding_currently-situated on a.7 706•acre parcel Hof land located at 2601, Reliance Drive-,'Virginra Beach Virginia (the "Project") for lease to London Bridge-Trading;Company for use in its business of manufacturing sewn nylorv"uipment The -public hearirlg4hicb may. be -continued zri,adlotimed, will be held at-8 30 a m on. Tuesday,March_18';2003, "b&oWe the%Authorq at the Authority's office at 222,Centjal Park,.Atvenue,.Suitet.l<000, Virginia Beach Virginia,23462 As required,jaythe Act 'theBonds,will not pledge the faith and credit or the taxingpowerroYthe Commonwealth of Virginia,orany'poldical_subdivision there6j, inchtding the.%dhonty','but ,will be payable solely from revenuePdenved"from-the Applicant and 1 pledges therefor Any person interested, in the issuance of the Bonds Ior the location or purpose of the proposed Project may appear and be heard A copy of the Applicant's application as pn fiWand is open for inspection at the Autgority's,offic`e,at 222 CentraPPark Avenue, Suite ; 1000,Virginia'Beach. Virganla�3462•durmgbusiness hours. = CITY OF VJRGINIA:BEACH DEVELOPMENT AUTHORITY VP March 5Iand March 11. 2003 _ 10191616 ---------------- +--------------------- - - - - - - in my c4tV and state on the day and year ssion expires January 31, 2004 NOTICE OF PUBLIC HEARING ON PROPOSED INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING BY THE CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY, VIRGINIA (LONDON BRIDGE HOLDING LLC PROJECT), SERIES 2003 Notice is hereby given that the City of Virginia Beach Development Authority (the "Authority') will hold a public hearing on the application of London Bndge Holding LLC, a Virginia limited liability company, 3509 Virginia Beach Boulevard, Virginia (the "Applicant"), for the Authority to issue, pursuant to Chapter 643 of the Acts of Assembly of 1964, as amended, (the "Act"), up to $5,000,000 of its Industrial Development Revenue Bonds to assist the Applicant in financing the acquisition, renovation and equipping of an approximately 40,000 square foot existing building currently situated on a 7.706 acre parcel of land located at 2601 Reliance Drive, Virginia Beach, Virginia (the "Project") for lease to London Bridge Trading Company for use in its business of manufacturing sewn nylon equipment. The public hearing which may be continued or adjourned, will be held at 8:30 a.m on Tuesday, March 18, 2003, before the Authority at the Authority's office at 222 Central Park Avenue, Suite 1000, Virginia Beach, Virginia 23462. As required by the Act, the Bonds will not pledge the faith and credit or the taxing power of the Commonwealth of Virginia or any political subdivision thereof, including the Authority, but will be payable solely from revenues derived from the Applicant and pledges therefor. Any person interested in the issuance of the Bonds or the location or purpose of the proposed Project may appear and be heard. A copy of the Applicant's application is on file and is open for inspection at the Authority's office at 222 Central Park Avenue, Suite 1000, Virginia Beach, Virginia 23462, during business hours. CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY #385846 v3 - NOTICE OF PUBLIC HEARING - LONDON BRIDGE Exhibit B INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF VIRGINIA BEACH, VIRGINIA RECORD OF PUBLIC HEARING (London Bridge Holding LLC Project) The Chairman of the Industrial Development Authority of the City of Virginia Beach (the "Authority") announced the commencement of a public hearing on the request of London Bridge Holding LLC (the "Borrower"), and that a notice of the hearing was published once a week for two consecutive weeks in a newspaper having general circulation in Virginia Beach, Virginia. The Chairman indicated that a copy of the notice and a certificate of publication of such notice have been filed with the records of the Industrial Development Authority of the City of Virginia Beach, Virginia. The following individuals appeared before the Authority. William W Harrison, Jr. of the law firm of Williams Mullen Douglas McDougal, Member of London Bridge Trading LLC Mr. Harrison gave a brief description of the Project (below defined). He explained that the Borrower has applied to the Authority for up to $5,000,000 of its industrial development revenue bonds to assist the Borrower for the purpose of financing the acquisition, renovation and equipping of an approximately 40,000 square foot existing building currently situated on a 7.706 acre parcel of land located at 2601 Reliance Drive, Virginia Beach, Virginia for lease to London Bridge Trading Company for use in its business of manufacturing sewn nylon equipment (the "Project"). Mr. Harrison and Mr. McDougal answered various questions of the members of the Authority. No other persons appeared to address the Authonty, and the Chairman closed the public heanng. The Authority hereby recommends that the City Council of the City of Virginia Beach, Virginia approve the issuance of the Authority's industrial development revenue bonds in a principai amount not to exceed $5,000,000 and hereby transmits the Fiscal Impact Statement to the City Council of the City of Virginia Beach and asks that this recommendation be received at its next regular or special meeting at which this matter can be properly placed on the Council's agenda for hearing. Dated: #388335 vl - record of public hearing - London Bridge B 1-47662 1 3/6/02 Exhibit C RESOLUTION OF THE CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY INDICATING ITS INTENT TO ISSUE BONDS FOR LONDON BRIDGE HOLDING LLC TO ACQUIRE, RENOVATE AND EQUIP AN APPROXIMATELY 409000 SQUARE FOOT MANUFACTURING FACILITY FOR LEASE TO LONDON BRIDGE TRADING COMPANY, LTD. WHEREAS, there has been described to the City of Virginia Beach Development Authority (the "Authority"), the plans of London Bridge Holding LLC (the "Company"), whose current address is 3509 Virginia Beach Boulevard, acting on its own behalf, to acquire, renovate and equip an approximately 40,000 square foot manufacturing facility (the "Project"), located at 2601 Reliance Drive, Oceana West Industrial Park, in the City of Virginia Beach, Virginia (the "City") for lease to London Bridge Trading Company, LTD for use in its business of manufacturing sewn nylon equipment; and WHEREAS, the Company, in its application and in its appearance before the Authority, has requested that the Authority issue its industrial development revenue bonds under the provisions of Chapter 643 of the Acts of Assembly of 1964 and the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2 of the Code of Virginia of 1950, as amended (collectively, the "Act") in such amounts as may be necessary to finance costs to be incurred in acquiring, renovating and equipping the Project; and WHEREAS, a public hearing has been held as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, and applicable provisions of the Code of Virginia of 1950, as amended (the "Virginia Code"). NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY THAT: The foregoing recitals are approved by the Authority and are incorporated in, and deemed a part of this Resolution. 2 It is hereby found and determined by the Authority that (a) provision of financing of the Project by the Authority will be in the public interest and will benefit the inhabitants of the City through the promotion of their safety, health, welfare, convenience or prosperity, and (b) the acquisition, equipping and renovating of the Project for the Company in the City will further the public purposes of the Act and provide a public benefit to the City by, among other things, promoting industry, commerce and developing trade. 3 It is hereby found and determined that the Project will constitute an "Authority facility" within the meaning of the Act_ 4 To induce the Company to acquire, equip and renovate the Project, the Authority hereby agrees to cooperate with the Company in the review and evaluation of the application to finance the Project and, subject to the Authority's final approval of - 1 - the terms and conditions of the financing of the Project and the offering of the Bonds at a later date, to undertake the issuance of its industrial development revenue bonds therefor in the maximum principal amount of $5,000,000 (the "Bonds") upon the terms and conditions to be mutually agreed upon by the Authority and the Company. If finally approved by the Authority, the Bonds will be- issued pursuant to an Indenture of Trust and certain other documents satisfactory to, and with terms to be approved by, the Authority The Bonds will be issued only after the Authority has received the approving opinion of Bond Counsel as to the qualification of the Bonds under the Act and appropriate certifications and opinions as to the offering of the Bonds and the disclosure with respect thereto 5 It having been represented to the Authority that it is necessary to proceed with the acquisition, renovating and equipping of the Project, the Authority hereby agrees that the Company may proceed with the plans for the Project, enter into contracts for the acquisition, renovating and equipping of the Project and take such other steps as it may deem appropriate in connection therewith, provided that nothing herein shall be deemed to authorize the Company to obligate the Authority without its consent in each instance to the payment of any moneys or the performance of any acts in connection with the Project 6 The Authority hereby agrees to the recommendation of the Company that Williams Mullen, Virginia Beach, Virginia, be appointed as Bond Counsel and hereby appoints such firm to supervise the proceeds and approve the issuance of the Bonds. 7 The Authority hereby agrees, if requested, to accept the recommendation of the Company with respect to the appointment of an agent or underwriter for the sale of Bonds pursuant to the terms to be mutually agreed upon by the Authority and the Company. 8 All costs and expenses in connection with the financing and the acquisition, renovation and equipping of the Project, including the fees and expenses of Bond Counsel, counsel for the Authority and the agent or underwriter for the sale of the Bonds shall be paid from the proceeds of the Bonds (but only to the extent permitted by applicable law) or by the Company If for any reason such Bonds are not issued, it is understood that all such expenses shall be paid by the Company and that the Authority shall have no responsibility therefor 9 The Bonds shall be limited obligations of the Authority and shall be payable solely out of revenues, receipts and payments specifically pledged therefor Neither the commissioners, officers, agents or employees of the Authonty, past, present and future, nor any person executing the Bonds, shall be liable personally on the Bonds by reason of the issuance thereof. The Bonds shall not be deemed to constitute a general obligation debt or a pledge of the faith and credit of the Commonwealth of Virginia or any political subdivision thereof, including the -2- City of Virginia Beach and the Authority and neither the Commonwealth of Virginia nor any such political subdivision thereof shall be personally liable thereon, nor in any event shall the Bonds be payable out of any funds or properties other than the special funds and sources provided therefor. Neither the faith and credit nor the taxing power of the Commonwealth of Virginia, or any political subdivision thereof, including the City of Virginia Beach, shall be pledged to the payment of the principal of the Bonds or the interest thereon or other costs incident thereto. The Bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction 10 The Authority shall not be liable and hereby disclaims all liability to the Company for any damages, direct or consequential, resulting from the Authority's failure to issue Bonds for the Project for any reason, including but not limited to, the failure of the city Council of the City of Virginia Beach to approve the issuance of the Bonds. Nothing herein shall be construed as a commitment or obligation on the part of the Authority to adopt a final resolution or execute any documents with respect to the Project 11. Unless this Resolution is extended by the Authonty, the Bonds authorized hereunder shall be issued within one year from the date hereof or this Resolution shall become void and of no further force or effect 12 The Authority hereby recommends that the City Council of the City of Virginia Beach approve the issuance of the Bonds and hereby directs the Chairman or Vice -Chairman of the Authority to submit to the City Council of the City of Virginia Beach a reasonably detailed summary of the comments, if any, expressed at the public hearing, the fiscal impact statement required by Virginia law, and a copy of this Resolution 13. This Resolution shall take effect immediately upon its adoption APPROVED: L Adopted: March 18, 2003. jq/AssistaM Secretary #385480 vi - resolution of Development Authority -3- Exhibit D DISCLOSURE STATEMENT Date: April 2, 2003 Applicant- LONDON BRIDGE HOLDING LLC All Owners (if different from Applicant)- None Type of Application: $5,000,000 Industrial Development Revenue Bonds to assist Applicant in acquisition, renovation and equipping of an approximately 40,000 square foot existing building currently situated on a 7.706 acre parcel of land located at 2601 Reliance Drive, Virginia Beach, Virginia for lease to London Bridge Trading Company, LTD. for use in its business of manufacturing sewn nylon equipment (the "Project"). 1 The Applicant is a Virginia limited liability company 2. The Applicant will be the owner of the Project. 3. London Bridge Trading Company, LTD is a Virginia corporation whose sole shareholders, Douglas McDougal and Linda McDougal, are the only members of London Bridge Holding LLC LONDON BRIDGE HOLDING LLC Dated: April 3 2003 By �G ti s 41j/ r f1�1 az -2-XCK( t. #390510 vl - Disclosure statement - London Bridge VIRGIIVIA BEP-v-CH EXHIBIT E Virginia Beach Develomment Authority 222 Central Park Avenue, Suite 1000 Virginia Beach, VA 23462 (757) 437-6464 FAX (757) 499-9894 Website www vbgov corn CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY APPROVAL OF THE ISSUANCE BY THE CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY TO ISSUE BONDS FOR LONDON BRIDGE HOLDING LLC TO ACQUIRE, RENOVATE AND EQUIP AN APPROXIMATELY 40,000 SQUARE FOOT MANUFACTURING FACILITY FOR LEASE TO LONDON BRIDGE TRADING COMPANY, LTD The Development Authority recommends approval of the above -referenced financing. The benefits of the Project to the City include increased employment of 137 jobs (87 current, estimated 50 more); additional local taxes to be paid in the amount of $20,000.00, service to local military and law enforcement units; and growth of local business already located in the City of Virginia Beach, Virginia. Exhibit F FISCAL IMPACT STATEMENT DATE March 18, 2003 TO CITY COUNCIL OF THE CITY OF VIRGINIA BEACH APPLICANT- London Bridge Holding LLC TYPE OF FACILITY. Manufacturing facility for sewn nylon equipment 1 Maximum amount of financing sought- $5,000,000 2. Estimated taxable value of the facility's real property to be constructed in the municipality $5,000,000 3 Estimated real property tax per year using present tax rates: $ 61,000 4. Estimated personal property tax per year using present tax rates: $ 24,000 5. Estimated merchant's capital (business license) tax per year using present tax rates $ 6,000 6. (a) Estimated dollar value per year of goods that will be purchased from Virginia companies within the locality: $ 230,000 (b) Estimated dollar value per year of good that will be purchased from non -Virginia companies within the locality: $ 0 (c) Estimated dollar value per year of services that will be purchased from Virginia companies within the locality. $ 56,000 (d) Estimated dollar value per year of services that will purchased from non -Virginia companies within the locality. $ 0 7 Estimated number of regular Employees on year round basis- 137 8. Average annual salary per employee. $ 19,700 The information contained in this Statement is based solely on facts and estimates provided by the Applicant, and the Authority has made no independent investigation with respect thereto CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY By _7Aqj -Z� air Exhibit G SUMMARY SHEET CITY OF VIRGINIA BEACH DEVELOPMENT AUTHORITY INDUSTRIAL DEVELOPMENT REVENUE BOND 1 PROJECT NAME: London Bridge Holding LLC Project 2 LOCATION• 2601 Reliance Drive 3. DESCRIPTION OF PROJECT- acquisition, renovation and equipping of an approximately 40,000 square foot existing building currently situated on a 7.706 acre parcel of land located at 2601 Reliance Drive, Virginia Beach, Virginia for lease to London Bridge Trading Company, LTD. for use in its business of manufacturing sewn nylon equipment. 4 AMOUNT OF BOND ISSUE $5,000,000 5. PRINCIPALS Douglas McDougal Linda McDougal 6 ZONING CLASSIFICATION: a Present zoning classification of the Property I2 b. Is rezoning proposed? Yes No x c If so, to what zoning classification? NOTE THIS DOCUMENT MUST BE ON 8 —1/2 X 14 INCH PLAIN BOND PAPER. #385450 v3 - Application for Bond - Virginia Beach - London Bridge 036783 0003 i -t»-)0=14 r. UICVUz VIRGINIA BEACH Exhibit H March 12, 2003 Mr. Robert G. Jones Chairman Virginia Beach Development Authority 222 Central Park Ave Virginia Beach, VA 23462 Re: Landon Bridge Trading Company, LTD. (LBT) Dear Mr. Jones: Depai tment of Er-onorvic DevOopi ent 222 COO -al Park Avenac, SUItc 1000 Mr,'U1113 Beach, VA 23462 (757) 437-6464 FAX (757) 499-9804 Web rite• x,ww.vhsov com F•mall. CcdCvCbvhgnv,Cnm It is the finding of the Department of Economic, Development that the 40,000 sq. ft. manufacturing facility being purchased by London Bridge Trading Company will be in the public's best interest and benefit the citizens of Virginia Beach through the creation of jobs and expansion of the tax base. This proposed project will promote industry, commerce and developing trade, thereby meeting the public purpose test. I will be happy to answer any qucstions you may have. Sincerely, David Couch Business Devclopment Manager TOTAL P.02 CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: Two resolutions providing for the issuance and sale of General Obligation Public Improvement Bonds, Series of 2003A in the maximum amount of $50,000,000 and General Obligation Public Improvement Refunding Bonds, Series of 2003B in the maximum amount of $51,205,000 MEETING DATE: May 6, 2003 ■ Background: Based on a review of capital project expenditures and CIP needs, the Department of Finance has begun preparations for a general obligation bond sale The new money portion of the sale is $50 million and is composed of portions of 1999, 2000, 2001 and 2002 Charter Bond Authorizations previously approved by Council at the time the respective years' Capital Improvement Program was adopted The new money portion of this sale represents the City's annual general obligation bond sale The remaining portion of the sale, up to $51 2 million, represents a potential refunding issue As Council is aware, the actual size of the refunding will vary, depending upon market conditions at the time of pricing, including interest rates on both debt and investment instruments to be used in the escrow At this time the current refundable amount is $31 million as reflected in the Notice of Sale If interest rates decline, the City could refund up to $51 2 million, if interest rates rise, the City would refund less, (possibly no refunding if rates rise too much) The City refunded a substantial portion of its outstanding debt in 1993 and 1998 ■ Considerations: The City's Bond Counsel, Hunton & Williams, has prepared the enclosed resolutions authorizing the issuance and sale of both series of bonds The bonds will be sold by competitive bid on May 29, 2003, with the actions of the City Manager being conclusive, provided that the bonds shall have a true interest cost not to exceed 6 5 percent Preliminary estimates from the City's financial advisors indicate that the proposed refunding portion of the issue may provide gross debt service savings of between $500,000 and $1,000,000 After today's Council action no further vote of the City Council will be necessary The final terms of the bond sale will be provided to City Council ■ Public Information: Public Information will be handled through the normal Council Agenda process The original Charter authorizations were a part of the public information process for the Operating Budget and Capital Improvement Program In addition, a Notice of Sale will be placed in The Bond Buyer ■ Alternatives: There are no alternative funding sources at this time This request follows previously approved CIPs ■ Recommendations: The enclosed two resolutions providing for the sale of the bonds are recommended for City Council approval ■ Attachments: Resolution Authorizing the sale of $50,000,000 General Obligation Public Improvement Bonds Series 2003A Resolution Authorizing the sale of up to $51,205,000 General Obligation Public Improvement Refunding Bonds, Series 2003B Draft of the Preliminary Official Statement Draft of the Continuing Disclosure Agreement Draft of the Official Notice of Sale for each series of bonds Recommended Action: Approval of Resolutio Submitting De artment/Agency: Finance 6&t 42k4TA- City Manager. b I RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF 2 GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, 3 SERIES OF 2003A, OF THE CITY OF VIRGINIA BEACH, 4 VIRGINIA, IN THE MAXIMUM PRINCIPAL AMOUNT OF 5 $50,000,000, HERETOFORE AUTHORIZED, AND PROVIDING 6 FOR THE FORM, DETAILS AND PAYMENT THEREOF 7 WHEREAS, the issuance of $56,700,000 of bonds of the City was authorized by an 8 ordinance adopted by the City Council on May 11, 1999, without being submitted to the 9 qualified voters of the City, to finance various public improvements, including schools, 10 roadways, coastal, economic and tourism and building projects, $41,147,407 of which bonds 11 have been issued and sold; and 12 WHEREAS, the issuance of $49,700,000 of bonds of the City was authorized by an 13 ordinance adopted by the City Council on May 9, 2000, without being submitted to the qualified 14 voters of the City, to finance various public improvements, including schools, roadways, coastal 15 projects, economic and tourism projects, building and parks and recreation projects, $31,500,000 16 of which bonds have been issued and sold; and 17 WHEREAS, the issuance of $57,700,000 of bonds of the City was authorized by an 18 ordinance adopted by the City Council on May 15, 2001, without being submitted to the 19 qualified voters of the City, to finance various public improvements, including schools, 20 roadways, coastal projects, economic and tourism projects, building and parks and recreation 21 projects, $21,000,000 of which bonds have been issued and sold; and 22 WHEREAS, the issuance of $59,300,000 of bonds of the City was authorized by an 23 ordinance adopted by the City Council on May 14, 2002, without being submitted to the 24 qualified voters of the City, to finance various public improvements, including schools, 25 roadways, coastal projects, economic and tourism projects, building and parks and recreation 26 projects, none of which bonds have been issued and sold, and 27 WHEREAS, the City Council has determined it is in the City's best interest to issue and 28 sell $8,500,000 of the bonds authorized on May 11, 1999; $2,396,170 of the bonds authorized on 29 May 9, 2000; $17,103,830 of the bonds authorized on May 15, 2001; and $22,000,000 of the 30 bonds authorized on May 14, 2002; and 31 WHEREAS, it has been recommended to the City Council by representatives of 32 Government Finance Associates, Inc. and ARD Government Finance Group (the "Financial 33 Advisors") that the City issue and sell general obligation public improvement bonds in the 34 maximum principal amount of $50,000,000; and 35 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VIRGINIA 36 BEACH, VIRGINIA: 37 1. Issuance of Bonds. There shall be issued, pursuant to the Constitution and 38 statutes of the Commonwealth of Virginia, including the City Charter and the Public Finance Act 39 of 1991, general obligation public improvement bonds of the City in the maximum principal 40 amount of $50,000,000 (the "Bonds") to provide funds to finance, in part, the cost of the various 41 public, school, road and highway, coastal, economic and tourism and building improvements as 42 more fully described in the ordinances authorizing the Bonds adopted on May 11, 1999, May 9, 43 2000, May 15, 2001, and May 14, 2002 (collectively, the "Project"), and costs incurred in 44 connection with issuing the Bonds. 45 2. Bond Details. The Bonds shall be designated "General Obligation Public 46 Improvement Bonds, Series of 2003A," or such other designation as may be determined by the 47 City Manager, shall be in registered form, shall be dated such date as determined by the City 48 Manager, shall be in denominations of $5,000 and integral multiples thereof and shall be 49 numbered R-1 upward. Subject to Section 8, the issuance and sale of the Bonds are authorized 50 on terms as shall be satisfactory to the City Manager; provided, however, that the Bonds (a) shall 51 have a "true" or "Canadian" interest cost not to exceed 6.50% (taking into account any original 52 issue discount or premium), (b) shall be sold to the purchaser at a price not less than 99% of the 53 principal amount thereof (excluding any original issue discount) and (c) shall mature or be 54 subject to mandatory sinking fund redemptions in annual installments beginning no later than the 55 year 2004 and ending no later than the year 2023. Principal of the Bonds shall be payable 56 annually and interest on the Bonds shall be payable semiannually on dates determined by the 57 City Manager. 58 Each Bond shall bear interest at such rate as shall be determined at the time of sale, 59 calculated on the basis of a 360-day year of twelve 30-day months, and payable semiannually on 60 dates determined by the City Manager. Principal shall be payable to the registered owners upon 61 surrender of Bonds as they become due at the office of the Registrar (as hereinafter defined). 62 Interest shall be payable by check or draft mailed to the registered owners at their addresses as 63 they appear on the registration books kept by the Registrar on a date prior to each interest 64 payment date that shall be determined by the City Manager (the "Record Date"). Principal and 65 interest shall be payable in lawful money of the United States of America. 66 Initially, one Bond certificate for each maturity of the Bonds shall be issued to and 67 registered in the name of The Depository Trust Company, New York, New York ("DTC"), or its 68 nominee. The City has heretofore entered into a Blanket Letter of Representations relating to a 69 book -entry system to be maintained by DTC with respect to the Bonds. "Securities Depository" 70 shall mean DTC or any other securities depository for the Bonds appointed pursuant to this 71 Section. 72 In the event that (a) the Securities Depository determines not to continue to act as the 73 securities depository for the Bonds by giving notice to the Registrar, and the City discharges its 74 responsibilities hereunder, or (b) the City in its sole discretion determines (i) that beneficial 75 owners of Bonds shall be able to obtain certificated Bonds or (ii) to select a new Securities 76 Depository, then the City's Director of Finance shall, at the direction of the City, attempt to 77 locate another qualified securities depository to serve as Securities Depository and authenticate 78 and deliver certificated Bonds to the new Securities Depository or its nominee, or authenticate 79 and deliver certificated Bonds to the beneficial owners or to the Securities Depository 80 participants on behalf of beneficial owners substantially in the form provided for in Section 5; 81 provided, however, that such form shall provide for interest on the Bonds to be payable (A) from 82 the date of the Bonds if they are authenticated prior to the first interest payment date, or (B) N 83 otherwise from the interest payment date that is or immediately precedes the date on which the 84 Bonds are authenticated (unless payment of interest thereon is in default, in which case interest 85 on such Bonds shall be payable from the date to which interest has been paid). In delivering 86 certificated Bonds, the City's Director of Finance shall be entitled to rely on the records of the 87 Securities Depository as to the beneficial owners or the records of the Securities Depository 88 participants acting on behalf of beneficial owners. Such certificated Bonds will then be 89 registrable, transferable and exchangeable as set forth in Section 7. 90 So long as there is a Securities Depository for the Bonds (1) it or its nominee shall be the 91 registered owner of the Bonds, (2) notwithstanding anything to the contrary in this Resolution, 92 determinations of persons entitled to payment of principal and interest, transfers of ownership 93 and exchanges and receipt of notices shall be the responsibility of the Securities Depository and 94 shall be effected pursuant to rules and procedures established by such Securities Depository, (3) 95 the Registrar and the City shall not be responsible or liable for maintaining, supervising or 96 reviewing the records maintained by the Securities Depository, its participants or persons acting 97 through such participants, (4) references in this Resolution to registered owners of the Bonds 98 shall mean such Securities Depository or its nominee and shall not mean the beneficial owners of 99 the Bonds, and (5) in the event of any inconsistency between the provisions of this Resolution 100 and the provisions of the above -referenced Blanket Letter of Representations such provisions of 101 the Blanket Letter of Representations, except to the extent set forth in this paragraph and the next 102 preceding paragraph, shall control. 103 3. Redemption Provisions. The Bonds may be subject to redemption prior to 104 maturity at the option of the City on or after dates, if any, determined by the City Manager, in 105 whole or in part at any time, at a redemption price equal to the 100% of the principal amount of 106 the Bonds to be redeemed, together with any interest accrued to the redemption date. 107 Any term bonds may be subject to mandatory sinking fund redemption upon terms 108 determined by the City Manager. 109 If less than all of the Bonds are called for redemption, the Bonds to be redeemed shall be 110 selected by the City's Director of Finance in such manner as he may determine to be in the best III interest of the City. If less than all the Bonds of a particular maturity are called for redemption, 112 the Bonds within such maturity to be redeemed shall be selected by the Securities Depository 113 pursuant to its rules and procedures or, if the book -entry system is discontinued, shall be selected 114 by the Registrar by lot in such manner as the Registrar in its discretion may determine. In either 115 case, (a) the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or 116 some integral multiple thereof and (b) in selecting Bonds for redemption, each Bond shall be 117 considered as representing that number of Bonds that is obtained by dividing the principal 118 amount of such Bond by $5,000. The City shall cause notice of the call for redemption 119 identifying the Bonds or portions thereof to be redeemed to be sent by facsimile transmission, 120 registered or certified mail or overnight express delivery, not less than 30 nor more than 60 days 121 prior to the redemption date, to the registered owner of the Bonds. The City shall not be 122 responsible for mailing notice of redemption to anyone other than DTC or another qualified 123 Securities Depository or its nominee unless no qualified Securities Depository is the registered 124 owner of the Bonds. If no qualified Securities Depository is the registered owner of the Bonds, 125 notice of redemption shall be mailed to the registered owners of the Bonds. If a portion of a N 126 Bond is called for redemption, a new Bond in principal amount equal to the unredeemed portion 127 thereof will be issued to the registered owner upon the surrender thereof. 128 4. Execution and Authentication. The Bonds shall be signed by the manual or 129 facsimile signature of the Mayor or Vice -Mayor, shall be countersigned by the manual or 130 facsimile signature of its Clerk or Deputy Clerk, and the City's seal shall be affixed thereto or a 131 facsimile thereof printed thereon; provided, however, that if both of such signatures are 132 facsimiles, no Bond shall be valid until it has been authenticated by the manual signature of an 133 authorized officer or employee of the Registrar and the date of authentication noted thereon 134 5. Bond Form. The Bonds shall be in substantially the following form, with such 135 completions, omissions, insertions and changes not inconsistent with this Resolution as may be 136 approved by the officers signing the Bonds, whose approval shall be evidenced conclusively by 137 the execution and delivery of the Bonds: 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the issuer or its agent for registration of transfer, exchange, or payment, and any certificate is registered in the name of Cede & Co., or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. REGISTERED No. R- UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA CITY OF VIRGINIA BEACH General Obligation Public Improvement Bond Series of 2003A 153 INTEREST RATE MATURITY DATE DATED DATE 154 % , 2003 155 REGISTERED OWNER: CEDE & CO. 156 PRINCIPAL AMOUNT: REGISTERED CUSIP DOLLARS 157 The City of Virginia Beach, Virginia (the "City"), for value received, promises to pay, 158 upon surrender hereof to the registered owner hereof, or registered assigns or legal 159 representative, the principal sum stated above on the matunty date stated above, subject to prior N 160 redemption as hereinafter provided, and to pay interest hereon from its date semiannually on 161 each and , beginning , at the annual rate stated above, 162 calculated on the basis of a 360-day year of twelve 30-day months. Principal and interest are 163 payable in lawful money of the United States of America by the City Treasurer, who has been 164 appointed Registrar (the "Registrar"). The City may appoint a qualified bank as successor 165 paying agent and registrar for the bonds 166 Notwithstanding any other provision hereof, this bond is subject to a book -entry system 167 maintained by The Depository Trust Company ("DTC"), and the payment of principal and 168 interest, the providing of notices and other matters shall be made as described in the City's 169 Blanket Letter of Representations to DTC. 170 This bond is one of an issue of $ General Obligation Public Improvement 171 Bonds, Series of 2003A, of like date and tenor, except as to number, denomination, rate of 172 interest, privilege of redemption and maturity, and is issued pursuant to the Constitution and 173 statutes of the Commonwealth of Virginia, including the City Charter and the Public Finance Act 174 of 1991. The bonds have been authorized by ordinances adopted by the Council of the City (the 175 "City Council") on May 11, 1999, May 9, 2000, May 15, 2001, and May 14, 2002, and are 176 issued pursuant to a resolution adopted by the City Council on [May _], 2003, to finance 177 various public, school, road, highway and bridge improvements and to pay costs of issuance of 178 the bonds. 179 Bonds maturing on or before , are not subject to redemption prior to 180 maturity. Bonds maturing on or after are subject to redemption prior to 181 maturity at the option of the City on or after , in whole or in part at any time (in 182 any multiple of $5,000), upon payment of 100% of the principal amount of bonds to be redeemed 183 plus interest accrued and unpaid to the redemption date. 184 Bonds maturing on , , are required to be redeemed in part before 185 maturity by the City on in the years and amounts set forth below, at a redemption 186 price equal to the principal amount of the bonds to be redeemed, plus accrued interest to the 187 redemption date: 188 Year Amount Year Amount 189 190 If less than all of the bonds are called for redemption, the bonds to be redeemed shall be 191 selected by the City's Director of Finance in such manner as he may determine to be in the best 192 interest of the City. If less than all the bonds of a particular maturity are called for redemption, 193 the bonds within such maturity to be redeemed shall be selected by DTC or any successor 194 securities depository pursuant to its rules and procedures or, if the book entry system is 195 discontinued, shall be selected by the Registrar by lot in such manner as the Registrar in its 196 discretion may determine. In either case, (a) the portion of any bond to be redeemed shall be in 197 the principal amount of $5,000 or some integral multiple thereof and (b) in selecting bonds for 198 redemption, each bond shall be considered as representing that number of bonds that is obtained 199 by dividing the principal amount of such bond by $5,000. The City shall cause notice of the call 5 200 for redemption identifying the bonds or portions thereof to be redeemed to be sent by facsimile 201 transmission, registered or certified mail or overnight express delivery, not less than 30 nor more 202 than 60 days prior to the redemption date, to DTC or its nominee as the registered owner hereof. 203 If a portion of this bond is called for redemption, a new bond in the principal amount of the 204 unredeemed portion hereof will be issued to the registered owner upon surrender hereof 205 The full faith and credit of the City are irrevocably pledged for the payment of principal 206 of and premium, if any, and interest on this bond. Unless other funds are lawfully available and 207 appropriated for timely payment of this bond, the City Council shall levy and collect an annual 208 ad valorem tax, over and above all other taxes authorized or limited by law and without 209 limitation as to rate or amount, on all taxable property within the City sufficient to pay when due 210 the principal of and premium, if any, and interest on this bond. 211 The Registrar shall treat the registered owner of this bond as the person or entity 212 exclusively entitled to payment of principal of and premium, if any, and interest on this bond and 213 the exercise of all other rights and powers of the owner, except that interest payments shall be 214 made to the person or entity shown as the owner on the registration books on the [fifteenth] day 215 of the month preceding each interest payment date. 216 All acts, conditions and things required by the Constitution and statutes of the 217 Commonwealth of Virginia to happen, exist or be performed precedent to and in the issuance of 218 this bond have happened, exist and have been performed, and the issue of bonds of which this 219 bond is one, together with all other indebtedness of the City, is within every debt and other limit 220 prescribed by the Constitution and statutes of the Commonwealth of Virginia. 221 IN WITNESS WHEREOF, the City of Virginia Beach, Virginia, has caused this bond 222 to be signed by its Mayor, to be countersigned by its Clerk, its seal to be affixed hereto, and this 223 bond to be dated , 2003. 224 COUNTERSIGNED: 225 226 227 228 229 230 231 232 233 234 235 236 Clerk, City of Virginia Beach, Virginia (SEAL) ASSIGNMENT Mayor, City of Virginia Beach, Virginia FOR VALUE RECEIVED the undersigned sell(s), assign(s) and transfer(s) unto (Please print or type name and address, including postal zip code, of Transferee) PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF TRANSFEREE: on 237 238 the within bond and all rights thereunder, hereby irrevocably constituting and appointing 239 , Attorney, 240 to transfer said bond on the books kept for the registration thereof, with full power of substitution 241 in the premises. 242 Dated: 243 Signature Guaranteed 244 245 NOTICE: Signature(s) must be guaranteed (Signature of Registered Owner) 246 by an Eligible Guarantor Institution such 247 as a Commercial Bank, Trust Company, NOTICE: The signature above must 248 Securities Broker/Dealer, Credit Union correspond with the name of the 249 or Savings Association who is a member registered owner as it appears on the 250 of a medallion program approved by The front of this bond in every particular, 251 Securities Transfer Association, Inc. without alteration or enlargement or any 252 change whatsoever. 253 6. Pledge of Full Faith and Credit. The full faith and credit of the City are 254 irrevocably pledged for the payment of the principal of and premium, if any, and interest on the 255 Bonds. Unless other funds are lawfully available and appropriated for timely payment of the 256 Bonds, the City Council shall levy and collect an annual ad valorem tax, over and above all other 257 taxes authorized or limited by law and without limitation as to rate or amount, on all locally 258 taxable property in the City sufficient to pay when due the principal of and premium, if any, and 259 interest on the Bonds. 260 7. Registration, Transfer and Owners of Bonds. The City Treasurer is appointed 261 paying agent and registrar for the Bonds (the "Registrar") The City may appoint a qualified 262 bank or trust company as successor paying agent and registrar of the Bonds. The Registrar shall 263 maintain registration books for the registration and registration of transfers of Bonds Upon 264 presentation and surrender of any Bonds at the office of the Registrar, at its corporate trust office 265 if the Registrar is a bank or trust company, together with an assignment duly executed by the 266 registered owner or his duly authorized attorney or legal representative in such form as shall be 267 satisfactory to the Registrar, the City shall execute, and the Registrar shall authenticate, if 268 required by Section 4, and shall deliver in exchange, a new Bond or Bonds having an equal 269 aggregate principal amount, in authorized denominations, of the same form and maturity, bearing 270 interest at the same rate and registered in the name as requested by the then registered owner 271 thereof or its duly authorized attorney or legal representative. Any such exchange shall be at the 272 expense of the City, except that the Registrar may charge the person requesting such exchange 273 the amount of any tax or other governmental charge required to be paid with respect thereto. 274 The Registrar shall treat the registered owner as the person or entity exclusively entitled 275 to payment of principal and premium, if any, and interest and the exercise of all other rights and 7 276 powers of the owner, except that interest payments shall be made to the person or entity shown 277 as owner on the registration books as of the Record Date. 278 8. Sale of Bonds. The City Council approves the following terms of the sale of the 279 Bonds. The Bonds shall be sold by competitive bid in a principal amount to be determined by 280 the City Manager, in collaboration with the Financial Advisors, and subject to the limitations set 281 forth in paragraph 1, and the City Manager shall receive bids for the Bonds and award the Bonds 282 to the bidder providing the lowest "true" or "Canadian" interest cost, subject to the limitations set 283 forth in paragraph 2. Following the same of the Bonds, the City Manager shall file a certificate 284 with the City Clerk setting forth the final terms of the Bonds. The actions of the City Manager in 285 selling the Bonds shall be conclusive, and no further action with respect to the sale and issuance 286 of the Bonds shall be necessary on the part of the City Council. 287 9. Notice of Sale. The City Manager, in collaboration with the Financial Advisors, 288 is authorized and directed to take all proper steps to advertise the Bonds for sale substantially in 289 accordance with the form of Notice of Sale attached hereto, which is approved, provided that the 290 City Manager, in collaboration with the Financial Advisors, may make such changes in the 291 Notice of Sale not inconsistent with this Resolution as he may consider to be in the best interest 292 of the City. 293 10. Official Statement. A draft of a Preliminary Official Statement describing the 294 Bonds and the City's General Obligation Public Improvement Refunding Bonds, Series of 295 2003B (the "Refunding Bonds"), copies of which have been provided to the members of the City 296 Council, is approved as the form of the Preliminary Official Statement by which the Bonds will 297 be offered for sale, with such completions, omissions, insertions and changes not inconsistent 298 with this Resolution as the City Manager, in collaboration with the Financial Advisors, may 299 consider appropriate. After the Bonds have been sold, the City Manager, in collaboration with 300 the Financial Advisors, shall make such completions, omissions, insertions and changes in the 301 Preliminary Official Statement not inconsistent with this Resolution as are necessary or desirable 302 to complete it as a final Official Statement, execution thereof by the City Manager to constitute 303 conclusive evidence of his approval of any such completions, omissions, insertions and changes. 304 The City shall arrange for the delivery to the purchaser of the Bonds of a reasonable number of 305 copies of the final Official Statement, within seven business days after the Bonds have been sold, 306 for delivery to each potential investor requesting a copy of the Official Statement and to each 307 person to whom such purchaser initially sell Bonds. 308 11. Official Statement Deemed Final. The City Manager is authorized, on behalf of 309 the City, to deem the Preliminary Official Statement and the Official Statement in final form, 310 each to be final as of its date within the meaning of Rule 15c2-12 (the "Rule") of the Securities 311 and Exchange Commission (the "SEC"), except for the omission in the Preliminary Official 312 Statement of certain pricing and other information permitted to be omitted pursuant to the Rule. 313 The distribution of the Preliminary Official Statement and the Official Statement in final form 314 shall be conclusive evidence that each has been deemed final as of its date by the City, except for 315 the omission in the Preliminary Official Statement of such pricing and other information 316 permitted to be omitted pursuant to the Rule. 317 12. Preparation and Delivery of Bonds. After bids have been received and the 318 Bonds have been awarded, the officers of the City are authorized and directed to take all proper 319 steps to have the Bonds prepared and executed in accordance with their terms and to deliver the 320 Bonds to the purchaser thereof upon payment therefor 321 13. Arbitrage Covenants. (a) Except for the Refunding Bonds, the City represents 322 that there have not been issued, and covenants that there will not be issued, any obligations that 323 will be treated as part of the same issue of obligations as the Bonds within the meaning of 324 Treasury Regulations Section 1.150-1(c). 325 (b) The City covenants that it shall not take or omit to take any action the taking or 326 omission of which will cause the Bonds to be "arbitrage bonds" within the meaning of Section 327 148 of the Code, or otherwise cause interest on the Bonds to be includable in the gross income of 328 the registered owners thereof under existing laws. Without limiting the generality of the 329 foregoing, the City shall comply with any provision of law that may require the City at any time 330 to rebate to the United States any part of the earnings derived from the investment of the gross 331 proceeds of the Bonds, unless the City receives an opinion of nationally recognized bond counsel 332 that such compliance is not required to prevent interest on the Bonds from being includable in 333 the gross income of the registered owners thereof under existing law. The City shall pay any 334 such required rebate from its legally available funds. 335 14. Non -Arbitrage Certificate and Elections. Such officers of the City as may be 336 requested are authorized and directed to execute an appropriate certificate setting forth the 337 expected use and investment of the proceeds of the Bonds in order to show that such expected 338 use and investment will not violate the provisions of Section 148 of the Code, and any elections 339 such officers deem desirable regarding rebate of earnings to the United States, for purposes of 340 complying with Section 148 of the Code. Such certificate and elections shall be in such form as 341 may be requested by bond counsel for the City. 342 15. Limitation on Private Use. The City covenants that it shall not permit the 343 proceeds of the Bonds or the facilities financed with the proceeds of the Bonds to be used in any 344 manner that would result in (a) 5% or more of such proceeds or the facilities financed with such 345 proceeds being used in a trade or business carved on by any person other than a governmental 346 unit, as provided in Section 141(b) of the Code, (b) 5% or more of such proceeds or the facilities 347 being financed with such proceeds being used with respect to any output facility (other than a 348 facility for the furnishing of water), within the meaning of Section 141(b)(4) of the Code, or (c) 349 5% or more of such proceeds being used directly or indirectly to make or finance loans to any 350 persons other than a governmental unit, as provided in Section 141(c) of the Code; provided, 351 however, that if the City receives an opinion of nationally recognized bond counsel that any such 352 covenants need not be complied with to prevent the interest on the Bonds from being includable 353 in the gross income for federal income tax purposes of the registered owners thereof under 354 existing law, the City need not comply with such covenants. 355 16. Investment Authorization. The City Council hereby authorizes the Director of 356 Finance to direct the City Treasurer to utilize the State Non -Arbitrage Program of the 357 Commonwealth of Virginia ("SNAP") and the Virginia Arbitrage & Investment Management 358 Program ("AIM"), or either of them, in connection with the investment of the proceeds of the 9 359 Bonds, if the City Manager and the Director of Finance determine that the utilization of either 360 SNAP or AIM is in the best interest of the City. The City Council acknowledges the Treasury 361 Board of the Commonwealth of Virginia is not, and shall not be, in any way liable to the City in 362 connection with SNAP, except as otherwise provided in the Contract. 363 17. Continuing Disclosure Agreement. The Mayor, the City Manager and such 364 officer or officers of the City as either may designate are hereby authorized and directed to 365 execute a continuing disclosure agreement setting forth the reports and notices to be filed by the 366 City and containing such covenants as may be necessary to assist the purchasers of the Bonds in 367 complying with the provisions of the Rule promulgated by the SEC. Such continuing disclosure 368 agreement shall be substantially in the form of the draft dated April 18, 2003, copies of which 369 have been provided to members of the City Council, with such completions, omissions, 370 insertions and changes that are not inconsistent with this Resolution. 371 18. Other Actions. All other actions of officers of the City and the City Council in 372 conformity with the purposes and intent of this Resolution and in furtherance of the issuance and 373 sale of the Bonds are hereby ratified, approved and confirmed. The officers of the City are 374 authorized and directed to execute and deliver all certificates and instruments and to take all such 375 further action as may be considered necessary or desirable in connection with the issuance, sale 376 and delivery of the Bonds. 377 19. Repeal of Conflicting Resolutions. All resolutions or parts of resolutions in 378 conflict herewith are repealed. 379 20. Effective Date. This Resolution shall take effect immediately. 380 381 382 383 Adopted by the Council of the City of Virginia Beach, Virginia, this day of May, 2003. CA-8855 F•\Users\CBunnga\WP\WORK\VAB 2003 Refunding Public Improvement Bond Resolution(v5) DOC R-1 April 30, 2003 APPROVED AS TO CONTENT: II_ III _ / l \ ��I� ♦ L. Departmentmance 10 APPROVED AS TO LEGAL SUFFICIENCY: ?-avr De-p-artrn-ent I RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF 2 GENERAL OBLIGATION PUBLIC IMPROVEMENT 3 REFUNDING BONDS, SERIES OF 2003B9 OF THE CITY OF 4 VIRGINIA BEACH, VIRGINIA, IN THE MAXIMUM PRINCIPAL 5 AMOUNT OF $51,205,000, PROVIDING FOR THE FORM, 6 DETAILS AND PAYMENT THEREOF, AND PROVIDING FOR 7 THE REFUNDING OF CERTAIN GENERAL OBLIGATION 8 PUBLIC IMPROVEMENT BONDS OF THE CITY 9 WHEREAS, it appears that the City can effect considerable savings by issuing bonds to 10 refund all or a portion of the following bond issues (collectively, the "Refunded Bonds"): 11 General Obligation Public Improvement and Refunding Bonds, Series of 1994, issued in 12 the original aggregate principal amount of $78,090,000, of which $16,880,000 is currently 13 outstanding; 14 General Obligation Public Improvement Bonds, Series of 1995, issued in the original 15 aggregate principal amount of $46,500,000, of which $9,300,000 is currently outstanding; 16 General Obligation Public Improvement Bonds, Series of 1996, issued in the original 17 aggregate principal amount of $58,000,000, of which $34,800,000 is currently outstanding, and 18 General Obligation Public Improvement and Refunding Bonds, Series of 1998, issued in 19 the original aggregate principal amount of $125,610,000, of which $108,165,000 is currently 20 outstanding; 21 WHEREAS, it has been recommended to the City Council by representatives of 22 Government Finance Associates, Inc. and ARD Government Finance Group (the "Financial 23 Advisors") that the City issue and sell general obligation public improvement refunding bonds in 24 the maximum principal amount of $51,205,000; and 25 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VIRGINIA 26 BEACH, VIRGINIA: 27 1. Issuance of Bonds. There shall be issued, pursuant to the Constitution and 28 statutes of the Commonwealth of Virginia, including the City Charter and the Public Finance Act 29 of 1991, general obligation public improvement refunding bonds of the City in the maximum 30 principal amount of $51,205,000 (the "Bonds") to provide funds to refund the Refunded Bonds, 31 including funds to pay principal of and premium and interest on the Refunded Bonds until their 32 redemption and costs incurred in connection with such refunding and costs incurred in 33 connection with issuing the Bonds 34 2. Bond Details. The Bonds shall be designated "General Obligation Public 35 Improvement Refunding Bonds, Series of 2003B," or such other designation as may be 36 determined by the City Manager, shall be in registered form, shall be dated such date as 37 determined by the City Manager, shall be in denominations of $5,000 and integral multiples 38 thereof and shall be numbered R-1 upward. Subject to Section 8, the issuance and sale of the 39 Bonds are authorized on terms as shall be satisfactory to the City Manager; provided, however, 40 that the Bonds (a) shall have a "true" or "Canadian" interest cost not to exceed 6.50% (taking 41 into account any original issue discount or premium), (b) shall be sold to the purchaser at a price 42 not less than 99% of the principal amount thereof (excluding any original issue discount) and (c) 43 shall mature or be subject to mandatory sinking fund redemptions in annual installments 44 beginning no later than the year 2004 and ending no later than the year 2023 Principal of the 45 Bonds shall be payable annually and interest on the Bonds shall be payable semiannually on 46 dates determined by the City Manager. 47 Each Bond shall bear interest at such rate as shall be determined at the time of sale, 48 calculated on the basis of a 360-day year of twelve 30-day months, and payable semiannually on 49 dates determined by the City Manager. Principal shall be payable to the registered owners upon 50 surrender of Bonds as they become due at the office of the Registrar (as hereinafter defined). 51 Interest shall be payable by check or draft mailed to the registered owners at their addresses as 52 they appear on the registration books kept by the Registrar on a date prior to each interest 53 payment date that shall be determined by the City Manager (the "Record Date"). Principal and 54 interest shall be payable in lawful money of the United States of America. 55 Initially, one Bond certificate for each maturity of the Bonds shall be issued to and 56 registered in the name of The Depository Trust Company, New York, New York ("DTC"), or its 57 nominee. The City has heretofore entered into a Blanket Letter of Representations relating to a 58 book -entry system to be maintained by DTC with respect to the Bonds. "Securities Depository" 59 shall mean DTC or any other securities depository for the Bonds appointed pursuant to this 60 Section. 61 In the event that (a) the Securities Depository determines not to continue to act as the 62 securities depository for the Bonds by giving notice to the Registrar, and the City discharges its 63 responsibilities hereunder, or (b) the City in its sole discretion determines (i) that beneficial 64 owners of Bonds shall be able to obtain certificated Bonds or (ii) to select a new Secunties 65 Depository, then the City's Director of Finance shall, at the direction of the City, attempt to 66 locate another qualified securities depository to serve as Securities Depository and authenticate 67 and deliver certificated Bonds to the new Securities Depository or its nominee, or authenticate 68 and deliver certificated Bonds to the beneficial owners or to the Securities Depository 69 participants on behalf of beneficial owners substantially in the form provided for in Section 5; 70 provided, however, that such form shall provide for interest on the Bonds to be payable (A) from 71 the date of the Bonds if they are authenticated prior to the first interest payment date, or (B) 72 otherwise from the interest payment date that is or immediately precedes the date on which the 73 Bonds are authenticated (unless payment of interest thereon is in default, in which case interest 74 on such Bonds shall be payable from the date to which interest has been paid). In delivering 75 certificated Bonds, the City's Director of Finance shall be entitled to rely on the records of the 76 Securities Depository as to the beneficial owners or the records of the Securities Depository 77 participants acting on behalf of beneficial owners. Such certificated Bonds will then be 78 registrable, transferable and exchangeable as set forth in Section 7. 79 So long as there is a Securities Depository for the Bonds (1) it or its nominee shall be the 80 registered owner of the Bonds, (2) notwithstanding anything to the contrary in this Resolution, 81 determinations of persons entitled to payment of principal and interest, transfers of ownership 2 82 and exchanges and receipt of notices shall be the responsibility of the Securities Depository and 83 shall be effected pursuant to rules and procedures established by such Securities Depository, (3) 84 the Registrar and the City shall not be responsible or liable for maintaining, supervising or 85 reviewing the records maintained by the Securities Depository, its participants or persons acting 86 through such participants, (4) references in this Resolution to registered owners of the Bonds 87 shall mean such Securities Depository or its nominee and shall not mean the beneficial owners of 88 the Bonds, and (5) in the event of any inconsistency between the provisions of this Resolution 89 and the provisions of the above -referenced Blanket Letter of Representations such provisions of 90 the Blanket Letter of Representations, except to the extent set forth in this paragraph and the next 91 preceding paragraph, shall control. 92 3. Redemption Provisions. The Bonds may be subject to redemption prior to 93 maturity at the option of the City on or after dates, if any, determined by the City Manager, in 94 whole or in part at any time, at a redemption price equal to the 100% of the principal amount of 95 the Bonds to be redeemed, together with any interest accrued to the redemption date 96 Any term bonds may be subject to mandatory sinking fund redemption upon terms 97 determined by the City Manager. 98 If less than all of the Bonds are called for redemption, the Bonds to be redeemed shall be 99 selected by the City's Director of Finance in such manner as he may determine to be in the best 100 interest of the City. If less than all the Bonds of a particular maturity are called for redemption, 101 the Bonds within such maturity to be redeemed shall be selected by the Securities Depository 102 pursuant to its rules and procedures or, if the book -entry system is discontinued, shall be selected 103 by the Registrar by lot in such manner as the Registrar in its discretion may determine. In either 104 case, (a) the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or 105 some integral multiple thereof and (b) in selecting Bonds for redemption, each Bond shall be 106 considered as representing that number of Bonds that is obtained by dividing the principal 107 amount of such Bond by $5,000. The City shall cause notice of the call for redemption 108 identifying the Bonds or portions thereof to be redeemed to be sent by facsimile transmission, 109 registered or certified mail or overnight express delivery, not less than 30 nor more than 60 days 110 prior to the redemption date, to the registered owner of the Bonds. The City shall not be 111 responsible for mailing notice of redemption to anyone other than DTC or another qualified 112 Securities Depository or its nominee unless no qualified Securities Depository is the registered 113 owner of the Bonds. If no qualified Securities Depository is the registered owner of the Bonds, 114 notice of redemption shall be mailed to the registered owners of the Bonds. If a portion of a 115 Bond is called for redemption, a new Bond in principal amount equal to the unredeemed portion 116 thereof will be issued to the registered owner upon the surrender thereof. 117 4. Execution and Authentication. The Bonds shall be signed by the manual or 118 facsimile signature of the Mayor or Vice -Mayor, shall be countersigned by the manual or 119 facsimile signature of its Clerk or Deputy Clerk, and the City's seal shall be affixed thereto or a 120 facsimile thereof printed thereon; provided, however, that if both of such signatures are 121 facsimiles, no Bond shall be valid until it has been authenticated by the manual signature of an 122 authorized officer or employee of the Registrar and the date of authentication noted thereon. 3 123 5. Bond Form. The Bonds shall be in substantially the following form, with such 124 completions, omissions, insertions and changes not inconsistent with this Resolution as may be 125 approved by the officers signing the Bonds, whose approval shall be evidenced conclusively by 126 the execution and delivery of the Bonds: 127 Unless this certificate is presented by an authorized representative of The 128 Depository Trust Company, a New York corporation ("DTC"), to the issuer or its agent for 129 registration of transfer, exchange, or payment, and any certificate is registered in the name 130 of Cede & Co., or in such other name as is requested by an authorized representative of 131 DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an 132 authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE 133 HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL 134 inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 135 REGISTERED REGISTERED 136 No. R- $ 137 UNITED STATES OF AMERICA 138 COMMONWEALTH OF VIRGINIA 139 CITY OF VIRGINIA BEACH 140 General Obligation Public Improvement Refunding Bond 141 Series of 2003B 142 INTEREST RATE MATURITY DATE DATED DATE CUSIP 143 % 144 REGISTERED OWNER: CEDE & CO. 2003 145 PRINCIPAL AMOUNT: DOLLARS 146 The City of Virginia Beach, Virginia (the "City"), for value received, promises to pay, 147 upon surrender hereof to the registered owner hereof, or registered assigns or legal 148 representative, the principal sum stated above on the maturity date stated above, subject to pnor 149 redemption as hereinafter provided, and to pay interest hereon from its date semiannually on 150 each and , beginning , at the annual rate stated above, 151 calculated on the basis of a 360-day year of twelve 30-day months. Principal and interest are 152 payable in lawful money of the United States of America by the City Treasurer, who has been 153 appointed Registrar (the "Registrar"). The City may appoint a qualified bank as successor 154 paying agent and registrar for the bonds. 155 Notwithstanding any other provision hereof, this bond is subject to a book -entry system 156 maintained by The Depository Trust Company ("DTC'), and the payment of principal and 4 157 interest, the providing of notices and other matters shall be made as described in the City's 158 Blanket Letter of Representations to DTC. 159 This bond is one of an issue of $ General Obligation Public Improvement 160 Refunding Bonds, Series of 2003B, of like date and tenor, except as to number, denomination, 161 rate of interest, privilege of redemption and matunty, and is issued pursuant to the Constitution 162 and statutes of the Commonwealth of Virginia, including the City Charter and the Public Finance 163 Act of 1991. The bonds are issued pursuant to a resolution adopted by the City Council on [May 164 _1, 2003, to provide funds to refund portions of various series of general obligation bonds 165 issued by the City between and and to pay costs of issuance of the bonds 166 Bonds maturing on or before , are not subject to redemption prior to 167 maturity. Bonds maturing on or after are subject to redemption prior to 168 maturity at the option of the City on or after , in whole or in part at any time (in 169 any multiple of $5,000), upon payment of 100% of the principal amount of bonds to be redeemed 170 plus interest accrued and unpaid to the redemption date. 171 Bonds maturing on I , are required to be redeemed in part before 172 maturity by the City on in the years and amounts set forth below, at a redemption 173 price equal to the principal amount of the bonds to be redeemed, plus accrued interest to the 174 redemption date: 175 Year Amount Year Amount 176 177 If less than all of the bonds are called for redemption, the bonds to be redeemed shall be 178 selected by the City's Director of Finance in such manner as he may determine to be in the best 179 interest of the City. If less than all the bonds of a particular maturity are called for redemption, 180 the bonds within such maturity to be redeemed shall be selected by DTC or any successor 181 securities depository pursuant to its rules and procedures or, if the book entry system is 182 discontinued, shall be selected by the Registrar by lot in such manner as the Registrar in its 183 discretion may determine. In either case, (a) the portion of any bond to be redeemed shall be in 184 the principal amount of $5,000 or some integral multiple thereof and (b) in selecting bonds for 185 redemption, each bond shall be considered as representing that number of bonds that is obtained 186 by dividing the principal amount of such bond by $5,000. The City shall cause notice of the call 187 for redemption identifying the bonds or portions thereof to be redeemed to be sent by facsimile 188 transmission, registered or certified mail or overnight express delivery, not less than 30 nor more 189 than 60 days prior to the redemption date, to DTC or its nominee as the registered owner hereof. 190 If a portion of this bond is called for redemption, a new bond in the principal amount of the 191 unredeemed portion hereof will be issued to the registered owner upon surrender hereof. 192 The full faith and credit of the City are irrevocably pledged for the payment of principal 193 of and premium, if any, and interest on this bond. Unless other funds are lawfully available and 194 appropriated for timely payment of this bond, the City Council shall levy and collect an annual 195 ad valorem tax, over and above all other taxes authorized or limited by law and without 5 196 limitation as to rate or amount, on all taxable property within the City sufficient to pay when due 197 the principal of and premium, if any, and interest on this bond. 198 The Registrar shall treat the registered owner of this bond as the person or entity 199 exclusively entitled to payment of principal of and premium, if any, and interest on this bond and 200 the exercise of all other rights and powers of the owner, except that interest payments shall be 201 made to the person or entity shown as the owner on the registration books on the [fifteenth] day 202 of the month preceding each interest payment date. 203 All acts, conditions and things required by the Constitution and statutes of the 204 Commonwealth of Virginia to happen, exist or be performed precedent to and in the issuance of 205 this bond have happened, exist and have been performed, and the issue of bonds of which this 206 bond is one, together with all other indebtedness of the City, is within every debt and other limit 207 prescribed by the Constitution and statutes of the Commonwealth of Virginia. 208 IN WITNESS WHEREOF, the City of Virginia Beach, Virginia, has caused this bond 209 to be signed by its Mayor, to be countersigned by its Clerk, its seal to be affixed hereto, and this 210 bond to be dated , 2003. 211 COUNTERSIGNED: 212 213 214 215 216 217 218 219 220 221 222 223 224 Clerk, City of Virginia Beach, Virginia (SEAL) ASSIGNMENT Mayor, City of Virginia Beach, Virginia FOR VALUE RECEIVED the undersigned sell(s), assign(s) and transfer(s) unto (Please print or type name and address, including postal zip code, of Transferee) PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF TRANSFEREE: 225 the within bond and all rights thereunder, hereby irrevocably constituting and appointing 226 , Attorney, 227 to transfer said bond on the books kept for the registration thereof, with full power of substitution 228 in the premises. 229 Dated: 230 Signature Guaranteed Co 231 232 NOTICE: Signature(s) must be guaranteed (Signature of Registered Owner) 233 by an Eligible Guarantor Institution such 234 as a Commercial Bank, Trust Company, NOTICE: The signature above must 235 Securities Broker/Dealer, Credit Union correspond with the name of the 236 or Savings Association who is a member registered owner as it appears on the 237 of a medallion program approved by The front of this bond in every particular, 238 Securities Transfer Association, Inc. without alteration or enlargement or any 239 change whatsoever. 240 6. Pledge of Full Faith and Credit. The full faith and credit of the City are 241 irrevocably pledged for the payment of the principal of and premium, if any, and interest on the 242 Bonds. Unless other funds are lawfully available and appropriated for timely payment of the 243 Bonds, the City Council shall levy and collect an annual ad valorem tax, over and above all other 244 taxes authorized or limited by law and without limitation as to rate or amount, on all locally 245 taxable property in the City sufficient to pay when due the principal of and premium, if any, and 246 interest on the Bonds. 247 7. Registration, Transfer and Owners of Bonds. The City Treasurer is appointed 248 paying agent and registrar for the Bonds (the "Registrar"). The City may appoint a qualified 249 bank or trust company as successor paying agent and registrar of the Bonds. The Registrar shall 250 maintain registration books for the registration and registration of transfers of Bonds. Upon 251 presentation and surrender of any Bonds at the office of the Registrar, at its corporate trust office 252 if the Registrar is a bank or trust company, together with an assignment duly executed by the 253 registered owner or his duly authorized attorney or legal representative in such form as shall be 254 satisfactory to the Registrar, the City shall execute, and the Registrar shall authenticate, if 255 required by Section 4, and shall deliver in exchange, a new Bond or Bonds having an equal 256 aggregate principal amount, in authorized denominations, of the same form and maturity, bearing 257 interest at the same rate and registered in the name as requested by the then registered owner 258 thereof or its duly authorized attorney or legal representative. Any such exchange shall be at the 259 expense of the City, except that the Registrar may charge the person requesting such exchange 260 the amount of any tax or other governmental charge required to be paid with respect thereto 261 The Registrar shall treat the registered owner as the person or entity exclusively entitled 262 to payment of principal and premium, if any, and interest and the exercise of all other rights and 263 powers of the owner, except that interest payments shall be made to the person or entity shown 264 as owner on the registration books as of the Record Date. 265 8. Sale of Bonds. The City Council approves the following terms of the sale of the 266 Bonds. The Bonds shall be sold by competitive bid in a principal amount to be determined by 267 the City Manager, in collaboration with the Financial Advisors, and subject to the limitations set 268 forth in paragraph 1, and the City Manager shall receive bids for the Bonds and award the Bonds 269 to the bidder providing the lowest "true" or "Canadian" interest cost, subject to the limitations set 270 forth in paragraph 2. Following the same of the Bonds, the City Manager shall file a certificate 271 with the City Clerk setting forth the final terms of the Bonds The actions of the City Manager in 272 selling the Bonds shall be conclusive, and no further action with respect to the sale and issuance 273 of the Bonds shall be necessary on the part of the City Council. 7 274 9. Notice of Sale. The City Manager, in collaboration with the Financial Advisors, 275 is authorized and directed to take all proper steps to advertise the Bonds for sale substantially in 276 accordance with the form of Notice of Sale attached hereto, which is approved, provided that the 277 City Manager, in collaboration with the Financial Advisors, may make such changes in the 278 Notice of Sale not inconsistent with this Resolution as he may consider to be in the best interest 279 of the City. 280 10. Official Statement. A draft of a Preliminary Official Statement describing the 281 Bonds and the City's General Obligation Public Improvement Bonds, Series of 2003A (the 282 "Public Improvement Bonds"), copies of which have been provided to the members of the City 283 Council, is approved as the form of the Preliminary Official Statement by which the Bonds will 284 be offered for sale, with such completions, omissions, insertions and changes not inconsistent 285 with this Resolution as the City Manager, in collaboration with the Financial Advisors, may 286 consider appropriate. After the Bonds have been sold, the City Manager, in collaboration with 287 the Financial Advisors, shall make such completions, omissions, insertions and changes in the 288 Preliminary Official Statement not inconsistent with this Resolution as are necessary or desirable 289 to complete it as a final Official Statement, execution thereof by the City Manager to constitute 290 conclusive evidence of his approval of any such completions, omissions, insertions and changes 291 The City shall arrange for the delivery to the purchaser of the Bonds of a reasonable number of 292 copies of the final Official Statement, within seven business days after the Bonds have been sold, 293 for delivery to each potential investor requesting a copy of the Official Statement and to each 294 person to whom such purchaser initially sell Bonds. 295 11. Official Statement Deemed Final. The City Manager is authorized, on behalf of 296 the City, to deem the Preliminary Official Statement and the Official Statement in final form, 297 each to be final as of its date within the meaning of Rule 15c2-12 (the "Rule") of the Securities 298 and Exchange Commission (the "SEC"), except for the omission in the Preliminary Official 299 Statement of certain pricing and other information permitted to be omitted pursuant to the Rule. 300 The distribution of the Preliminary Official Statement and the Official Statement in final form 301 shall be conclusive evidence that each has been deemed final as of its date by the City, except for 302 the omission in the Preliminary Official Statement of such pricing and other information 303 permitted to be omitted pursuant to the Rule. 304 12. Preparation and Delivery of Bonds. After bids have been received and the 305 Bonds have been awarded, the officers of the City are authorized and directed to take all proper 306 steps to have the Bonds prepared and executed in accordance with their terms and to deliver the 307 Bonds to the purchaser thereof upon payment therefor. 308 13. Redemption of Refunded Bonds. The City Manager is authorized and directed 309 to determine which of the Refunded Bonds, if any, shall be refunded. The Escrow Agreement 310 (as hereinafter defined) shall provide for notice of redemption to be given in accordance with the 311 resolutions providing for the issuance of the Refunded Bonds to the registered owners of the 312 Refunded Bonds. 313 14. Escrow Deposit Agreement. In the event the City Manager determines that it is 314 in the City's best interest that all or a portion of the Refunded Bonds should be refunded, the 315 City Manager and the Director of Finance, or either of them, are authorized and directed to N. 316 execute an escrow deposit agreement (the "Escrow Agreement") between the City and an escrow 317 agent to be appointed by the City Manager (the "Escrow Agent") The Escrow Agreement shall 318 be in the form approved by the City Manager, in collaboration with the City Attorney and the 319 City's bond counsel, and shall provide for the deposit and investment of a portion of the Bond 320 proceeds for the defeasance of the Refunded Bonds. The execution of the Escrow Agreement by 321 the City Manager or the Director of Finance shall constitute conclusive evidence of such 322 official's approval of the Escrow Agreement. The Escrow Agreement shall provide for the 323 irrevocable deposit of a portion of the Bond proceeds (the "Refunding Portion") in an escrow 324 fund which shall be sufficient, when invested in noncallable, direct obligations of the United 325 States Government (the "Government Obligations"), to provide for payment of principal of and 326 premium, if any, and interest on the Refunded Bonds; provided, however, that such Bond 327 proceeds shall be invested in such manner that none of the Bonds will be "arbitrage bonds" 328 within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, and 329 regulations issued pursuant thereto (the "Code"). The Escrow Agent is authorized and directed 330 to execute an initial and final subscription form for the purchase of the Government Obligations 331 and such other contracts and agreements necessary to provide for the defeasance of the Refunded 332 Bonds as are approved by the City Manager or the Director of Finance, in collaboration with the 333 City Attorney and the City's bond counsel. 334 15. Deposit of Bond Proceeds. At the direction of the Director of Finance, the City 335 Treasurer is authorized and directed (a) to provide for the delivery of the Refunding Portion to 336 the Escrow Agent for deposit in the escrow fund established by the Escrow Agreement, in an 337 amount that will be sufficient, together with the interest thereon when invested as provided in the 338 Escrow Agreement, (i) to pay when due the interest on the Refunded Bonds to the first date on 339 which they may be redeemed at the option of the City and (n) to pay upon the earlier of matunty 340 or redemption the principal of the Refunded Bonds, plus any interest accrued and unpaid to such 341 redemption date, plus the applicable redemption premium, and (b) to provide for the deposit of 342 the remaining proceeds of the Bonds in a special account to be used to pay the costs of the 343 Project and the costs incurred in refunding the Refunded Bonds and issuing the Bonds If the 344 Director of Finance directs, the City Treasurer is further authorized to take all such further action 345 as may be necessary or desirable in connection with the payment and refunding of the Refunded 346 Bonds. 347 16. Arbitrage Covenants. (a) Except for the Public Improvement Bonds, the City 348 represents that there have not been issued, and covenants that there will not be issued, any 349 obligations that will be treated as part of the same issue of obligations as the Bonds within the 350 meaning of Treasury Regulations Section 1.150-1(c). 351 (b) The City covenants that it shall not take or omit to take any action the taking or 352 omission of which will cause the Bonds to be "arbitrage bonds" within the meaning of Section 353 148 of the Code, or otherwise cause interest on the Bonds to be includable in the gross income of 354 the registered owners thereof under existing laws Without limiting the generality of the 355 foregoing, the City shall comply with any provision of law that may require the City at any time 356 to rebate to the United States any part of the earnings derived from the investment of the gross 357 proceeds of the Bonds, unless the City receives an opinion of nationally recognized bond counsel 358 that such compliance is not required to prevent interest on the Bonds from being includable in Z 359 the gross income of the registered owners thereof under existing law. The City shall pay any 360 such required rebate from its legally available funds. 361 17. Non -Arbitrage Certificate and Elections. Such officers of the City as may be 362 requested are authorized and directed to execute an appropriate certificate setting forth the 363 expected use and investment of the proceeds of the Bonds in order to show that such expected 364 use and investment will not violate the provisions of Section 148 of the Code, and any elections 365 such officers deem desirable regarding rebate of earnings to the United States, for purposes of 366 complying with Section 148 of the Code Such certificate and elections shall be in such form as 367 may be requested by bond counsel for the City. 368 18. Limitation on Private Use. The City covenants that it shall not permit the 369 proceeds of the Bonds or the facilities refinanced with the proceeds of the Bonds to be used in 370 any manner that would result in (a) 5% or more of such proceeds or the facilities refinanced with 371 such proceeds being used in a trade or business carried on by any person other than a 372 governmental unit, as provided in Section 141(b) of the Code, (b) 5% or more of such proceeds 373 or the facilities being refinanced with such proceeds being used with respect to any output 374 facility (other than a facility for the furnishing of water), within the meaning of Section 141(b)(4) 375 of the Code, or (c) 5% or more of such proceeds being used directly or indirectly to make or 376 finance loans to any persons other than a governmental unit, as provided in Section 141(c) of the 377 Code; provided, however, that if the City receives an opinion of nationally recognized bond 378 counsel that any such covenants need not be complied with to prevent the interest on the Bonds 379 from being includable in the gross income for federal income tax purposes of the registered 380 owners thereof under existing law, the City need not comply with such covenants 381 19. Continuing Disclosure Agreement. The Mayor, the City Manager and such 382 officer or officers of the City as either may designate are hereby authorized and directed to 383 execute a continuing disclosure agreement setting forth the reports and notices to be filed by the 384 City and containing such covenants as may be necessary to assist the purchasers of the Bonds in 385 complying with the provisions of the Rule promulgated by the SEC. Such continuing disclosure 386 agreement shall be substantially in the form of the draft dated April 18, 2003, copies of which 387 have been provided to members of the City Council, with such completions, omissions, 388 insertions and changes that are not inconsistent with this Resolution. 389 20. Other Actions. All other actions of officers of the City and the City Council in 390 conformity with the purposes and intent of this Resolution and in furtherance of the issuance and 391 sale of the Bonds are hereby ratified, approved and confirmed. The officers of the City are 392 authorized and directed to execute and deliver all certificates and instruments and to take all such 393 further action as may be considered necessary or desirable in connection with the issuance, sale 394 and delivery of the Bonds. 395 21. Repeal of Conflicting Resolutions. All resolutions or parts of resolutions in 396 conflict herewith are repealed. 397 22. Effective Date. This Resolution shall take effect immediately. 10 399 Adopted by the Council of the City of Virginia Beach, Virginia, this day of May, 400 2003. CA-8860 F \Users\CBunnga\WP\WORK\VAB 2003 Refundmg Refundmg Resolution(v3) DOC R-1 Apn130, 2003 APPROVED AS TO CONTENT: LT, A, � � [r%v4!i '04!w-on 11 APPROVED AS TO LEGAL SUFFICIENCY: --" r14�� Law DepartmenL/ Jti4Gi�1A BE9c� 0447 ', 2 M � S OR OUR NA"00 CITY OF VIRGINIA BEACH AGENDA ITEM TO: The Honorable Mayor and Members of Council FROM: James K. Spore, City Manager ITEM: Resolution redefining Mission of the Shore Drive Advisory Committee MEETING DATE: May 6, 2003 Background: The Shore Drive Advisory Committee was established by the City Council in February of 199g. Its purpose is to serve in an advisory capacity to the City Council with respect to development and improvement of the Shore Drive Corridor. Since its initial formation, the Committee has accomplished many of the duties and responsibilities it was initially charged to accomplish. The role of the Committee has evolved such that it has assumed an increasing role as a review and oversight body for both public and private development and improvement projects in the Shore Drive area. Accordingly, it is appropriate that its initial mission be revised to reflect its changing role and function for the community. Considerations: The Shore Drive Advisory Committee plays an increasingly important role in the community as a forum for ensuring that the recommendations embodied in the adopted Shore Drive Corridor Plan are adhered to by both public and private projects. The Plan, adopted by the Council in March of 2000 as an amendment to the Comprehensive Plan, sets forth a vision for the Shore Drive area as a resort community, embodying recommendations addressing aesthetics, recreation, opportunity areas, transportation and utilities. Implementation of the Plan is occurring as a result of both public and private investments in the corridor. The Committee plays a much needed role in helping to ensure that the vision and recommendations in the adopted Plan are forefront in decision making for the area. Public Information: The Shore Drive Advisory Committee hosts public monthly meetings to conduct its business, and offers a forum for interested citizens to address the Committee on any topics of interest or concern for the corridor. These forums help to provide updated information to the public concerning issues of both a general nature as well as specific to locations or projects in the Shore Drive area. The proposed revised mission for the Committee has been discussed in detail at these meetings. Alternatives: Alternatives to this approach considered by the Committee included a No Action Alternative and a more aggressive proposal which would have greatly increased the Committee's role The No Action alternative would not addressed perceived needs, and the more aggressive proposal would have generated potential overlaps with other Boards and Commissions which also have a role in the corridor, such as the Planning Commission. Accordingly, both of these alternatives were deemed ineffective in achieving the optimum desired benefits derived from a more coordinated and cooperative approach involving other important stakeholders in the area. Recommendations Approval of the Resolution to redefine the mission of the Shore Drive Advisory Committee. Attachments: Resolution Recommended Action: Approval Submitting Department/Agency: Planning City Manager• L 1. � I Requested by Councilmember James L. Wood 2 A RESOLUTION REDEFINING THE MISSION OF 3 THE SHORE DRIVE ADVISORY COMMITTEE 4 5 WHEREAS, in February of 1998, the City Council of the City of Virginia Beach established 6 the Shore Drive Advisory Committee (the "SDAC"); 7 WHEREAS, the purpose of the SDAC is to serve in an advisory capacity to City Council 8 with respect to development and improvement to the Shore Drive Corridor; 9 WHEREAS, the SDAC has accomplished many of the duties and responsibilities initially 10 charged to it by the City Council; 11 WHEREAS, the role of the SDAC has evolved such that the SDAC has assumed an 12 increasing role as a review and oversight body for both public and private development and 13 improvement projects being undertaken in the Shore Drive area; and 14 WHEREAS, it is appropriate that the specific duties and responsibilities assigned to the 15 SDAC by the City Council be redefined to reflect its evolving role and function for the community. 16 NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF 17 VIRGINIA BEACH, VIRGINIA: 18 That the Mission of the SDAC is to serve as a liaison between the Shore Drive Community 19 and the City Council. In fulfilling this Mission, the SDAC shall be charged with the following duties 20 and responsibilities: 21 a. To continue to identify, refine and reprioritize a series of recommended 22 projects and actions to the City Council for implementing the ULI Bayfront 23 Study recommendations; the adopted Shore Drive Corridor Plan, Shore Drive 24 Transportation Plan, Design Guidelines and Landscaping Guidelines; and 25 addressing issues associated with development of the Corridor; 26 b. To investigate alternative funding sources for projects within the Corridor 27 and aggressively pursue and facilitate the establishment of public -private 28 partnerships to achieve the goals and recommendations of the ULI Study and 29 adopted plans and guidelines; 30 C. To engage in public information efforts to improve communication between 31 the Shore Drive Community and the City Government and serve as a forum 32 for discussing information brought forth by the public on matters related to 33 the Shore Drive Community; and 34 d. To monitor and report to the City Council the progress of implemented 35 projects and plans, and provide recommendations for remedial actions as 36 deemed necessary. 37 Adopted by the Council of the City of Virginia Beach, Virginia, on the day of May, 38 2003. CA-8833 F \Users\BKWilson\Wp\Work\New Folder\SDAC Draft Resolution Word.doc R-1 April 11, 2003 APPROVED AS TO CONTENT: Planning De rtment APPROVED AS TO LEGAL SUFFICIENCY: IAP I # I lilt � Nall,/ Law Department 2 CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: A Resolution Creating a Commission to Study and Make Recommendations in Real Estate Tax Relief for Senior Citizens MEETING DATE: May 6, 2003 ■ Background: In recent years, the nationwide increase in home prices has also resulted in rising property tax assessments. Many senior citizens are on fixed incomes and have difficulty paying increased real estate taxes. ■ Considerations: The proposed resolution would create a commission, composed of eleven Virginia residents, to study the impact of rising real estate assessments on senior citizens The commission would finish its study and make a recommendation by November 1, 2003. ■ Public Information: The item will be publicized as a regular agenda item. ■ Attachments: Resolution Recommended Action: Approval Submitting Department/Agency: Councilmember Jim Reeve City Manager: F•`Data\ATY\Ordm\NONCODE\.seniorarf wpd Requested by Councilmember Jim Reeve 1 A RESOLUTION CREATING A COMMISSION 2 TO STUDY AND MAKE RECOMMENDATIONS ON 3 REAL ESTATE TAX RELIEF FOR SENIOR 4 CITIZENS 5 WHEREAS, the City of Virginia Beach currently promotes 6 itself as a "Community for a Lifetime; " 7 WHEREAS, it is the goal of the Virginia Beach City 8 Council to make this statement a reality; 9 WHEREAS, the Council recognizes that our senior citizens 10 provide a tremendous benefit to our community; 11 WHEREAS, the Council understands that many of our senior 12 citizens have loyally contributed to the tax base for years and now 13 may require fewer City services than in the past; and 14 WHEREAS, the Council further realizes that many senior 15 citizens may feel overwhelmed by the continued increase in real 16 estate assessments and corresponding tax burden while living on a 17 fixed income and facing other rising costs, such as medical bills. 18 NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY 19 OF VIRGINIA BEACH, VIRGINIA: 20 1. That the Virginia Beach Council hereby creates a 21 commission, to be known as the "Senior Citizen Real Estate Tax 22 Relief Commission," to study the impact of rising real estate 23 assessments on senior citizens. 24 2. That this commission will be made up of eleven (11) 25 Virginia Beach citizens, with one (1) member to be appointed by 26 each Council member. 27 3. That this commission will conclude its study and 28 make its recommendations no later than November 1, 2003. 29 4. That the City Attorney is hereby directed to provide 30 staff support to the commission for legal research needs and 31 general assistance. 32 5. That the City Manager and Real Estate Assessor are 33 hereby directed to provide assistance to the commission as needed. 34 Adopted by the Council of the City of Virginia Beach, 35 Virginia, on the day of , 2003. CA-8849 ORDIN\NONCODE\seniorres.wpd R- 3 May 1, 2003 APPROVED AS TO LEGAL SUFFICIENCY: 1,4", Z , " fl-( epartment of Law 2 CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: An Ordinance to Amend Section 33-18 of the City Code Pertaining to Vending Machines on Public Property in the Resort Tourist Districts and an Exemption for Vending Machines Dispensing Public Transportation Tickets. MEETING DATE: May 6, 2003 ■ Background: City Code Section 33-18 prohibits the placement of vending machines on public property in the Resort Tourist Districts. There is an exception for newspaper vending machines and coin operated telephones. An amendment to City Code Section 33-18 to allow vending machines that dispense public transportation tickets or tokens to be located on public property in the Resort Tourist Districts is necessary to permit the installation of the dispensers as previously discussed by City Council. HRT wants to place ticket dispensers for trolley tickets on selected sites in the Resort Tourist Districts for the convenience of tourists. This amendment would allow their placement with the approval of the City Manager. ■ Considerations: The placement of ticket vending machines for HRT will be a convenience to tourists at the Oceanfront. ■ Alternatives: Reject the amendment and require the placement of the ticket vending machines in other private locations. ■ Recommendations: Approve the amendment. ■ Attachments: Ordinance Recommended Action: Approval Submitting Department/Agency: City Manager: 5 Tv>�, F \Users\BKWilson\WP\WORK\arfvending 1 AN ORDINANCE TO AMEND THE CITY CODE PERTAINING 2 TO VENDING MACHINES ON PUBLIC PROPERTY IN THE 3 RESORT TOURIST DISTRICTS AND AN EXEMPTION FOR 4 VENDING MACHINES DISPENSING PUBLIC 5 TRANSPORTATION TICKETS 6 SECTION AMENDED: § 33-18 7 BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF VIRGINIA 8 BEACH, VIRGINIA: 9 That Section 33-18 of the City Code is hereby amended and 10 reordained to read as follows: 11 Sec. 33-18. Vending machines on public property. 12 (a) Notwithstanding the provisions of this chapter or any 13 other chapter of the Code, the placement of vending machines on any 14 sidewalk or other public property located within designated RT-1, 15 RT-2, RT-3 and RT-4 Resort Tourist Districts shall be prohibited. 16 (b) For purposes of this section, a vending machine shall be 17 defined as any self-service or coin -operated box, container, 18 storage unit or other dispenser installed, used or maintained for 19 the provision or delivery, by sale or otherwise, of consumable 20 and/or nonconsumable products. 21 (c) The provisions of this section shall not be applicable to 22 newspaper vending machines, cr coin -operated telephones, or 23 machines dispensing public transportation tickets or tokens. 24 (d ) The placement and appearance of machines dispensing 25 public transportation tickets or tokens shall be approved by the 26 city manager or his designee prior to placement of the machines. 27 (tie) Any person who violates the provisions of this section 28 shall be guilty of a Class 4 misdemeanor. 29 COMMENT 30 This amendment will exempt vending machines that dispense public transportation tickets 31 (HRT) from the prohibition of vending machines in the RT Districts on public property. 32 Adopted by the City Council of the City of Virginia Beach, 33 Virginia, on this day of 2003. CA-8865 DATA/ORDIN/PROPOSED/33-018ord.wpd R1 April 25, 2003 APPROVED AS TO LEGAL SUFFICIENCY: Department of Law 2 CITY OF VIRGINIA BEACH AGENDA ITEM Sale of property adjacent to Lake Lawson by the City of Norfolk MEETING DATE: May 6, 2003 ■ Background: Several months ago, City Council authorized acquisition of 6.7 acres of land adjacent to Lake Lawson from the City of Norfolk. Concerns had been raised by citizens in the neighboring communities that Norfolk would sell the land to developers for residential housing. Norfolk had previously sold land along Northampton Boulevard which had been developed into a residential community. ■ Considerations: At Council's direction, staff had this property appraised. Value was determined to be $300,000 ($44,776 per acre). An offer of this amount was made to Norfolk, and was accepted. On December 10, 2002, Norfolk City Council voted to sell property to City of Virginia Beach for the $300,000 value. Funds are available in CIP 4-004 (Open Space). ■ Public Information: Advertisement and passage by the City of Norfolk to sell 6 7 acres of property to the City of Virginia Beach. Advertisement of Virginia Beach City Council agenda to accept/purchase land from City of Norfolk. ■ Alternatives: Do not purchase property from City of Norfolk. ■ Recommendations: Staff recommends Council act to accept Norfolk's authorization to sell the 6.7 acres to the City of Virginia Beach for $300,000. ■ Attachments: Summary of Terms, Ordinance, Location Map Recommended Action: Approval Submitting Department/Agency: Public Works �i- City Manager:' Exhibit C LAKE LAWSON ACQUISITION SUMMARY OF TERMS SELLER: City of Norfolk PROPERTY: 6.7 Acres adjacent to Lake Lawson PURCHASE PRICE: $3001)000 ($44,776 per acre) ZONING CHANGE: Property is currently zoned R-5D, agreement allows Norfolk to terminate the agreement in the event the application to rezone the property to P-1 is not approved RESTRICTIONS: No use of the Property is permitted that would adversely affect the use of the Lake as a water supply resource or adversely affect Norfolk's water system License for traversing Norfolk's 25-foot building setback will be recorded in a form acceptable to Virginia Beach. License revocable only if use of license determined to have adversely impacted or put at risk Norfolk's water system Use of lake and lake bottom will remain same as currently allowed. RESALE OF PROPERTY: If Virginia Beach proposes to sell the Property to a third party, it must first offer to resell it to Norfolk at the same terms Virginia Beach can dedicate or gift the Property for uses consistent with the terms of the Purchase Agreement with Norfolk. SETTLEMENT: The latter of (a) 60 days after execution of the Agreement or (b) as soon as all legal documents can be prepared, the Property can be subdivided and title problems, if any, can be resolved F `\Data\Aty\Forms\Deeds\Working\rp 4873-lake lawson sot doc 1 AN ORDINANCE TO AUTHORIZE 2 ACQUISITION OF APPROXIMATELY 6.7 3 ACRES OF PROPERTY LOCATED ADJACENT 4 TO LAKE LAWSON FOR $300,000 FROM THE 5 CITY OF NORFOLK UNDER THE OPEN 6 SPACE PRESERVATION PROGRAM 8 9 WHEREAS, in the opinion of the Council of the City of Virginia Beach, 10 Virginia, a public need exists forthe acquisition of open space property in orderto preserve 11 natural and undeveloped areas in the northern portion of the City; and 12 WHEREAS, the City of Norfolk desires and has approved an 13 Ordinance and a Purchase Agreement to sell to the City of Virginia Beach approximately 14 6 7 acres of property adjacent to Lake Lawson for a purchase price of $300,000; and 15 WHEREAS, both the City of Norfolk and the City of Virginia Beach 16 believe a public necessity exists to maintain the property adjacent to Lake Lawson in its 17 natural, undeveloped state in order to protect and preserve Lake Lawson as a water 18 source, 19 NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE 20 CITY OF VIRGINIA BEACH, VIRGINIA 21 Section 1. That the City Council authorizes the acquisition by 22 purchase pursuant to Sections 15.2-1800, et sew., Code of Virginia of 1950, as amended, 23 of all that certain real property in fee simple, owned by the City of Norfolk, and located 24 adjacent to Lake Lawson in the City of Virginia Beach, which property is more particularly 25 described in Exhibit A, and shown on Exhibit B, attached hereto. 26 Section 2 That the City Manager is hereby authorized to make or 27 cause to be made on behalf of the City of Virginia Beach a Purchase Agreement for the 28 property previously described, to the extent that funds are available, for the sum of 29 $300,000.00 and in accordance with the terms contained on the Summary of Terms, a 30 copy of which is attached as Exhibit C. 31 Section 3 That the City Manager is further authorized to do all things 32 necessary and proper to effect the purchase of the property and to carry out the terms of 33 the Purchase and Sale Agreement. 34 35 36 37 38 39 40 day of Adopted by the Council of the City of Virginia Beach, Virginia, on the , 2003. CA-8748 PREPARED April 15, 2003 APPROVED AS TO CONTENTS GNATURE � t�� op�i DEPARTMENT APPROVED AS TO LEGAL SUFFICIENCY AND FORM CITY ATT RNEY EXHIBIT A All those certain lots, tracts or parcels of land together with improvements, appurtenances and easements benefitting the property thereon belonging, lying, situated and being in the City of Virginia Beach, Virginia and designated and described as: " `PROPOSED' PARCEL A", containing 5.193 acres, more or less, and " `PROPOSED' PARCEL B", containing 1.504 acres, more or less, all as shown on `EXHIBIT DRAWING OF PROPOSED PARCELS A AND B, CITY OF NORFOLK PROPERTY LOCATED AT LAKE LAWSON, VIRGINIA BEACH, VIRGINIA" which exhibit was prepared by the Division of Surveys, Department of Public Works, Norfolk, Virginia, dated June 1, 2000, and last revised July 1, 2002, LESS AND EXCEPT riparian interests to and in Lake Lawson, if any, appurtenant to Proposed Parcel A and Proposed Parcel B. 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I v _ v I� Li L� Ail Maw03 �z LAKE /. � l r�_ - - LAWSON LAKE r I LAWSON , r I i lJ vrl O CITY OF 409-�'-3�56 NORFOLK OII o DEED 618 �. i GG J ° o C I T\" 0= i, I d N 0 R F 0 L K �{( ° I DEED 6l LAKE LAWSON -� - C \\� \\� � �` f/� `tom �� >! " d ° � �• i� ° t `• s O) O O G a 1 `\\ CQ =� LOCATION MAP ' c�� r" 0 ' a LAKE LAWSON 00 y I 00 SCALE: 1" = 400' O LAIC LAWSON DGN M J.S. PREPARED BY P/VV ENG. CADD DEPT. APRIL 23, 2003 CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: An Ordinance Authorizing the City Manager to Purchase the Caton Property for the Rudee Loop Development Project MEETING DATE: May 6, 2003 ■ Background: On April 25, 2001, the City of Virginia Beach entered into a $1,000,000 Option Agreement with Caton Family, L.L.0 and Edward T. Caton to purchase certain property located at Rudee Loop comprised of .34 acres. On May 30, 2002, the City extended the option to purchase the property by May 30, 2003. Adjacent privately owned parcels could be assembled providing a prime development site of up to 10.17 acres, which would include approximately 4 acres of City right of way and 1.07 acres of VDOT property. Various studies indicate that additional lodging will be needed at the oceanfront, especially with the completion of the Convention Center Replacement Project. To date, the only other Rudee Loop project area property that has been purchased by the City is the Beach Quarters Inn. Other parcels are either under an option to buy agreement or are currently being negotiated for option to purchase ■ Considerations: The City has executed the option extension provision of the Caton Property option agreement and the option expires on May 30, 2003. The City has spent $100,000 in option and extension fees to date. CIP Project 9-302 Rudee Loop Development — Phase I has sufficient funding to purchase the property at a cost of $900,000 Also, the City will comply with 31 st Street Hotel agreement, which delays the promotion of a similar hotel until after the new hotel opens for business ■ Public Information: Public information will be handled through the normal Council Agenda notification process. ■ Alternatives: Should the City not exercise the option to purchase; the property could be sold off separately, resulting in less than desirable projects, not consistent with the City's vision for the resort area In addition, the City will forfeit its $100,000 paid in option fees to date. IN Recommendations: Exercise the option to purchase the Caton Property for $900,000 ■ Attachments: Ordinance Recommended Action: Approval of Ordinance Submitting De artment/A ency: Management Services City Manage • L F \Data\ATY\Ordin\NONCOD at n Property Purchase AR doc 1 AN ORDINANCE AUTHORIZING THE CITY MANAGER OR 2 HIS DESIGNEE TO EXERCISE THE OPTION TO 3 PURCHASE REAL PROPERTY AT RUDEE LOOP FROM 4 CATON FAMILY, L.L.C. 5 6 WHEREAS, Rudee Loop has been identified as a prime location for development 7 at the Oceanfront, and the development of Rudee Loop would complement the major 8 Pavilion expansion and is consistent with the Oceanfront Resort Concept Plan; 9 WHEREAS, the City has entered into an Option Agreement dated April 25, 2001, 10 for the purchase of approximately .344 acres of real property at Rudee Loop from Caton 11 Family, L.L.C. (the "Caton Property") for a purchase price of $1,000,000; 12 WHEREAS, to date, the City has expended $50,000 for the initial option fee and 13 an additional $50,000 for the extension fee, which fees apply to the $1,000,000 14 purchase price should the City choose to exercise the Option; 15 WHEREAS, the City Council has determined the purchase of the Caton Property 16 to be in the best interest of the City; and 17 WHEREAS, there is sufficient funding for the $900,000 purchase price balance in 18 CIP Project 9-302 Rudee Loop Development — Phase I to acquire this property. 19 NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF 20 VIRGINIA BEACH, VIRGINIA, 21 1. The City Manager or his designee is hereby authorized to exercise the 22 option on the approximately .344 acre parcel of real property owned by the Caton 23 Family, L.L.C. at Rudee Loop for the Rudee Loop Development project and to purchase 24 such real property for a purchase price of $1,000,000, $100,000 of which has already 25 been paid, on the terms contained in the Option Agreement. 26 2. The City Manager or his designee is further authorized to execute all 27 documents that may be necessary or appropriate in connection with such purchase so 28 long as such documents are customary transaction documents executed by the 29 purchaser in connection with a real estate transaction and so long as such documents 30 are acceptable to the City Manager and the City Attorney. 31 Adopted by the Council of the City of Virginia Beach, Virginia, on the 32 33 of , 2003. 34 APPROVED AS TO CONTENT APPROVED AS TO LEGAL 35 SUFFICIENCY 36 37 Management Services City Attorney's Office 38 CA-8747 39 F:\Data\ATY\Ordin\NONCODE\Caton Property Purchase ORD.doc 40 April 11, 2003 rV CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: Lease of 1800 Square Feet of City Owned Property at 203 Laskin Road to The USO of Hampton Roads MEETING DATE: May 6, 2003 Background: The USO of Hampton Roads ("USO") approached the City regarding the availability of any City -owned office space in the resort area to establish a presence at the oceanfront. The USO felt that an office in the resort area would attract more military visitors from area bases and provide a place for military personnel to obtain assistance while visiting the beach. The USO met with City staff from the departments of Convention and Visitor Development, Police and General Services. After discussing several alternatives, City staff determined that the vacant tanning salon located in the strip center at 31 st Street (203 Laskin Road) would provide an adequate place for the USO to provide its services. City staff worked with the City Attorney's Office to develop a short- term lease for the 1800 square feet of space at the strip center. The specific terms of the lease are set forth in the Summary of Terms attached hereto. Considerations: City staff has determined that leasing subject vacant property is not detrimental to the City's interests. Moreover, allowing the USO to use this property in the resort area during the resort tourist season would further the City's commitment to support the military presence in Hampton Roads. Public Information: A public hearing as required by §15.2-1800 of the Code of Virginia was advertised on April 27, 2003 and notice of this Ordinance will be handled through the normal agenda process. Alternatives: Adopt the ordinance authorizing the City Manager to execute the lease or deny the leasing of the subject property. Recommendations: Staff recommends that Council adopt the ordinance authorizing the City Manager to lease the property to the USO in accordance with the attached Summary of Terms. Attachments: Ordinance, Summary of Terms, Location Map Recommended Action: Approval ,, Submitting Department/Agency: General Services / Convention & Visitor Development City Manager: 1�'`L 1 ORDINANCE NO. 2 AN ORDINANCE AUTHORIZING THE CITY 3 MANAGER TO EXECUTE A LEASE WITH THE 4 USO OF HAMPTON ROADS FOR 1800 SQUARE 5 FEET OF CITY -OWNED OFFICE SPACE AT 203 6 LASKIN ROAD 7 WHEREAS, the City of Virginia Beach ("the City") is the owner of that certain parcel of 8 land together with the improvements thereon, at the 31 st Street strip center located at 203 9 Laskin, Virginia Beach, Virginia (the "Property"); 10 WHEREAS, the USO of Hampton Roads (the "USO") has requested to lease 11 approximately 1800 square feet of office space in the Property (the "Premises") for use as an 12 office during the resort tourist season, 13 WHEREAS, the Premises is vacant and the City has no need of the Premises; and 14 WHEREAS, City staff has determined that the leasing of the Premises to the USO will 15 promote the DSO's goal of establishing a presence in the resort area to provide assistance to 16 military visitors at the oceanfront, and will further the City's continued commitment to support 17 the rrulitary presence in Hampton Roads. 18 THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF 19 VIRGINIA BEACH, VIRGINIA: 20 That the City Manager is hereby authorized to execute a lease between the USO of 21 Hampton Roads and the City for the office space located at 203 Laskin Road in accordance with 22 the Summary of Terms attached hereto. 23 24 25 26 27 Adopted by the Council of the City of Virginia Beach, Virginia on the 2003. CA-8741 R-1 4/ 14/03 APPROVED AS TO LEGAL SUFFICIENCY: Law Department i AP OVED AS TO CONTENT: 01 D t. Convention & itor evelopement APPROVED AS TO CONTENT: Dept. of Gene al Services day of SUMMARY OF TERMS LEASE FOR THE USE OF 1800 SQUARE FEET OF SPACE AT 203 LASKIN ROAD LESSOR: City of Virginia Beach. LESSEE: USO of Hampton Roads PREMISES: Approximately 1800 square feet of office space located at 203 Laskin Road TERM: June 1, 2003 — October 15, 2003. Lease may be terminated at any time by either party upon 30 days prior written notice. RENT: The Prenuses will be leased at no cost to Lessee. RIGHTS AND RESPONSIBILITIES OF LESSEE: • Will use the Premises for an office. Any drop off zones for dedicated buses associated with Lessee's operations shall require the prior written approval of Lessor. • Will pay for telephone, cable, janitorial services and refuse disposal. • Will maintain and perform any and all necessary repairs to the interior of the Premises and will maintain the Prenuses clean and in good condition. • Will be responsible and liable for all damage to the Premises, including the building, caused by the willful or negligent acts or omissions of Lessee or its agents or invitees, or for any breach of Lessee's obligations under the Lease. • Will procure and maintain public liability insurance for the Premises, and provide a certificate evidencing such coverage to Lessor prior to occupancy • Will indemnify the City for any and all claims arising from Lessee's use and occupation of the Premises caused by Lessee, its agents, employees or invitees. RIGHTS AND RESPONSIBILITIES OF CITY: • Will inspect the Premises for compliance with the terms of the Lease and all state, local and federal laws, statutes, ordinances and regulations • Will provide and pay for the cost of all water, sewage and electricity for the Premises. XUL - _ w' 1 M 1 WID IT • ! w'p' pp� • r� '. � ' di 6 ,.'Aa w�ee- ... s .� ... � 1 � .. y` r �O _� . •�, flo y-•-' ,sj. CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: No Interest Loan to the Sandbridge Volunteer Rescue Squad MEETING DATE: May 6, 2003 ■ Background: For nearly 30 years the City of Virginia Beach has financially assisted the Volunteer Rescue Squads utilizing several different programs. In addition to providing support for continuing expenses such as fuel, insurance and small monthly stipends to offset operating expenses, the City has provided no interest loans for the purchase of ambulances and squad trucks. Under the loan program the rescue squads repay the City on a regular timetable. ■ Considerations: The Sandbridge Volunteer Rescue Squad is requesting a no interest loan in the amount of $100,000.00 for the purpose of purchasing a new ambulance. The increased call volume has dictated their decision. They would like to repay the loan over a 4-year period, in equal installments of $25,000, beginning January 1, 2004. Historically this has been considered established public policy for assisting the volunteer rescue squads. ■ Public Information: Public Information will be handled through the normal Council agenda process. ■ Alternatives: The alternative to the no -Interest city loan is the squad's acquisition of a commercial loan at a high interest rate. ■ Recommendations: EMS recommends approval of this request. ■ Attachments: Correspondence from Sandbridge Volunteer Rescue Squad. Ordinance Recommended Action: Approval Submitting Department/Agency: Department of Emergency Medical Services City Manager: C._ Sandbridgeloan.agenda.doc — Microsoft word 1 AN ORDINANCE TO APPROPRIATE $100, 000 2 FROM THE FUND BALANCE OF THE GENERAL 3 FUND FOR THE PURPOSE OF PROVIDING AN 4 INTEREST -FREE LOAN TO THE SANDBRIDGE 5 VOLUNTEER RESCUE SQUAD TO PURCHASE A 6 NEW AMBULANCE 7 8 WHEREAS, the Sandbridge Volunteer Rescue Squad does not 9 presently have adequate funds to purchase a new ambulance, but it 10 has represented that fund-raising efforts will provide sufficient 11 funds to repay a $100, 000 interest -free loan from the City of 12 Virginia Beach. 13 NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF 14 VIRGINIA BEACH, VIRGINIA: 15 1. That $100, 000 is hereby appropriated from the fund balance 16 of the General Fund for an interest -free loan to the Sandbridge 17 Volunteer Rescue Squad so it may purchase an ambulance, with 18 revenue increased accordingly. 19 2. That this loan is to be repaid in installments over ( 4 ) 20 years, due on the 1st day of January each year, in (4) equal 21 installments of $25,000, with the first payment to be made on or 22 before January 1, 2004, and the last payment to be made on or before 23 January 1, 2007. 24 Adopted by the Council of the City of Virginia Beach, 25 Virginia, on the day of 2003. 26 27 Requires an affirmative vote by a majority of the members of 28 the City Council. CA- 8851 ordin/noncode/sandbridgeroad.ord.wpd April 22, 2003 R2 APPROVED AS TO CONTENT: Management Services I�PPROVED AS TO LEGAL SUFFICIENCY: City Attorney s Offic i cabridne Volunteer Rescue Squard y 711,om__ 3(_)� Sa1idr)iido(, 1,,')-id agini,i L�ea(_h, Vll April 9, 2003 Chief Edwards Department of EMS 1917 Arctic Avenue Virginia Beach, VA 23451 Chief. Please consider a no -interest loan for the purpose of securing a new ambulance The purpose of the new ambulance is to support Sandbndge Rescue Squad's increase call volume The squad's call volume has increased greatly since the inception of our daytime manning policy The new ambulance will be purchased from Horton The cost of the new ambulance will be $125,973. The third ambulance will be required to support the above mentioned increase in call volume, and to ease the load on our older units We are requesting a loan of $100,000 to be paid back annually at a rate of $25,000 per year for four years We will assume the balance of $25,973. It is our plan to start the payback 1 January 2004 Thank you for your consideration. Sincerely )r4V�_e-- -1 fo/n&/Ar gu Vice Presid Sandbndge Volunteer Rescue Squad S30!A83S 1V0'03�'� �10N3J83M 30 1N3►'dl8Vd30 `r�r17 a !� I Ell NY �LV r CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: An Ordinance Authorizing the Acquisition of an Agricultural Land Preservation Easement and the Issuance by the City of its Contract Obligations in the Maximum Amount of $310,326 (Property of Sea Bay Development Corp.) MEETING DATE: May 6, 2003 ■ Background: In May, 1995, the Agricultural Lands Preservation Ordinance (the "Ordinance") was adopted by the City Council for the purpose of promoting and encouraging the preservation of farmland in the rural southern portion of the City. Under the Agricultural Reserve Program established by the Ordinance, the City purchases the development rights of eligible parcels of land, leaving the fee simple ownership of the land unchanged. These purchases are embodied by perpetual agricultural land preservation easements pursuant to which only agricultural uses, as defined in the Ordinance, are allowed on the land. The subject property has been appraised by an independent appraiser retained by the City. The appraiser has determined the fair market value of the property, based upon eighteen (18) comparable sales. From the fair market value, the value of the development rights has been determined by subtracting $900 per acre, which has previously been established as the farm value (i.e., value of the land restricted to agricultural uses) for land throughout the southern rural area of the City. The resulting amount is the value of the development rights of the property. All offers by the City to purchase the development rights to property are expressly made contingent upon the absence of any title defects or other conditions which, in the opinion of the City Attorney, may adversely affect the City's interests, and other standard contingencies. ■ Considerations: The subject property consists of three (3) parcels of land having approximately 71.59 acres outside of marshland or swampland. It is owned by Sea Bay Development Corp. Under current development regulations, there is a total development potential of eight (8) single-family dwelling building sites, three (3) of which would be reserved for future development. Thus, the preservation easement acquired by the City would cover approximately 62.59 acres. The site, which is shown on the attached Location Map, is located on West Landing Road, in the District of Princess Anne. The proposed purchase price, as stated in the ordinance, is $310,326. This price is the equivalent of approximately $4,958 per acre of easement acquired. The terms of the proposed acquisition are that the City would pay interest only for a period of 25 years, with the principal amount being due and payable 25 years from the date of closing. The interest rate to be paid by the City will be the greater of 4.00% per annum or the per annum rate which is equal to the yield on U.S. Treasury STRIPS purchased by the City to fund its principal obligation under the Installment Purchase Agreement, not to exceed 6.00% without the further approval of the City Council. The proposed terms and conditions of the purchase of the Development Rights pursuant to the Installment Purchase Agreement, including the purchase price and manner of payment, are fair and reasonable and in furtherance of the purposes of the Ordinance. ■ Public Information: The ordinance has been advertised by publication in a newspaper having general circulation in the City once per week for two successive weeks. ■ Alternatives: The City Council may decline to purchase the development rights to the property. ■ Recommendations: Adoption of the ordinance and acquisition of the development rights, assuming all contingencies are met. ■ Attachments: Summary of Material Terms of Installment Purchase Agreement (full Agreement is on file in the City Attorney's Office) Recommended Action: Adoption Submitting Department/Agency: Department of Agriculture City Manager: dak 1 AN ORDINANCE AUTHORIZING THE ACQUISITION OF AN 2 AGRICULTURAL LAND PRESERVATION EASEMENT AND THE 3 ISSUANCE BY THE CITY OF ITS CONTRACT OBLIGATIONS IN 4 THE MAXIMUM PRINCIPAL AMOUNT OF $310,326 5 WHEREAS, pursuant to the Agricultural Lands Preservation 6 Ordinance (the "Ordinance"), Appendix J of the Code of the 7 City of Virginia Beach, there has been presented to the City 8 Council a request for approval of an Installment Purchase 9 Agreement (the form and standard provisions of which have been 10 previously approved by the City Council, a summary of the 11 material terms of which is hereto attached, and a true copy 12 of which is on file in the City Attorney's Office) for the 13 acquisition of the Development Rights (as defined in the 14 Installment Purchase Agreement) on certain property located in 15 the City and more fully described in Exhibit B of the 16 Installment Purchase Agreement for a purchase price of 17 $310,326; and 18 WHEREAS, the aforesaid Development Rights shall be 19 acquired through the acquisition of a perpetual agricultural 20 land preservation easement, as defined in, and in compliance 21 with, the requirements of the Ordinance; and 22 WHEREAS, the City Council has reviewed the proposed terms 23 and conditions of the purchase as evidenced by the Installment 24 Purchase Agreement; 25 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE 26 CITY OF VIRGINIA BEACH, VIRGINIA: 27 1. The City Council hereby determines and finds that 28 the proposed terms and conditions of the purchase of the 29 Development Rights pursuant to the Installment Purchase 30 Agreement, including the purchase price and manner of payment, 31 are fair and reasonable and in furtherance of the purposes of 32 the Ordinance, and the City Manager or his designee is hereby 33 authorized to approve, upon or before the execution and 34 delivery of the Installment Purchase Agreement, the rate of 35 interest to accrue on the unpaid principal balance of the 36 purchase price set forth hereinabove as the greater of 4.00% 37 per annum or the per annum rate which is equal to the yield on 38 United States Treasury STRIPS purchased by the City to fund 39 such unpaid principal balance; provided, however, that such 40 rate of interest shall not exceed 6. 00 % unless the approval of 41 the City Council by resolution duly adopted is first obtained. 42 2. The City Council hereby further determines that 43 funding is available for the acquisition of the Development 44 Rights pursuant to the Installment Purchase Agreement on the 45 terms and conditions set forth therein. 46 3. The City Council hereby expressly approves the 47 Installment Purchase Agreement and, subject to the 48 determination of the City Attorney that there are no defects 04 49 in title to the property or other restrictions or encumbrances 50 thereon which may, in the opinion of the City Attorney, 51 adversely affect the City's interests, authorizes the City 52 Manager or his designee to execute and deliver the Installment 53 Purchase Agreement in substantially the same form and 54 substance as approved hereby with such minor modifications, 55 insertions, completions or omissions which do not materially 56 alter the purchase price or manner of payment, as the City 57 Manager or his designee shall approve. The City Council 58 further directs the City Clerk to affix the seal of the City 59 to, and attest same on, the Installment Purchase Agreement. 60 The City Council expressly authorizes the incurrence of the 61 indebtedness represented by the issuance and delivery of the 62 Installment Purchase Agreement. 63 4. The City Council hereby elects to issue the 64 indebtedness under the Charter of the City rather than 65 pursuant to the Public Finance Act of 1991 and hereby 66 constitutes the indebtedness a contractual obligation bearing 67 the full faith and credit of the City. 68 Adopted by the Council of the City of Virginia Beach, 69 Virginia, on this day of , 2003. 3 70 Adoption requires an affirmative vote of a majority of 71 all members of the City Council. CA-8827 arppurchase/seabay/seabayord.wpd R-1 April 7, 2003 APPROVED AS TO CONTENT: Agri APPROVED AS TO LEGAL SUFFICIENCY: i Law Department APPROVED AS TO AVAILABILITY OF FUNDS: ( i)�V, 6L -S�� Finance Department 4 AGRICULTURAL RESERVE PROGRAM INSTALLMENT PURCHASE AGREEMENT NO. 2003-57 SUMMARY OF MATERIAL TERMS SELLER: Sea Bay Development Corp. PROPERTY LOCATION: West Landing Road PURCHASE PRICE: $310,326 EASEMENT AREA: 62.59 acres more or less DEVELOPMENT POTENTIAL: 8 single-family dwelling sites (5 acquired; 3 reserved for future development) DURATION: Perpetual INTEREST RATE: Equal to yield on U.S. Treasury STRIPS acquired by City to fund purchase price, but not less than 4.00% (actual rate to be determined when STRIPS are purchased prior to execution of IPA). Rate may not exceed 6.00% without approval of City Council TERMS: Interest only twice per year for 25 years, with payment of principal due 25 years from IPA date RESTRICTIONS ON TRANSFER: IPA ownership may not be transferred (except for Estate Settlement Transfer) for one (1) year following execution and delivery of IPA. CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: An Ordinance Authorizing the Acquisition of an Agricultural Land Preservation Easement and the Issuance by the City of its Contract Obligations in the Maximum Amount of $106,056 (Property of Sharon J. Sattler) MEETING DATE: May 6, 2003 ■ Background: In May, 1995, the Agricultural Lands Preservation Ordinance (the "Ordinance") was adopted by the City Council for the purpose of promoting and encouraging the preservation of farmland in the rural southern portion of the City. Under the Agricultural Reserve Program established by the Ordinance, the City purchases the development rights of eligible parcels of land, leaving the fee simple ownership of the land unchanged. These purchases are embodied by perpetual agricultural land preservation easements pursuant to which only agricultural uses, as defined in the Ordinance, are allowed on the land. The subject property has been appraised by an independent appraiser retained by the City. The appraiser has determined the fair market value of the property, based upon eighteen (18) comparable sales. From the fair market value, the value of the development rights has been determined by subtracting $900 per acre, which has previously been established as the farm value (i.e., value of the land restricted to agricultural uses) for land throughout the southern rural area of the City. The resulting amount is the value of the development rights of the property. All offers by the City to purchase the development rights to property are expressly made contingent upon the absence of any title defects or other conditions which, in the opinion of the City Attorney, may adversely affect the City's interests, and other standard contingencies. ■ Considerations: The subject property consists of one (1) parcel of land having approximately 29.46 acres outside of marshland or swampland. It is owned by Sharon J. Sattler. Under current development regulations, there is a total development potential of three (3) single-family dwelling building sites, none of which would be reserved for future development. Thus, the preservation easement acquired by the City would cover approximately 29.46 acres. The site, which is shown on the attached Location Map, is located on West Gibbs Road, in the District of Princess Anne. The proposed purchase price, as stated in the ordinance, is $106,056. This price is the equivalent of approximately $3,600 per acre of easement acquired. The terms of the proposed acquisition are that the City would pay interest only for a period of 25 years, with the principal amount being due and payable 25 years from the date of closing. The interest rate to be paid by the City will be the greater of 4.00% per annum or the per annum rate which is equal to the yield on U.S. Treasury STRIPS purchased by the City to fund its principal obligation under the Installment Purchase Agreement, not to exceed 6.00% without the further approval of the City Council. The proposed terms and conditions of the purchase of the Development Rights pursuant to the Installment Purchase Agreement, including the purchase price and manner of payment, are fair and reasonable and in furtherance of the purposes of the Ordinance. ■ Public Information: The ordinance has been advertised by publication in a newspaper having general circulation in the City once per week for two successive weeks. ■ Alternatives: The City Council may decline to purchase the development rights to the property. ■ Recommendations: Adoption of the ordinance and acquisition of the development rights, assuming all contingencies are met. ■ Attachments: Summaryof Material Terms of Installment Purchase Agreement (full Agreement is on file in the City Attorney's Office) Recommended Action: Adoption Submitting Department/Agency: Department of Agriculture City Manager: lz-- 1 AN ORDINANCE AUTHORIZING THE ACQUISITION OF AN 2 AGRICULTURAL LAND PRESERVATION EASEMENT AND THE 3 ISSUANCE BY THE CITY OF ITS CONTRACT OBLIGATIONS IN 4 THE MAXIMUM PRINCIPAL AMOUNT OF $106,056 5 WHEREAS, pursuant to the Agricultural Lands Preservation 6 Ordinance (the "Ordinance"), Appendix J of the Code of the 7 City of Virginia Beach, there has been presented to the City 8 Council a request for approval of an Installment Purchase 9 Agreement (the form and standard provisions of which have been 10 previously approved by the City Council, a summary of the 11 material terms of which is hereto attached, and a true copy 12 of which is on file in the City Attorney's Office) for the 13 acquisition of the Development Rights (as defined in the 14 Installment Purchase Agreement) on certain property located in 15 the City and more fully described in Exhibit B of the 16 Installment Purchase Agreement for a purchase price of 17 $106, 056; and 18 WHEREAS, the aforesaid Development Rights shall be 19 acquired through the acquisition of a perpetual agricultural 20 land preservation easement, as defined in, and in compliance 21 with, the requirements of the Ordinance; and 22 WHEREAS, the City Council has reviewed the proposed terms 23 and conditions of the purchase as evidenced by the Installment 24 Purchase Agreement; 25 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE 26 CITY OF VIRGINIA BEACH, VIRGINIA: 27 1. The City Council hereby determines and finds that 28 the proposed terms and conditions of the purchase of the 29 Development Rights pursuant to the Installment Purchase 30 Agreement, including the purchase price and manner of payment, 31 are fair and reasonable and in furtherance of the purposes of 32 the Ordinance, and the City Manager or his designee is hereby 33 authorized to approve, upon or before the execution and 34 delivery of the Installment Purchase Agreement, the rate of 35 interest to accrue on the unpaid principal balance of the 36 purchase price set forth hereinabove as the greater of 4.00% 37 per annum or the per annum rate which is equal to the yield on 38 United States Treasury STRIPS purchased by the City to fund 39 such unpaid principal balance; provided, however, that such 40 rate of interest shall not exceed 6. 00 o unless the approval of 41 the City Council by resolution duly adopted is first obtained. 42 2. The City Council hereby further determines that 43 funding is available for the acquisition of the Development 44 Rights pursuant to the Installment Purchase Agreement on the 45 terms and conditions set forth therein. 46 3. The City Council hereby expressly approves the 47 Installment Purchase Agreement and, subject to the 48 determination of the City Attorney that there are no defects 2 49 in title to the property or other restrictions or encumbrances 50 thereon which may, in the opinion of the City Attorney, 51 adversely affect the City's interests, authorizes the City 52 Manager or his designee to execute and deliver the Installment 53 Purchase Agreement in substantially the same form and 54 substance as approved hereby with such minor modifications, 55 insertions, completions or omissions which do not materially 56 alter the purchase price or manner of payment, as the City 57 Manager or his designee shall approve. The City Council 58 further directs the City Clerk to affix the seal of the City 59 to, and attest same on, the Installment Purchase Agreement. 60 The City Council expressly authorizes the incurrence of the 61 indebtedness represented by the issuance and delivery of the 62 Installment Purchase Agreement. 63 4. The City Council hereby elects to issue the 64 indebtedness under the Charter of the City rather than 65 pursuant to the Public Finance Act of 1991 and hereby 66 constitutes the indebtedness a contractual obligation bearing 67 the full faith and credit of the City. 68 Adopted by the Council of the City of Virginia Beach, 69 Virginia, on this day of , 2003. 3 70 Adoption requires an affirmative vote of a majority of 71 all members of the City Council. CA-8826 arppurchase/sattler/sattlerord.wpd R-1 April 7, 2003 APPROVED AS TO CONTENT: Agricul APPROVED AS TO LEGAL SUFFICIENCY: /J I / lw� /r/ // La epartment APPROVED AS TO AVAILABILITY OF FUNDS: grvf4uou o', rl� ",. Finance Department 14 AGRICULTURAL RESERVE PROGRAM INSTALLMENT PURCHASE AGREEMENT NO.2003-56 SUMMARY OF MATERIAL TERMS SELLER: Sharon J. Sattler PROPERTY LOCATION: 2794 West Gibbs Road PURCHASE PRICE: $106,056 EASEMENT AREA: 29.46 acres more or less DEVELOPMENT POTENTIAL: 3 single-family dwelling sites (3 acquired) DURATION: Perpetual INTEREST RATE: Equal to yield on U S. Treasury STRIPS acquired by City to fund purchase price, but not less than 4.00% (actual rate to be determined when STRIPS are purchased prior to execution of IPA). Rate may not exceed 6.00% without approval of City Council. TERMS: Interest only twice per year for 25 years, with payment of principal due 25 years from IPA date RESTRICTIONS ON TRANSFER: IPA ownership may not be transferred (except for Estate Settlement Transfer) for one (1) year following execution and delivery of IPA. 1z, % CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: An Ordinance Authorizing the Acquisition of an Agricultural Land Preservation Easement and the Issuance by the City of its Contract Obligations in the Maximum Amount of $45,321 (Property of Craig C. and Susan L. Creamer) MEETING DATE: May 6, 2003 ■ Background: In May, 1995, the Agricultural Lands Preservation Ordinance (the "Ordinance") was adopted by the City Council for the purpose of promoting and encouraging the preservation of farmland in the rural southern portion of the City. Under the Agricultural Reserve Program established by the Ordinance, the City purchases the development rights of eligible parcels of land, leaving the fee simple ownership of the land unchanged. These purchases are embodied by perpetual agricultural land preservation easements pursuant to which only agricultural uses, as defined in the Ordinance, are allowed on the land. The subject property has been appraised by an independent appraiser retained by the City. The appraiser has determined the fair market value of the property, based upon eighteen (18) comparable sales. From the fair market value, the value of the development rights has been determined by subtracting $900 per acre, which has previously been established as the farm value (i.e., value of the land restricted to agricultural uses) for land throughout the southern rural area of the City. The resulting amount is the value of the development rights of the property. All offers by the City to purchase the development rights to property are expressly made contingent upon the absence of any title defects or other conditions which, in the opinion of the City Attorney, may adversely affect the City's interests, and other standard contingencies. ■ Considerations: The subject property consists of one (1) parcel of land having approximately 25.18 acres outside of marshland or swampland. It is owned by Craig C. and Susan L. Creamer. Under current development regulations, there is a total development potential of two (2) single-family dwelling building sites, one (1) of which would be reserved for future development. Thus, the preservation easement acquired by the City would cover approximately 22.18 acres. The site, which is shown on the attached Location Map, is located on Crags Causeway, in the District of Princess Anne. The proposed purchase price, as stated in the ordinance, is $45,321. This price is the equivalent of approximately $2,043 per acre of easement acquired. The terms of the proposed acquisition are that the City would pay interest only for a period of 25 years, with the principal amount being due and payable 25 years from the date of closing. The interest rate to be paid by the City will be the greater of 4.00% per annum or the per annum rate which is equal to the yield on U.S. Treasury STRIPS purchased by the City to fund its principal obligation under the Installment Purchase Agreement, not to exceed 6.00% without the further approval of the City Council. The proposed terms and conditions of the purchase of the Development Rights pursuantto the Installment Purchase Agreement, including the purchase price and manner of payment, are fair and reasonable and in furtherance of the purposes of the Ordinance. ■ Public Information: The ordinance has been advertised by publication in a newspaper having general circulation in the City once per week for two successive weeks. ■ Alternatives: The City Council may decline to purchase the development rights to the property. ■ Recommendations: Adoption of the ordinance and acquisition of the development rights, assuming all contingencies are met. ■ Attachments: Summary of Material Terms of Installment Purchase Agreement (full Agreement is on file in the City Attorney's Office) Recommended Action: Adoption Submitting Department/Agency: Department of Agriculture City Manager: iTa 1 AN ORDINANCE AUTHORIZING THE ACQUISITION OF AN 2 AGRICULTURAL LAND PRESERVATION EASEMENT AND THE 3 ISSUANCE BY THE CITY OF ITS CONTRACT OBLIGATIONS IN 4 THE MAXIMUM PRINCIPAL AMOUNT OF $45,321 5 WHEREAS, pursuant to the Agricultural Lands Preservation 6 Ordinance (the "Ordinance"), Appendix J of the Code of the 7 City of Virginia Beach, there has been presented to the City 8 Council a request for approval of an Installment Purchase 9 Agreement (the form and standard provisions of which have been 10 previously approved by the City Council, a summary of the 11 material terms of which is hereto attached, and a true copy 12 of which is on file in the City Attorney's Office) for the 13 acquisition of the Development Rights (as defined in the 14 Installment Purchase Agreement) on certain property located in 15 the City and more fully described in Exhibit B of the 16 Installment Purchase Agreement for a purchase price of 17 $45,321; and 18 WHEREAS, the aforesaid Development Rights shall be 19 acquired through the acquisition of a perpetual agricultural 20 land preservation easement, as defined in, and in compliance 21 with, the requirements of the Ordinance; and 22 WHEREAS, the City Council has reviewed the proposed terms 23 and conditions of the purchase as evidenced by the Installment 24 Purchase Agreement; 25 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE 26 CITY OF VIRGINIA BEACH, VIRGINIA: 27 1. The City Council hereby determines and finds that 28 the proposed terms and conditions of the purchase of the 29 Development Rights pursuant to the Installment Purchase 30 Agreement, including the purchase price and manner of payment, 31 are fair and reasonable and in furtherance of the purposes of 32 the Ordinance, and the City Manager or his designee is hereby 33 authorized to approve, upon or before the execution and 34 delivery of the Installment Purchase Agreement, the rate of 35 interest to accrue on the unpaid principal balance of the 36 purchase price set forth hereinabove as the greater of 4.00% 37 per annum or the per annum rate which is equal to the yield on 38 United States Treasury STRIPS purchased by the City to fund 39 such unpaid principal balance; provided, however, that such 40 rate of interest shall not exceed 6. 00 o unless the approval of 41 the City Council by resolution duly adopted is first obtained. 42 2. The City Council hereby further determines that 43 funding is available for the acquisition of the Development 44 Rights pursuant to the Installment Purchase Agreement on the 45 terms and conditions set forth therein. 46 3. The City Council hereby expressly approves the 47 Installment Purchase Agreement and, subject to the 48 determination of the City Attorney that there are no defects 2 49 in title to the property or other restrictions or encumbrances 50 thereon which may, in the opinion of the City Attorney, 51 adversely affect the City's interests, authorizes the City 52 Manager or his designee to execute and deliver the Installment 53 Purchase Agreement in substantially the same form and 54 substance as approved hereby with such minor modifications, 55 insertions, completions or omissions which do not materially 56 alter the purchase price or manner of payment, as the City 57 Manager or his designee shall approve. The City Council 58 further directs the City Clerk to affix the seal of the City 59 to, and attest same on, the Installment Purchase Agreement. 60 The City Council expressly authorizes the incurrence of the 61 indebtedness represented by the issuance and delivery of the 62 Installment Purchase Agreement. 63 4. The City Council hereby elects to issue the 64 indebtedness under the Charter of the City rather than 65 pursuant to the Public Finance Act of 1991 and hereby 66 constitutes the indebtedness a contractual obligation bearing 67 the full faith and credit of the City. 68 Adopted by the Council of the City of Virginia Beach, 69 Virginia, on this day of , 2003. 3 70 Adoption requires an affirmative vote of a majority of 71 all members of the City Council. CA-8825 arppurchase/creamer/creamerord.wpd R-1 April 7, 2003 APPROVED AS TO CONTENT: APPROVED AS TO LEGAL SUFFICIENCY: l A Law Department APPROVED AS TO AVAILABILITY OF FUNDS: Finance Department D] AGRICULTURAL RESERVE PROGRAM INSTALLMENT PURCHASE AGREEMENT NO.2003-55 SUMMARY OF MATERIAL TERMS SELLER: Craig C. and Susan L. Creamer PROPERTY LOCATION: 6421 Crags Causeway PURCHASE PRICE: $45,321 EASEMENT AREA: 22.18 acres more or less DEVELOPMENT POTENTIAL: 2 single-family dwelling sites (1 acquired, 1 reserved for future development) DURATION: Perpetual INTEREST RATE: Equal to yield on U.S. Treasury STRIPS acquired by City to fund purchase price, but not less than 4.00% (actual rate to be determined when STRIPS are purchased prior to execution of IPA). Rate may not exceed 6.00% without approval of City Council TERMS: Interest only twice per year for 25 years, with payment of principal due 25 years from IPA date RESTRICTIONS ON TRANSFER: IPA ownership may not be transferred (except for Estate Settlement Transfer) for one (1) year following execution and delivery of IPA. A N CD CD N C) Cn V A CO 1N �, CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: Norfolk Foundation Grant to Purchase Two Online Grant Databases MEETING DATE: May 6, 2003 ■ Background: Non-profit organizations frequently rely on the public library to provide information on available grants The largest local source of grant information is located at the Hampton Public Library, which as a Cooperating Library of the Foundation Center receives many materials free of charge The Virginia Beach Public Library has applied twice to be a Cooperating Library but was not accepted because the City's facilities were within fifty miles of Hampton All the public libraries in Southside Hampton Roads include some grant materials in their collections, but none have had funds for online grant databases which provide up-to- date, easily accessible information on available grants and grant making organizations In the fall of 2002, the Virginia Beach Public Library applied to The Norfolk Foundation for a regional grant of $9,180 to provide expanded grant information to individuals and organizations in Southside Hampton Roads The Norfolk Foundation grant will pay for a one-year subscription to two online grant databases "Grant Select" and the "Foundation Directory Online" for Virginia Beach and three other Hampton Roads libraries - Chesapeake, Norfolk and Portsmouth. ■ Considerations: If usage of the two grant databases warrant further application, we will apply to the Norfolk Foundation to continue funding for another year No matching funds are required by the City. ■ Public Information: Public information will be handled through the normal Council Agenda notification process ■ Alternatives: No alternative funding is available ■ Recommendations: It is recommended that the grant of $9,180 be approved for the purchase of online grant databases ■ Attachments: Ordinance and Grant Agreement Recommended Action: Approve Ordinance Submitting Department/Agency: Department of Public Libraries City Manager. Noncode/Libranes Grant oc 1 2 3 4 5 6 7 8 9 10 11 12 13 14 AN ORDINANCE TO ACCEPT AND APPROPRIATE $9,180 FROM THE NORFOLK FOUNDATION TO THE FY 2002-03 OPERATING BUDGET OF THE DEPARTMENT OF PUBLIC LIBRARIES TO PROVIDE ACCESS TO ONLINE GRANT DATABASES BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, Virginia: That $9, 180 is hereby accepted from the Norfolk Foundation and appropriated to the FY 2002-03 Operating Budget of the Department of Public Libraries for the purpose of providing expanded grant information to individuals and organizations in Southside Hampton Roads, with revenue increased accordingly. Adopted by the Council of the City of Virginia Beach, Virginia 15 on the day of , 2003. CA-8858 Ordin/Noncode/Libraries Grant.ord.wpd April 24, 2003 R1 Approved as to Content: Management Services Approved as to Legal Sufficiency: Z' L4eeu Law Department The NORFOLK f �® FOUNDATION GRANT AGREEMENT The grant to your organization from The Norfolk Foundation is for the explicit purposes(s) described below and is subject to your acceptance of the following conditions. To acknowledge this agreement and to accept the grant, PLEASE SIGN AND RETURN THE ORIGINAL AGREEMENT TO THE NORFOLK FOUNDATION. Grantee: Grant No. Virginia Beach Public Library 79 It. 13 Program or Project Title: Grant Period Begins: Amount of Grant: $9, 180 To provide access to the Foundation Center and GrantSelect databases 01 /01 /2003 Payment Schedule: December 2003 Special Conditions of the Grant: None Interim Report Due: None Final Report Due: 12/01 /2003 Special Provisions: None Ends: 12/31 /2003 All grants are made in accordance with current and applicable laws and pursuant to the Internal Revenue Code, as amended, and the regulations issued hereunder Please read the following carefully: I. Announcing Grants The grantee agency is strongly encouraged to make public announcements about the project. The grantee is requested to acknowledge The Norfolk Foundation as grantmaker in all media communications, public announcements or printed materials concerning the project IVA Copies of such communications and announcements, and of published references to the grant, should be sent to The Norfolk Foundation for its records. In addition, grants approved by The Norfolk Foundation's Board of Directors are reported to the community through The Norfolk Foundation's newsletter, annual report and periodic listing of grants The Norfolk Foundation also issues press releases describing individual projects or programs. II. Expenditure of Funds This grant is to be used only for the purpose described above and in accordance with the approved budget The program is subject to modification only with The Norfolk Foundation's prior writter. approval A. The grantee shall return to The Norfolk Foundation any unexpended funds and any unpaid grant funds will be rescinded: 1) At the end of the grant period, or 2) if The Norfolk Foundation determines that the grantee has not performed in accordance with this agreement and approved program/budget, or 3) if---• - exempl! --�l� • • Iv • i •� --�. B. No funds provided by The Norfolk Foundation may be used for any political campaign, or to support attempts to influence legislation by any governmental body, other than through making available the results of nonpartisan analysis, study and research. C. Unless specifically authorized by The Norfolk Foundation, expenses charged against this grant may not be incurred prior to the effective date of the grant or subsequent to the termination date and may be4ncurred only as necessary to carry out the purposes and activities of the approved program. D. The grantee organization is responsible for the expenditure of funds and for maintaining adequate supporting records consistent with generally accepted accounting practices. -3- 111. Reports to The Norfolk Foundation Grantee organizations are expected to report to The Norfolk Foundation on the progress of their program or project according to the schedule described in this grant agreement. The final report must summarize the achievements of and lessons learned from the project and provide a financial accounting for the expenditure of grant funds. Reports will be considered late if received after the dates specified on page one of the Agreement. The timeliness and quality of both the narrative and financial sections of progress reports will be factors in evaluating the grantee for future funding. IV. Limit of Cormrit:�ent Unless otherwise stipulated in writing, this grant is made with the understanding that The Norfolk Foundation has no obligation to provide other or additional support to the grantee. The Norfolk Foundation: ,Z ,-2� Ve ica D. Light nt Date DATE APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY'S OFkICE., CITY OF VIRGINIA BEACH G \Correspondence\Dec2002Agr doc Grantee: 'O' Authorized Signature Dmvcd C. '4c-111:11041-1 clle e ��•�►�� e'er, r e Print Name and Title Z.-- l 3 - z©o 3 Date , ', J ►L n'f��,/~ CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: An Ordinance to Accept and Appropriate a Grant in the Amount of $50,000 from the National Fish and Wildlife Foundation and to Transfer $33,000 as a Grant Match from the FY 2002-2003 Reserve for Contingency for Grant Matching. MEETING DATE: May 6, 2003 ■ Background: The City has received a grant award from the U.S. Environmental Protection Agency administered through the National Fish and Wildlife Foundation for the purpose of supporting the development of a Lynnhaven River Watershed Management Plan in July of 2001. Since that time, the City has been negotiating with the grantor concerning specific contractual and scope of work provisions which have necessitated the delay in placing this matter on the City Council agenda for consideration. These issues have been resolved. The work for developing a Lynnhaven River Watershed Management Plan will be accomplished in part through the continuation of funding for a full time temporary Planning Technician I The Technician will support the Planning Department's Environmental Management Center duties related to development of a Watershed Management Plan for the Lynnhaven River watershed with a focus on increasing public awareness about water quality problems in the Lynnhaven River watershed, restoring habitat in the watershed, and reducing nonpoint source pollution in the watershed These goals will be carried out through extensive public participation and information, demonstration projects and events, and education programs for both public and private groups These activities will help support Council's emphasis on the Lynnhaven River watershed as an issue of high concern. ■ Considerations: The National Fish and Wildlife Foundation has provided a $50,000 federal grant which requires a $33,000 cash match These funds have been provided through an agreement with the Environmental Protection Agency's Chesapeake Bay Program and are made possible by Section 104 of the Clean Water Act. They will continue the Planning Technician I position through June 30, 2004, with potential for future extension to the position only as long as there are further grant funds and local matching funds available for its support. The position will be housed within the Planning Department's Environmental Management Center and will assist in accomplishing the City's Lynnhaven River watershed restoration and management work. ■ Public Information: Public Information will be handled through the normal agenda process. ■ Alternatives: The City could chose to not accept the Grant and not appropriate the match. This could mean that the Planning Technician I position would not be continued through June 30, 2004. The position would be eliminated from the Planning Department's Environmental Management Center and would no longer be available to assist in accomplishing the City's Lynnhaven River watershed restoration and management work. ■ Recommendations: Approval of Attached Ordinance. ■ Attachments: Ordinance Recommended Action: Approval of Attached Ordinance Submitting Department/Agency: Planning, Robert J. Scott, Director. City Manager. �. EPAGrant.arf.doc — Microsoft Word 1 AN ORDINANCE TO ACCEPT AND APPROPRIATE 2 A GRANT IN THE AMOUNT OF $50,000 FROM 3 THE NATIONAL FISH AND WILDLIFE 4 FOUNDATION AND TO TRANSFER $ 3 3, 0 0 0 AS A 5 GRANT MATCH FROM THE FISCAL YEAR 2002- E 2003 RESERVE FOR CONTINGENCY FOR GRANT 7 MATCHING. 8 8 WHEREAS, the National Fish and Wildlife Foundation has 9 provided a $50,000 grant for the purpose of supporting the 10 development of a Lynnhaven River Watershed Management Plan, and 11 this grant requires a cash match of $33,000. 12 NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF 13 THE CITY OF VIRGINIA BEACH, VIRGINIA: 14 15 1. That a $50,000 grant is hereby accepted from 16 the National Fish and Wildlife Foundation and appropriated 17 to the Department of Planning's FY 2002-03 Operating Budget 18 for Lynnhaven River Watershed Management Plan work, with 19 estimated federal revenue hereby increased by $50,000. 20 2. That $33,000 is hereby transferred from the 21 FY 2002-2003 Reserve for Contingencies for Grant Matching 22 to the Department of Planning's FY 2002-03 Operating Budget 23 for Lynnhaven River Watershed Management Plan work. 24 3. That a full time temporary Planning 25 Technician I position is hereby continued within the 26 Department of Planning using the funded provided herein to 27 fulfill the work of this grant. 29 30 Adopted by the Council of the City of Virginia 31 Beach, Virginia, on the day of , 2003. CA-8853 Noncode/Word/EPAGrant.ord.doc April 22, 2003 R3 APPROVED AS TO CONTENT: W i Management Services APROVED AS TO LEGAL SUFFICIENCY: City Attorney rOj�,�y' �""d►� '� 7 ' +Gi► � J v ram' CITY OF VIRGINIA BEACH AGENDA ITEM ITEM: An Ordinance to Appropriate $8,000 in the Oyster Heritage Trust Fund for Developing Educational and Informational Materials Related to Restoration of Oysters in the Lynnhaven River Watershed. MEETING DATE: May 6, 2003 ■ Background: The City of Virginia Beach established the Lynnhaven Oyster Heritage Trust Fund in February, 2002 to receive payments from persons or groups interested in helping to promote restoration of oysters in the Lynnhaven River watershed. Funds from this account have been instrumental in accomplishing the creation of over 7 acres of oyster habitat in the Lynnhaven to date. Plans are being developed to continue this effort with the creation of additional oyster habitat for the summer 2003 time period. In conjunction with the direct restoration efforts undertaken and planned, the City desires to institute a partnership with other organizations promoting oyster restoration in the Lynnhaven, including the Chesapeake Bay Foundation and the Lynnhaven River 2007 citizens watershed organization. Accordingly, the requested funds will be used and matched with funds from these other organizations to promote environmental stewardship and oyster restoration for the Lynnhaven watershed through preparation and publication of educational and informational materials ■ Considerations: The Lynnhaven Oyster Heritage Trust Fund serves as a repository for interested parties to provide funds to be utilized solely for activities which support the restoration or enhancement of oyster habitat in the Lynnhaven Watershed, including oyster reefs, oyster beds, or similar related activities which are directly related to restoration or enhancement of oyster habitat in the Lynnhaven Watershed. The requested use of funds is an authorized use of funds from this trust fund. Collectively, efforts directed towards restoration of oysters in the Lynnhaven watershed are being targeted as part of an overall Oyster Heritage Plan being developed by the Planning Department, with assistance from a number of City, State, Federal and outside groups and agencies. ■ Public Information: The Planning Department has been actively promoting its efforts and those of partner organizations for restoration of oysters in the Lynnhaven watershed through various media. In addition, these efforts have been discussed at Public Meetings of the Shore Drive Advisory Committee, a special Lynnhaven Watershed Meeting conducted at the Central Library, and several workshop sessions of the Planing Commission in conjunction with the development of the Comprehensive Plan update. Comments generated from these meetings have been favorable and enthusiastic towards restoration of the Lynnhaven oyster. ■ Alternatives: Alternatives to this approach considered by staff included a No Action Alternative and a "Go It Alone" Alternative for development of educational and informational materials. Both of these alternatives were deemed ineffective at achieving the optimum desired benefits derived form a coordinated and cooperative approach involving important stakeholder groups in the watershed. ■ Recommendations: Approval of the Ordinance to transfer funds from the Lynnhaven Oyster Heritage Trust Fund to the Department of Planning. ■ Attachments: Ordinance Recommended Action: Approval of Attached Ordinance Submitting Department/Agency: Planning City Manager: �L Noncode/Word/Oyster Restoration.arf.doc I AN ORDINANCE TO APPROPRIATE $8,000 2 IN THE OYSTER HERITAGE TRUST FUND 3 TO THE DEPARTMENT OF PLANNING'S FY 4 2002-2003 OPERATING BUDGET FOR 5 DEVELOPING EDUCATIONAL AND 6 INFORMATION MATERIALS RELATED TO 7 RESTORATION OF OYSTERS IN THE 8 LYNNHAVEN RIVER WATERSHED. 9 10 11 WHEREAS, the City wishes to provide $8,000 from the 12 Oyster Heritage Trust Fund to support developing educational 13 and information materials related to restoration of oysters 14 in the Lynnhaven River watershed. 15 NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE 16 CITY OF VIRGINIA BEACH, VIRGINIA: 17 That $8, 000 is hereby appropriated from the Oyster 18 Heritage Trust Fund to the Department of Planning's FY 2002- 19 2003 Operating Budget for restoring oysters to the Lynnhaven 20 River watershed, with revenue increased accordingly. 21 Adopted by the Council 22 Beach, Virginia, on the 23 CA-8854 ordin/noncode/Oyster.ord.wpd April 21, 2003 R3 APPROVED AS TO CONTENT: Management Services of the City of Virginia day of , 2003. APPROVED AS TO LEGAL SUFFICIENCY: r1l Law Departme ��4G11.11A BEAc+� i lb S N Op OUR NPt�O CITY OF VIRGINIA BEACH AGENDA ITEM TO: The Honorable Mayor and Members of Council FROM: James K. Spore, City Manager ITEM: Acquisition of a new sanitary sewer pump station site for the replacement of the existing Timberlake-Foxwood pump station, PS # 529 MEETING DATE: May 6, 2003 Background: This project is needed to construct a new sanitary sewer pump station The existing pump station is thirty years old and has severe structural and mechanical deficiencies The Timberlake Community Association currently owns the new pump station site, and is willing to sell the property to the City, however, the association's by-laws require a 2/3 vote by their members Since it would be difficult to coordinate a vote for the 1,300 members of the association, both parties agree a "friendly' condemnation is the best way to proceed. Considerations: A new pump station needs to be constructed to ensure quality sanitary sewer service to the Timberlake residents. The existing site is too small and cannot support new construction while maintaining existing service Public Information: A public meeting for the pump station project was held during the Timberlake Community Association's monthly meeting on September 18, 2001 The presentation explained the purpose of the project, location, and schedule Residents' comments were solicited and have been incorporated into the design of the pump station. Alternatives: Instead of acquiring a new pump station site, an alternative would use the existing pump station site The existing pump station could be demolished and the new pump station could be built at that site This alternative is very complex and would add approximately $100,000 00 to the construction cost. It would also require the contractor to install a temporary by-pass system for six months to pump the sanitary sewer flows that would normally be pumped by the current pump station. Recommendations: Staff recommends the City Council approve the attached ordinance, which authorizes the City Manager to acquire by purchase or the City Attorney to acquire by condemnation, the new pump station site The existing site and its piping will be retained Both sites, existing and new, will be landscaped appropriately Funding for the pump station site acquisition will be from the following CIP project 6-066 Pump Station Modifications, Phase IV Attachments: Ordinance and plat for pump station site. Recommended Action: Approve ordinance. / Submitting D rt ent/A nc Public Utilities City Manager: AN ORDINANCE TO AUTHORIZE ACQUISITION OF PROPERTY IN FEE SIMPLE FOR A PUMP STATION SITE, EITHER BY AGREEMENT OR CONDEMNATION, FOR THE FOLLOWING SANITARY SEWER PROJECT 6-066 Pump Station Modifications — Phase IV WHEREAS, in the opinion of the Council of the City of Virginia Beach, Virginia, a public necessity exists for the construction of these important water and sanitary sewer projects to provide needed improvements to the City's water and sanitary sewer systems and for other public purposes including the preservation of the safety, health, comfort, and convenience, and for the general welfare of the people in the City of Virginia Beach: NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF VIRGINIA BEACH, VIRGINIA: Section 1. That the City Council authorizes the acquisition by purchase or condemnation pursuant to Sections 15.2-1901, et seq., Code of Virginia of 1950, as amended, of all that certain real property in fee simple, including temporary and permanent easements and right-of-way (collectively the "Property") as may be necessary to construct each project and as will be shown on the plans for each project, and as will be more specifically described on the acquisition plats for each project (collectively the "Plans"), and the Plans will be on file in the Engineering Division, Department of Public Utilities, City of Virginia Beach, Virginia. Such acquisition will be made only after compliance with Administrative Directive 3.14 for "Public Input for Public Infrastructure Projects Undertaken in the City." Section 2. That the City Manager is hereby authorized to make or cause to be made on behalf of the City of Virginia Beach, to the extent that funds are available, a reasonable offer t o t he o wners o r p ersons h aving a n i nterest in the Property. If refused, the City Attorney is hereby authorized to institute proceedings to condemn the Property. Adopted by the Council of the City of Virginia Beach, Virginia, on the day of .2003 Page 1 of 2 APPROVED AS TO CONTENTS 1 <' SIGNATURE DEPARTMENT APPROVED AS TO LEGAL SUFFICIENCY AND FORM -M )3-eA4� CITY A TOR. Y Page 2 of 2 K. APPOINTMENTS EASTERN VIRGINIA MEDICAL SCHOOL (EVMS) FRANCIS LAND HOUSE BOARD OF GOVERNORS PARKS AND RECREATION COMMISSION PLANNING COUNCIL VIRGINIA BEACH COMMUNITY DEVELOPMENT CORPORATION (VBCDC) YOUTH SERVICES COORDINATING COUNCIL