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R-01-29 A RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL HOUSING REVENUE BONDS NOT TO EXCEED $2,800,000 FOR MERRIFIELDS APARTMENTS, L.P. WHEREAS, on February 20, 2001, the Portsmouth Redevelopment and Housing Authority (the "Authority") considered the application of Merrifields'Apartments, L.P., a Virginia limited partnership ("Applicant"), for the issuance of the Authority's multi-family rental housing revenue bonds in an amount not to exceed $2,800,000 (the "Bonds") to assist the said applicant in acquiring and rehabilitating a 64-apartment unit multi-family residential rental housing facility ("Project"), located at 4200 Queeuswood Drive, in the City of Portsmouth, Virginia, such facility to be owned and operated by the Applicant, and the Authority adopted an inducement resolution ("Resolution") for such facility; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended, and Sections 15.2-4906 and 36-t9.2 of the Code of Virginia (1950), as amended, provide that the highest elected governmental officials of the governmental units having jurisdiction over the issuer of housing revenue bonds and over the area in which any facility financed with the proceeds of housing revenue bonds is located shall approve the issuance of such bonds; and WHEREAS, the Project is to be located in the City of Portsmouth, Virginia (the "City"), and the members of the Council of the City of Portsmouth constitute the highest elected governmental officials of the City; and WHEREAS, a copy of (i) the Authority's Resolution, approving the issuance of the Bonds, subject to terms to be agreed upon, adopted on February 20, 2001, which amended and ratified previous resolutions of the Authority (Resolution 4073 adopted on November 2, t998i and Resolution 4270 adopted on March 6, 2000), (ii) a reasonably detailed summary of the comments expressed at the public hearings with respect to the Bonds on February 20, 2001, and (iii) a fiscal impact statement in the form prescribed by Section 15.2-4907 of the Code of Virginia (1950), as amended, have been filed with the City Council, together with the Authority's recommendation that the City Council approve the issuance of the Bonds and authorize the City Manager, if and to the extent necessary in the opinion of bond counsel, to submit an application to the Virginia Small Business Financing Authority requesting an allocation of $2,800,000.00