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Exhibit 5
<br />
<br /> RESOLUTION NO. 4449
<br />
<br />RESOLUTION TO AMEND AND RATIFY RESOLUTION NO. 4016 ADOPTED ON JUNE
<br />6, 1998, AS PREVIOUSLY RATIFIED, WHICH WAS A RESOLUTION TO INDUCE
<br />MERRIFIELD ESTATES, INC. TO ACQUIRE AND REHABILITATE FOR MULTIFAMILY
<br />RENTAL HOUSING FOR PERSONS OF LOW AND MODERATE INCOME, THE 64 UNIT
<br />APARTMENT PROJECT LOCATED AT 4200 QUEENSWOOD DRIVE, IN THE CITY OF
<br />PORTSMOUTH, VIRGINIA, TO SUBSTITUTE MERRIFIELDS APARTMENTS, L.P., A
<br />VIRGINIA LIMITED PARTNERSHIP, AS DEVELOPER AND TO AMEND MAXIMUM
<br />AMOUNT OF BONDS TO $2,800,000
<br />
<br />WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority"), in
<br />connection with other public and private efforts, is vitally concerned with providing safe and
<br />sanitary housing for persons of lower income within the City of Portsmouth, Virginia; and
<br />
<br />WHEREAS, the provision of housing to persons of varied economic means in the same project
<br />area will assist in preventing the recurrence of slum conditions, blight and substandard living
<br />conditions and will assist in stabilizing the project areas; and
<br />
<br />WHEREAS, representatives of Merrifield Estates, Inc., a Virginia non-stock, non-profit
<br />corporation (hereinafter called the "Merrifield"), have heretofore held discussions with
<br />representatives of the Authority with respect to acquiring and rehabilitating for muttifamily rental
<br />housing for persons of low and moderate income, the 64 unit apartment project located at 4200
<br />Queenswood Drive in the City of Portsmouth (such acquisition and rehabilitation is collectively
<br />the "Housing Project"); and
<br />
<br />WHEREAS, in order to assist in the financing of the Housing Project, representatives of
<br />Merrifield requested that the Authority issue its multi-family rental housing revenue bonds in an
<br />amount not to exceed $3,500,000 (the "Bonds") to provide funding for the Loan, as hereinafter
<br />defined, for the acquisition and rehabilitation of the Housing Project; and
<br />
<br />WHEREAS, a public hearing was held before the Commissioners of the Authority on July 6,
<br />1998, at t2:00 p.m., to consider the issuance by the Authority of the Bonds in an aggregate
<br />amount not to exceed $3,500,000 to provide funds for a loan from the Authority to Merrifield
<br />(the "Loan") to provide financing for the Housing Project; notice of said hearing having been
<br />published on Tuesday, June 2, 1998 and Tuesday, June 9, 1998, in The Virginian-Pilot, a
<br />newspaper having a general circulation in the City of Portsmouth, Virginia, in order to comply
<br />with the public approval provisions of Section 147(f) of the United States Internal Revenue Code
<br />of 1986, as amended (the "Internal Revenue Code"), and Section 15.2-4906 of the Code of
<br />Virginia. as amended (the "Virginia Code"), with respect to the proposed issuance by the
<br />Authority of its Bonds to provide funds for the Loan: and
<br />
<br />WHEREAS. on July 6. 1998. the Authority considered and adopted a resolulion of
<br />Intent/Inducement, a copy of which is attached hereto as Exhibit A ("Inducement Resolution")
<br />approving the Authority's issuance of the Bonds to induce Merrifield to undertake the above-
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