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WHEREAS, on July 6, 1998, the Authority considered and adopted a resolution 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-
<br />described Housing Project in the City of Portsmouth, Virginia, which Inducement Resolution
<br />was ratified and confirmed by subsequent resolutions adopted by the Authority on November 2,
<br />1998, December 20, 1999, and March 6, 2000, copies of which are attached hereto as Exhibit B,
<br />and the Inducement Resolution, as so ratified and confirmed continues to be in force and effect;
<br />and
<br />
<br />WHEREAS, through counsel, Merrifield has advised the Authority that it will be necessary to
<br />modify the plan of financing for the Housing Project, and has applied to the Authority requesting
<br />that (1) the identity of Merrifield be modified, replaced and amended to name Merrifields
<br />Apartments, L.P., a Virginia limited partnemhip (the "Developer"), in the place and stead of
<br />Merrifield and that the maximum amount of the Bonds to be issued by the Authority be
<br />modified and amended to $2,800,000 instead of the sum set forth in the Inducement Resolution
<br />as heretofore ratified and confn-med; and
<br />
<br />WHEREAS, the Developer has applied to the Authority requesting that the Inducement
<br />Resolution, as previously ratified and confirmed, be amended and confirmed by the Authority to
<br />(i) name Merrifields Apartments, L.P., as the Developer and (ii) modify the amount of the Bonds
<br />to $2,800,000, after a new public hearing in accordance with Section 15.1-4906 of the Virginia
<br />Code, notice of said hearing having been published on Sunday, February 4, 2001, and Sunday,
<br />February 13, 2001, in The Virginian-Pilot, a newspaper having a general circulation in the City
<br />of Portsmouth, Virginia; and
<br />
<br />WHEREAS, the Authority has conducted a hearing on February 20, 2001, on the Developer's
<br />request to amend and confirm the Inducement Resolution, as previously confirmed, and
<br />Authority believes that the requested modifications and amendments to the Inducement
<br />Resolution should be approved and granted.
<br />
<br />NOW. THEREFORE. BE IT RESOLVED THAT:
<br />
<br />1. The Inducement Resolution is hereby amended to (i) change all references in the Inducement
<br />Resolution to the owner and Developer from Merrifield Estates, Inc. to Merrifields Apartments,
<br />L. P., a Virginia limited partnership, having an address of' 3403-C County Street, Portsmouth,
<br />Virginia 23707 in each and every instance, and (ii) to change all references in the Inducement
<br />Resolution to the amount of the Bonds from an amount not to exceed $3,500,000 to an amount
<br />not m exceed $2,800.000 in each and every instance in connection with the acquisition and
<br />rehabilitation of the Housing Pro. iect which will provide housing for persons of-low or moderate
<br />incomc within the meaning of Section 142(d) of the Internal Revenue Code of 1986, .as
<br />amended, and thereby promote public purposes for which the Authority was established.
<br />
<br />2. It having been represented to the Authority that it is necessary to proceed with thc acquisition,
<br />construction and equipping or the Housing Project. the Authority hereby agrees that
<br />
<br />
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