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R-98-53
<br />
<br />RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL HOUSING
<br />REVENUE BONDS FOR MERRIFIELD ESTATES, INC.
<br />
<br /> WHEREAS, on July 6, 1998, the Portsmouth Redevelopment and Housing Authority
<br />(the "Authority") considered the application of Merrifield Estates, Inc., a Virginia non-stock,
<br />non-profit corporation (the "Company"), for the issuance of the Authority's multi-family rental
<br />housing revenue bonds in an amount not to exceed $3,500,000 (the "Bonds") to assist the
<br />Company in acquiring and rehabilitating a 64 apartment unit multi-family residential rental
<br />housing facility ("Project"), located at 4200 Queenswood Drive, in the City of Portsmouth,
<br />Virginia, such facility to be owned and operated by the Company, and the Authority adopted an
<br />inducement resolution ("Inducement Resolution") for such facility;
<br />
<br /> WHEREAS, on November 2, 1998, the Authority held a public hearing on the
<br />Company's application to the Authority for the issuance of the Bonds for the Project as required
<br />by Section 15.2-4906 of the Code of Virginia of 1950, as amended, and adopted Resolution No.
<br />4073, ratifying and confirming the Inducement Resolution;
<br />
<br /> WHEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended, and
<br />Sections 15.2-4906 and 36-19.2 of the Virginia Code of 1950, as amended, provide that the
<br />highest elected governmental officials of the governmental units having jurisdiction over the
<br />issuer of housing revenue bonds and over the area in which any facility financed with the
<br />proceeds of housing revenue bonds is located shall approve the issuance of such bonds;
<br />
<br /> WHEREAS, the Project is to be located in the City of Portsmouth, Virginia (the "City"),
<br />and the members of the City Council of Portsmouth constitute the highest elected governmental
<br />officials of the City; and
<br />
<br /> WHEREAS, a copy of (i) the Authority's Inducement Resolution, approving the issuance
<br />of the Bonds, subject to terms to be agreed upon, adopted on July 6, 1998, as ratified and
<br />confirmed by Resolution 4073 adopted on November 2, 1998, (ii) a reasonably detailed
<br />summary of the comments expressed at the public hearing with respect to the Bonds on June 15,
<br />1998, and (iii) a fiscal impact statement in the form prescribed by Section 15.2-4907 of the Code
<br />of Virginia of 1950, as amended, have been filed with the City Council, together with the
<br />Authority's recommendation that the City Council approve the issuance of the Bonds and
<br />authorize the City Manager, if and to the extent necessary in the opinion of bond counsel, to
<br />submit an application to the Virginia Small Business Financing Authority requesting an
<br />allocation of $3,500,000.00 pursuant to Title 15.2, Chapter 50 of the Code of Virginia of 1950,
<br />as amended with respect to the issuance of the Bonds.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth,
<br />Virginia, that:
<br />
<br />, I. The recitals made in the preambles to this Resolution are hereby adopted as a part
<br /> of this Resolution.
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