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1998 Resolutions
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1998 Resolutions
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2/17/2009 8:43:13 AM
Creation date
6/8/2001 5:00:33 PM
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Ord/Resolutions
Year
1998
Ord/Resolutions - Type
Resolutions
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R-98-12 <br /> <br />A RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL <br />HOUSING REVENUE BONDS FOR LEE HALL LIMITED PARTNERSHIP <br /> <br /> WHEREAS, on July 2, 1996, the Portsmouth Redevelopment and Housing <br />Authority (the "Authority") considered the application of Lee Hall Limited Partnership, a <br />Virginia limited partnership (the "Company"), for the issuance of the Authority's multi- <br />family rental housing revenue bonds in an amount not to exceed $6,050,000 (the <br />"Bonds") to assist the Company in acquiring and rehabilitating a 250 apartment unit <br />multi-family residential rental housing facility ("Project"), located at 957/B Suburban <br />Parkway, in the City of Portsmouth, Virginia, such facility to be owned and operated by <br />the Company, and the Authority adopted an inducement resolution ("Inducement <br />Resolution") for such facility; <br /> <br /> WHEREAS, on March 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 <br />required by Section 15.2-4906 of the Code of Virginia of 1950, as amended, and adopted <br />a resolution extending the Inducement Resolution through March 2, 1999. <br /> <br /> WHEREAS, Section 147(f) of the Intemal Revenue Code of 1986, as amended, <br />and Section 36-19.2 of the Code of Virginia of 1950, as amended, provides that the <br />highest elected governmental officials of the governmental units having jurisdiction over <br />the issuer of housing revenue bonds and over the area in which any facility financed with <br />the proceeds of housing revenue bonds is located shall approve the issuance of such <br />bonds; <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of the City of Portsmouth, <br />Virginia (the "City"), the Project is to be located in the City and the members of the City <br />Council of Portsmouth constitute the highest elected governmental officials of the City; <br /> <br /> WHEREAS, a copy of (i) the Authority's Inducement Resolution, approving the <br />issuance of the Bonds, subject to terms therein stated, adopted on July 2, 1996, (ii) a <br />reasonably detailed summary of the comments expressed at the public hearing with <br />respect to the Bonds on March 2, 1998, and (iii) a fiscal impact statement in the form <br />prescribed by Section 15.2-4907 of the Code of Virginia of 1950, as amended, have been <br />filed with the City Council, together with the Authority's recommendation that the City <br />Council approve the issuance of the Bonds and authorize the City Manager, if and to the <br />extent necessary in the opinion of the Authority's bond counsel, to submit an application <br />to the Virginia Small Business Financing Authority requesting an allocation of <br />$6,050,000 pursuant to Title 15.2, Chapter 49 of the Code of Virginia of 1950, as <br />amended, with respect to the issuance of the Bonds; and <br /> <br /> WHEREAS the City of Portsmouth desires that the rehabilitation of the subject <br />property be accomplished in such a way as to ensure continued protection of the public <br />interest, and the Developer is willing to make certain commitments to that end: <br /> <br /> <br />
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