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RESOLUTION No. 3956 EXTENDED INDUCEMENT RESOLUTION REGARDING THE ISSUANCE OF BONDS TO LEE HALL LIMITED PARTNERSHIP WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority"), in connection with other public and private efforts, is vitally concerned with providing safe and sanitary housing for persons of lower income within the City of Portsmouth, Virginia; and WHEREAS, in the City of Portsmouth, there is a serious shortage of sanitary and safe residential housing affordable by those with low to moderate incomes; and WHEREAS, this shortage will continue to foster substandard living conditions inimical to the health, welfare and prosperity of residents of the City of Portsmouth, Virginia; and WHEREAS, the private enterprise has been unable without assistance to plan, acquire, develop, construct, repair, rehabilitate or maintain adequate Iow cost housing or provide sufficient long term mortgage financing for these projects; and WHEREAS, the provision of housing to persons of varied economic means in the same project area will assist in preventing the recurrence of slum conditions, blight and substandard living conditions and will assist in stabilizing the project areas; and WHEREAS, the availability to private developers of below-market interest rate loans is necessary to promote and assist the planning, acquisition, development, construction, rehabilitation, repair and/or maintenance of such housing projects; and WHEREAS, representatives of Lee Hall Limited Partnership, a Virginia limited partnership (hereinafter called the "Developer"), have heretofore held discussions with representatives of the Authority with respect to acquiring and rehabilitating for multifamily rental housing for persons of low and moderate income, the 250 unit apartment project located at 957/B Suburban Parkway, in the City of Portsmouth (such acquisition and rehabilitation is collectively the "Housing Project"); and 'WHEREAS, on July 2, 1996, the Authority considered and adopted a resolution of Intent/Inducement, a copy of which is attached hereto as Annex A ("Inducement Resolution") approving the Authority's issuance of the Bonds, as hereinafter defined, in an aggregate amount not to exceed $6,050,000 to provide funds for a loan from the Authority to the Developer ("the "Loan") to provide financing for the Housing Project and to induce the Developer to undertake the above- described Housing Project in the City of Portsmouth, Virginia; and WHEREAS, on December I5, 1997, this Board considered and approved, by adopting Resolution No. 3924, the Developer's request to extend the period of effectiveness of the Inducement 1