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PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY PUBLIC HEARING - MARCH 2, 1998 12:00 Noon - Commissioners' Conference Room To Consider the Issuance of Multifamily Housing Revenue Bonds (Lee Hall Limited Partnership), Series 1998 in the Aggregate Principal Amount not to Exceed $6,050,000.00 Chairman Hardee opened the Public Hearing on March 12, 1998 at 12:00 p.m., which was held after due public notice and pursuant to said Notice duly published in the Virginian-Pilot, in the Commissioners' Conference Room at the offices of the Portsmouth Redevelopment and Housing Authority in the New Kirn Building, Third Floor, 339 High Street, Portsmouth, Virginia regarding the proposed bonds to be issued to Lee Hall Limited Partnership and the execution of related documents. Those present were as follows: Mr. Ernest F. Hardee, Chairman Mr. Lee E. King, Vice Chairman Mr. Fred P. Fletcher, Commissioner Ms. Dorita G. Epps, Commissioner Mr. R. Scott Morgan, Commissioner Mr. Danny E. Cruce, Executive Director Mr. Harry. L. Short, Dir. of Operations for Administration & Housing Mr. Gordon E. Wheatley, Dir. of Operations for Development Mr. Daniel A. Swanson, Dir. of Budget & Procurement Operations Mr. Paul F. Jones, Dir. of Finance Mr. Benjamin B. Adderholdt, Dir. of Maintenance and Modernization Mr. Wilbur Dove, Partner with Lee Hall Limited Partnership Mr. Hyman Cohen, Partner with Lee Hall Limited Partnership Mr. Michacl Hamar, Attorney, Tavss, Fletcher, Earley & King, PC for Lee Hall Limited Partnership Mr. Ralph W. Buxton, Legal Counsel for PRHA, Cooper, Spong & Davis, PC Mrs. D. Katherine Lobacz, Executive Secretary Chairman Hardee announced the opening of the public hearing regarding the issuance of bonds for the Lee Hall Limited Partnership and called on Mr. Ralph Buxton who stated that the public hearing would be followed by a resolution of the Authority recommending to City Council that they approve the issuance of the Bonds by the Authority. He explained that the Authority is not obligated, but in order for the Bonds to be actually issued, Mr. Hamar would have to come back for a resolution to issue the Bonds. The purpose of the hearing today is to hear comments from the public regarding the issuance of the Bond and regarding extending the inducement period for the Bonds to March 2, 1999. Mr. Buxton introduced Mr. Michael Hamar who represents Lee Hall Partnership as their Bond Counsel and is from the firm. of Tavss, Fletcher, Earley & King, PC. Mr. Hamar explained that he had brought an Inducement Resolution to the Board in July 1996 and presented another resolution in December of 1997 to extend the expiration date of the Bond obligation to February 11, 1998, both resolutions being adopted by the Commissioners; however the State bond allocation was received after the February 11, 1998 expiration date. He stated that he wanted to confirm that the bond allocation had been received and that the Bonds must be issued by May 20, 1998 and that today's resolution would extend the expiration date to March 2, 1999. He explained that once the matter has gone to City Council, a final resolution for issuance of the Bonds will be needed by the