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Portsmouth City Council Aqenda Item Title: Lee Hall Industrial Revenue Bonds Item Number: 97-4Z Date of Adoption: February 11, 1997 Action: Resolution ___________________________ City Manager Recommendation: Adoption of a resolution authorizing the Portsmouth Redevelopment and Housing Authority to issue Industrial, Revenue Bonds in order for the owners of Lee Hail Apartments to refund PRHA's 1984 bond issue and to make capital improvements. Purpose and Need: Lee Hall Limited Partnership has requested the Portsmouth Redevelopment and Houslng Authority to issue $6,050,O00 in Muiti-FamJ-ly Rental Housing Revenue Bonds for the refunding of PRHA's 1984 bond issue and renovation of Lee Hall Apartments. The proceeds of the bonds would be usedt[o assist in financing the acquisition and rehabilitation of the 250 unit complex located at 957B Suburban Parkway. At least 40% of the housing units would be occupied by tenants earning no more than 60% of the reglon's median income. The expectation is that 100% of the units would be rented to qualifying tenants. PRHA has held a publlc hearing on thls matter and has adopted an inducement resolution whlch provides that, subject to final approval by the City Council, expenses incurred after the date of PRHA's resolution would be reimbursable from the bond proceeds. The developers will also request a federal Iow income housing tax credit allocation from the Vlrginia Houslng Development Authority for the renovation. The owners commit to use the proceeds of the bond issue and the tax credlts to make a re-investment in each of the 250 apartment units of approximately $14,470 per unit, for a total modernization investment of $3,617,500. The owners have committed to an extensive landscape treatment of the site.