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R-97-7 <br /> <br />RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL HOUSING <br />REVENUE BONDS FOR LEE HALL LIMITED PARTNERSHIP <br /> <br /> WHEREAS, on July 2, 1996, the Portsmouth Redevelopment and <br />Housing Authority (the "Authority") considered the application <br />of Lee Hall Limited Partnership, a Virginia limited partnership <br />(the "Company"), for the issuance of the Authority's <br />multi-family rental housing revenue bonds in an amount not to <br />exceed $6,050,000 (the "Bonds") to assist the Company in <br />acquiring and rehabilitating a 250 apartment unit multi-family <br />residential rental housing facility ("Project"), located at <br />957/B Suburban Parkway, in the City of Portsmouth, Virginia, <br />such facility to be owned and operated by the Company, and the <br />Authority adopted an inducement resolution ("Inducement <br />Resolution") for such facility; <br /> <br /> WHEREAS, on July 16, 1996, the Authority held a public <br />hearing on the Company's application to the Authority for the <br />issuance of the Bonds for the Project as required by Section <br />15.1-1378.1 of the Code of Virginia of 1950, as amended. <br /> <br /> WHEREAS, Section 147(f) of the Internal Revenue Code of <br />1986, as amended, and Section 36-19.2 of the Code of Virginia <br />of 1950, as amended, provides that the highest elected <br />governmental officials of the governmental units having <br />jurisdiction over the issuer of housing revenue bonds and over <br />the area in which any facility financed with the proceeds of <br />housing revenue bonds is located shall approve the issuance of <br />such bonds; <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of the <br />City of Portsmouth, Virginia (the "City"), the Project is to be <br />located in the City and the members of the City Council of <br />Portsmouth constitute the highest elected governmental <br />officials of the City; <br /> <br /> WHEREAS, a copy of (i) the Authority's Inducement <br />Resolution, approving the issuance of the Bonds, subject to <br />terms therein stated, adopted on July 2, 1996, (ii) a <br />reasonably detailed summary of the comments expressed at the <br />public hearing with respect to the Bonds on July 16, 1996, and <br />(iii) a fiscal impact statement in the form prescribed by <br />Section 15.1-1378.2 of the Code of .Virginia of 1950, as <br />amended, have been filed with the City Council, together with <br />the Authority's recommendation that the City Council approve <br />the issuance of the Bonds and authorize the City Manager, if <br />and to the extent necessary in the opinion of the Authority's <br />bond counsel, to submit an application to the Virginia Small <br /> <br /> <br />