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A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY RENTAL HOUSING REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA IN AN AMOUNT NOT TO EXCEED TEN MILLION ($i0,000,000~ DOLLARS FOR HAMPTON ROADS INVESTMENT PROPERTIES TO ASSIST ~IN TEE AC- QUISITION, RENOVATION AND EQUIPPING OF TWO EXISTING MULTI- FAMILY RENTAL HOUSING pROJECTS KNOWN AS LEE-FJ~LL APARTMENTS AND NORPORT APARTMENTS. WHEREAS, the Portsmouth Redevelopment and-Ho~sing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of revenue bonds in accordance with the provisions of ~103 (k) of the Internal Revenue Code of 1954, as amended, and §15.1-1378.1 of the Code of Virginia of 1950, as amended; and WHEREAS, the PRHA has considered the application of Hampton Roads InveStment Properties, a Virginia limited partner- ship, of which D. B. Frye, Jr. and ~. B. Frye Associates, Inc. are general partners, for the ies~e~.~- ~c~ it~=m'-~t~i- family rental housing revenue bonds pursuant to Chapterl, Titl~ 36 of the Code of Virginia, 1958, as amended, in a principal. amount not to exceed Ten Million ($10,000,000) Dollars to finance the cost of the acquisition, renovation, and equipping of two (2) existing multi-family rental housing projects containing an aggregate of five hundred (500) apartment units kno~n as Lee-Hall Apartments, located at 3-1/2 Suburban Circle, Ports- mouth, Virginia, and Norport Apartments, located at 9 Seminole Drive, Portsmouth, Virginia (all such improvements beinq collect- ively referred to as the "Facility"); and WHEREAS, Hampton Roads Investment Properties has described to PRHA the benefits which residential buildings will bring to the Commonwealth of Virginia and to the Cit~ of Portsmouth, Vir- ginia, which residential buildings will be rented or made avail- able to persons and families of low and moderate income and which will further the purposes of the PRHA and benefit the residents of the Commonwealtk and the City by assisting in the provisio~ of improved housing at rentals which persons and families of low and moderate income can afford; and WHEREAS, the PRHA has held a public hearing thereon in accordance with all applicable federal and state laws on Decen~ber 27, 1983, and has requested City Council to approve the issuance of said bonds; and WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds, subject to the terms and conditions contained therein, and the appropriate certifications and documentations required by the applicable federal and state laws have been provided to the City Council for its consideration.