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83 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVAT~UE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR BMI PORTSMOUTH ASSOCIATES IN AN A~4OUNT NOT TO EXCEED $1,000,000 FOR A 115 UNIT RENTAL HOUSING FACILITY AT 111-1/2 HOWARD STREET, PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Redev~Iopment and Housing 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 In- ternal Revenue Code of 1954, as amended, and ~15.1-!378.! of the Code of Virginia, 1950, as amended; and WHEREAS, the PRHA has considered the application of BMt Portsmouth Associates, a Virginia Gener~al Partnership, for the issuance by PRHA of Industrial Development Revenue Bonds pur- suant to Chapter 1, Title 36 of the Code of Virginia, 1950, as amended, in a principal amount not to exceed One Million Dollars ($1,000,000) to finance the cost of acquisition, renovation and operation of a 115 unit multi-family residential rental housing project known as Howard Horaes and located at 111-1/2 Howard Street in the City of Portsmouth, Virginia, such improvements being collectively referred to as the ("facility"); and WHEREAS, ~M1 Portsmouth Associates has described to PRHA the benefits which the "facility" will bring to the Commonwealth of Virginia and to the City of Portsmouth, Virginia, and that at least twenty percent ('20%) of the housing units shall be re- served for occupancy by persons of low-income as defined in Section 8 of the United States Housing Act of 1937 which refer to th~ purposes of the PRHA and benefit the residents of the Commonwealth and the City by assisting in the provisions of improved housing at rentals which persons and families of low- income can afford; and WHEREAS, the PRHA has held public hearing thereon in accordance with all applicable federal and state laws on July 24, 1984, and has requested City Council to approve the issuance of said bonds; and WHEREASr 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.