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A RESOLUTION APPRO?~N T~E ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS 'BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OP PORTSMOUTH, VIRGINIA, FOR SPENCER SCOTT IN AN AMOUNT NOT TO EXCEED $300,000 FOR A 12 L~IT RENTAL HOUSING FACILITY AT 454-464 GREEN STREET, PORTSMOUTH, VIRGINIA. WHEREAS, the PortsmOUth"Redevelopmerit 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 o~ Revenue Bonds in. accordance with the provisions of ~103 (k) of the In- ternal Revenue Code of 1954'~ as amended, and ~15.1-1378.1 of the Code of Virginia, 1950,'~s amended; and WHEREAS, the PRHA has considered the application of Spencer Scott, an individua~eveloDer, whose address is 704 Plaza One, Norfolk, Virginia, for the ~ssuance by PRHA of Industrial Develop- ment Revenue Bonds pursuant to Chapter 1, Title 36 of the Code of Virginia, 1950, as amended, in a principal amount not to exceed Three Hundred Thousand Dcllars ($300,000) to finance the acquisition and rehabilitation of a 12 unit multi-family rental housing project known as the Tidewater Building Apartments (the "facility") located at 454-464 Green Street in Portsmouth, Virginia; and WHEREAS, Spencer Scott has described to PRHA the benefits which the "facility" will bring to the Commonwealth of Virginia and the City o~ P~rtsmo~th, Virginia, and that at least twenty per cent (20%) of the housing units shall be reserved for. occupancy by individuals or families of low or moderate income as defined in Section 8 of the United States Housing Act of 1937 which refer to the purposes of the PRHA and benefit the residents of the Commonwealth and the City by_assisting in the provision of improved housing at rentals which persons and families of low' and moderate income can afford; and WHEREAS, the PRHA has held public hearings thereon in accordance with all applicable federal and state laws on November 13, 1984, 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 theremn, and the appropriate certifications and documentations required by the applicable federal and state laws have been pro- vided 5o the City Council fcr its consideration.