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133 A RESOLUTION A~PROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF'~PORTSMOUTH, VIRGINIA, FOR COLONY ENTERPRISES, A VIRGINIA GENERAL PARTNERSHIP, IN AN AMOUNT NOT TO EXCEED $250,000 FOR AN 8 UNIT MULTI-FAMILY RENTAL HOUSING FACILITY AT 430 H~GH~STREET, PORTSMOUTH, VIRGINIA. WHEREAS, the PortsmouthRedevelopment and Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized by the coungil of the City of Portsmouth, Virginia, to advertise and~old public hearings relative to the issuance of Revenue Bon~ in a6cordance with the provisions Of ~!03 (k) of the Internal ~venue Code of 1954, as amended, and §15.1-1378.1 of the Code of Virginia, 1950, as amended; and -~? WHEREAS, the PRHA has considered the application of Colony Enterprises, a Virginia General Partnership, whose principal place of business is 430 High Street, Portsmouth, Virginia, for the issuance by PRHA of Industrial Development Revenue Bonds pursuant to Chapter 1, Title 36 of the Code of Virginia, 1950, as amended, in a principal amount .not to exceed Two Hundred Fifty Thousand Dollars ($250,000) to finance the acquisition, construction and equipping of an'8 unit multi-family rental housing project located at 430 High Street in Port~mouth, Virginia (the "facility"); and WHEREAS, Colony ~nterprises has described to PRPLA th~ benefits which the "facility" will bring to the CommonweaLth of Virginia and the City of Portsmouth, Virginia,i 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 imoroved housing at rentals whish persons and families of low and moderate income can afford; and WHEREAS, the PRHA has held oublio hearings thereon in accordance with all applicable f~deral 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 therein, and the appropriate certifications and documentatmons required by the applicable federal and state laws have been provided to the City Council for its consideration.