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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 ELLIOTT AVENUE ASSOCIATES IN AN AMOUNT NOT TO EXCEED $1,000,000 FOR AN 18 UNIT RENTAL HOUSING FACILITY AT THE INTERSECTION OF ELLIOTT AVENUE AND BEACON ROAD, PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Redevelopment 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 %he 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.t of the Code of Virginia of 1950, as amended~ and WHEREAS, the PRHA has considered the application of Etliott Avenue Associates, a Virginia General Partnership, 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 One Million ($1,000,000) Dollars to finance the cost of construction and equipping of eighteen (18) renta~ housing units to be located at the intersection of Elliott Avenue and Beacon Road, Portsmouth, Virginia, (such improvements being collectively referred to as the "facility"); and WHEREAS, Elliott Avenue Associates has described to PR~_A 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 eighteen (18) housing units shall be reserved for occupancy by persons of low income as defined in Section 8 of the United States Housing Act of 1937 which will further the purposes of the PRHA and benefit the residents of the Co~mon- wealth and the City by assisting in the provision 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 al/ applicable federal and state laws on April 3, 1984, and has requested City Council to approve the issuance of said bonds; and WHEREAS, a copy of PREA'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.