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53 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMF~NT AND ~OUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR PEPPERWOOD ASSOCIATES II IN AN AMOUNT NOT TO EXCEED $1,700,000 FOR A 45 UNIT MULTI-FAMILY RESIDENTIAL RENTAL HOUSING PROJECT ON PEPPERWOOD COURT NEAR THE INTERSECTION OF TOWNE POINT ROAD AND TWIN PINES ROAD IN THE CITY OF 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 the issuance of Industrial Development Revenue Bonds; and WHEREAS, the PR}LA has considered the application of Pepperwood Associates II, a Virginia Limited Partnership, for the issuance by PRHAof 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, Seven Hundred Thousand Dollars ($1,700,000) to finance the cost to acquire, construct, equip and operate a forty-five (45) unit multi-family resential rental housing project on Pepperwood Court near the intersection of Towne Point Road and Twin Pines Road in the City of Portsmouth, Virginia (the "Project"), and has held a public hearing thereon on May 15, 1984; and WHEREAS, Pepperwood Associates II has described to PRHA the benefits which the "Project" will bring to the Connuonwealth of Virginia and to the City of Portsmouth, Virginia in that the project will provide housing for persons of low or moderate in- come and thereby promote the public purposes for which the PRPiA was established; and WHEREAS, the PRP~ has requested the City Council to approve the issuance of the Bonds to comply with the applicable federal and state law; and WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds, subject to the terms and conditions contained there- in, and the appropriate certifications and documentations re- quired by the applicable federal and state laws have been pro- vided to the City Council for its consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance of Industrial Development Revenue Bonds by the Portsmouth Redevelopment and Housin~ Authority for Pepperwood Associates II in an amount not to exceed One Million, Seven Hundred Thousand dollars ($1,700,000) to finance the acquisition, construction, equipping and operating of the "Project".