1984 Resolutions - Laserfiche WebLink

Home Browse Search

A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR BILTMORE COMMONS, LTD., IN AN AMOUNT NOT TO EXCEED $3,500,000 FOR A 108 UNIT RENTAL HOUSING FACILITY AT THE INTERSECTION OF ELLIOTT AVENUE AND DEEP CREEK BOULEVARD 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 PRHA has considered the application of Biltmore Commons, Ltd., a Virginia Limited 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 Three Million, Five Hundred Thousand Dollars ($3,500,000) to finance the acquisition, construction, equipping and operating of a One Hundred Eight (108) unit multi-family residential rental housing project at the intersection of Elliott Road and Deep Creek Boulevard in the City of Portsmouth, Virginia (the "Project"), and has held a public hearing thereon on May 15, 1984; and WHEREAS, Bittmore Commons, Ltd. has described to PRHA the benefits which the "Project" will bring to the Commonwealth of Virginia and to the City of Portsmouth, Virginia in that the project will provide housing for persons of low or moderate income and thereby promote the public purposes for which the PRHA was established; and WHEREAS, the PRHA 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 therein, and the appropriate certifications and docuraentations required by the applicable federal and state laws have been provided 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 Housing Authority for Biltmore Comm. ons, Ltd., a Virginia Limited Partnership, in an amount not to exceed Three Million, Five Hundred Thousand Dollars ($3,500,000) to finance the cost of acquisition, construction, equipping and operating the "Project".