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55 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING <br />AUTHORITY OF THE CITY OF PORTS~OUTH, VIRGINIA, FOR PEACHTREE <br />APARTMENT~ II IN AN AMOUNT NOT TO EXCEED $7,000,000 FOR A <br />192 UNIT MULTI-F~ILY RESIDENTIAL RENTAL HOUSING PROJECT ON <br />TOWNE POINT ROAD WEST OF ITS INTERSECTION WITH TWIN PINES ROAD <br />IN THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority <br />of the City of Portsmouth, Virginia (PRHA) has been authorized <br />by the Coundil of the City of Portsmouth, Virginia to advertise <br />and hold public hearings relative to the issuance of Industrial <br />Development Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application of <br />Peachtree Apartments II, a Virginia Limited Partnership, for <br />the issuance by PPJ{A of Industrial Development Revenue Bonds <br />pursuant to Chapter 1, Title 36 of the Code of Virginia, 1950, <br />as amended, in a principal amount not to exceed Seven Million <br />Dollars ($7,000,000) to finance the acquisition, construction, <br />equipping and operating of a one hundred ninety two (192) unit <br />multi-family residential rental housing project on Towne Point <br />Road west of its intersection with Twin Pines Road in the City <br />of Portsmouth, Virginia (the "Project"), and has held a public <br />hearing thereon on May 15, I984; and <br /> <br /> W~EREAS, Peachtree Apartments II has described to PRHA <br />the benefits which the "Project" will bring to the Commonwealth <br />of Virginia and to the City of Portsmouth, Virginia in that <br />the project will provide housing for persons of low or moderate <br />income and thereby promote the public purposes for which the <br />PRPLAwas established; and <br /> <br /> WHEREAS, the PRHA has requested the City Council to approve <br />the issuance of the Bonds to comply with the applicable federal <br />and state law; and <br /> <br /> WHEREAS, a copy of PRHA's resolution approving the issuance <br />of said bonds, subject to the terms and conditions contained <br />therein, and the appropriate certifications and documentations <br />required by the applicable federal and state laws have been <br />provided to the City Council for its consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City <br />of Portsmouth, Virginia, approves the issuance of Industrial <br />Development Revenue Bonds by the Portsmouth Redevelopment and <br />Housing Authority for Peachtree Apartments II, a Virginia Limited <br />Partnership, in an amount not to exceed Seven Million Dollars <br />($7,000,000) to finance the acquisition, construction, equipping <br />and operating of the "Project". <br /> <br /> <br />