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58 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH <br />REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR M. K. S. PROPERTIES IN AN <br />AMOUNT NOT TO EXCEED $1,000,000 FOR A 56 UNIT <br />MULTI-FAMILY RESIDENTIAL RENTAL HOUSING PROJECT KNOWN AS <br />WESTHAVENAPARTMENTS LOCATED AT THE INTERSECTION OF <br />COUNTY AND POWHATAN STREETS IN THE CITY OF PORTSMOUTH, <br />VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing <br />Authority of the City of Portsmouth, Virginia (PRHA) has <br />been authorized by the Council of the City of <br />Portsmouth, Virginia, to advertise and hold public <br />hearings relative to the issuance of Industrial <br />Development Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application of <br />M.K.S. Properties, a Virginia General Partnership in <br />formation, (the "Company"), for the issuance by PRHA of <br />Industrial Development Revenue Bonds pursuant to Chapter <br />1 of Title 36 of the Code of Virginia, 1950, as amended, <br />in a principal amount not to exceed One Million Dollars <br />($1,000,000) to finance a portion of the cost of <br />acquiring, renovating and operating a multi-family <br />residential rental housing project known as Westhaven <br />Apartments consisting of fifty six (56) units (the <br />"Project") located at the intersection of County and <br />Powhatan Streets in the City of Portsmouth, Virginia, <br />and has held a public hearing thereon on June 11, 1985; <br />and <br /> <br /> WHEREAS, the "Company" has described to PRHA the <br />benefits which the project will bring to the <br />Commonwealth of Virginia and to the City of Portsmouth, <br />Virginia, in that the project will provide housing for <br />persons of low and moderate income and thereby promote <br />the public purposes for which the PRHA was established; <br />and <br /> <br /> WHEREAS, the PRHA has requested Council to approve <br />the issuance of the Bonds to comply with the applicable <br />federal and state laws; and <br /> <br /> WHEREAS, a copy of PRHA's resolution approving the <br />issuance of said Bonds subject to the terms and <br />conditions contained therein, and the applicable <br />certifications and documentations required by the <br />applicable federal and state laws have been provided to <br />the City Council for its consideration. <br /> <br /> <br />