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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR McDANIELS ROOFING CORPORATION IN AN AMOUNT NOT TO EXCEED $3,000,000 FOR A 72 UNIT MULTI-FAMILY RESIDENTIAL RENTAL APARTMENT PROJECT LOCATED AT THE INTERSECTION OF VICTORY BOULEVARD AND DAHLGREN AVENUE IN THE CITY OF PORTSMOUTH, VIRGINIA. 59 WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the PRHA has considered the application of McDaniel$ Roofing Corporation, a Virginia Corporation, (the "Company") for the issuance by PRRA of Industrial Development Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code of Virginia, 1950, as amended, in a principal amount not to exceed Three Million Dollars ($3,000,000) to assist in financing the acquisition, construction and equipping of a seventy-two (72) unit multi-family residential rental housing project located at the intersection of Victory Boulevard and Dahlgren Avenue east of Leroy Street and between Dahlgren Avenue and Victory Boulevard in the City of Portsmouth, Virginia, (the "Project"), and has held a public hearing thereon on May 28, 1985; and WHEREAS, the "Company" 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 and moderate income and thereby promote the public purposes for which the PRHA was established; and WHEREAS, the PRHA has requested Council to approve the issuance of the Bonds to comply with the applicable federal and state laws; and WHEREAS, a copy of PRHA's resolution approving the issuance of said Bonds subject to the terms and conditions contained therein, and the applicable certifications and documentations required by the applicable federal and state laws have been provided to the City Council for its consideration.