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60 <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 PEPPERWOOD ASSOCIATES II' IN AN <br />AMOUNT NOT TO EXCEED $5,000,000 FOR A NINETY SEVEN (97) <br />UNIT MULTI-FAMILY RESIDENTIAL HOUSING PROJECT LOCATED AT <br />OR NEAR THE INTERSECTION OF TOWN POINT ROAD AND TWIN <br />PINES ROAD ON PEPPERWOOD COURT IN THE CITY OF <br />PORTSMOUTH, 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 />Pepperwood Associates, II, a Virginia Limited <br />Partnership, (the "Company"), for the issuance by PRHA <br />of Industrial Development Revenue Bonds pursuant to <br />Chapter 1 of Title 36 of the Code of Virginia, 1950, as <br />amended, in a principal amount not to exceed Five <br />Million Dollars ($5,000,000) to assist in financing a <br />portion of the cost of acquiring, constructing and <br />equipping a multi-family residential rental housing <br />project consisting of ninety-seven (97) units (the <br />"Project") to be located on a parcel of land at or near <br />the intersection of Town Point Road and Twin Pines Road <br />on Pepperwood Court in the City of Portsmouth, Virginia, <br />and had held a public hearing thereon on May 28, 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 lncome 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 there~n, 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 />