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9 <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 PORTSMOUTH, VIRGINIA FOR P. H. BOYETTE, <br />JR., & COMPANY, INCORPORATED, IN AN AMOUNT NOT TO EXCEED <br />$3,500,000 FOR A 108 UNIT RENTAL HOUSING FACILITY AT THE <br />INTERSECTION OF ELLIOTT AVENUE AND DEEP CREEK BOULEVARD IN <br />THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment & Housing Authority <br />of the City of Portsmouth, Virginia (PRHA) has been authorized <br />by the Council of the City of Portsmouth, Virginia, to adver- <br />tise and hold public hearings relative to the issuance of <br />Industrial Development Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application of P. H. <br />Boyette, Jr. & Company, Incorporated, a Virginia Corporation <br />(the "Company"), for the issuance by PRHA of Industrial Develop- <br />ment Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code <br />of Virginia, 1950, as amended, in a principal amount not to <br />exceed Three Million, Five Hundred Thousand Dollars ($3,500,000) <br />to assist in financing the acquisition, construction, and equip- <br />ping of a 108 unit multi-family residential rental apartment <br />project located at the intersection of Elliott Avenue and Deep <br />Creek Boulevard in the City of Portsmouth, ~irginia (the "Project"), <br />and has held a public hearing thereon on January 8, 1985; and <br /> <br /> WHEREAS, the Company has described to PRHA the benefits <br />which the Project will bring to the Commonwealth of Virginia <br />and to the City of Portsmouth, Virginia in that the project will <br />provide housing for persons of low or moderate ~ncome and thereby <br />promote the public purposes for which the PRHA was established; <br />and <br /> <br /> WHEREAS, the PREA has requested City Council to approve <br />the issuance of the bonds to comply with the applicable federal <br />and state laws; and <br /> <br /> WHEREAS, a copy of PREA'S resolution approving the issuance <br />of said bonds, subject to the terms and conditions contained <br />therein, and the appropriate certifications and documentati6ns <br />required by the applicable federal and state laws have been pro- <br />vided 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 & <br />Housing Authority for the "Company" in an amount not to exceed <br />Three Million, Five Hundred Thousand Dollars ($3,500,000) to <br /> <br /> <br />