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73 <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 JANUARY 16th ASSOCIATES IN AN <br />AMOUNT NOT TO EXCEED $9,000,000 FOR A 200 UNIT <br />MULTI-FAMILY RESIDENTIAL RENTAL APARTMENT FACILITY <br />LOCATED ON A PARCEL OF LAND APPROXIMATELY 300 FEET WEST <br />OF THE INTERSECTION OF TOWSEPOINT ROAD AND DUNKIRK <br />STREET IN THE CITY OF 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 />January 16th Associates , a Virginia General <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 Nine <br />Million Dollars ($9,000,000) 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 approximately two hundred (200) <br />units (the "Project") to be located on a parcel of land <br />approximately 300 feet west of the intersection of Towne <br />Point Road and Dunkirk Street in the City of Portsmouth, <br />Virginia, and had held a public hearing thereon on May <br />28, 1985; 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 w~ll 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 />