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74 <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 FREEDOM UNLIMITED IN AN AMOUNT <br />NOT TO EXCEED $1,500,000 FOR A 32 UNIT MULTI-FAMILY <br />RESIDENTIAL RENTAL HOUSING PROJECT LOCATED ON THE 1700 <br />BLOCK OF CHESTNUT STREET IN THE CITY OF PORTSMOUTH, <br />VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment & Housing <br />Authority of the City of Portsmouth, Virginia (PRHA) <br />been authorized by the Council of the City of <br />Portsmouth, to advertise and hold public hearings <br />relative to the issuance of Industrial Development <br />Revenue Bonds; and <br /> <br />has <br /> <br /> WHEREAS, the PRHA has considered the application of <br />Freedom unlimited, a Virginia General Partnership, (the <br />"Company") for the issuance by PRHA of Industrial <br />Development Revenue Bonds pursuant to Chapter 1 of Title <br />36 of the Code of Virginia, 1950, as amended, in a <br />principal amount not to exceed One Million, Five Hundred <br />Thousand Dollars ($1,500,000) to finance a portion of the <br />cost of acquiring, constructing and equipping a <br />multi-family residential rental housing project <br />consisting of thirty-two (32) units (the "Project") <br />located on the 1700 block of Chestnut Street in the City <br />of Portsmouth, Virginia, and has held a public hearing <br />thereon on June 25, 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 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 <br />the issuance of the Bonds to comply with the <br />federal and state laws; and <br /> <br />to approve <br />applicable <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 />