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85 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH <br />REDEVELOPMENT & HOUSING AUTHORITY OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR SEA VIEW PROPERTIES IN AN <br />AMOUNT NOT TO EXCEED $150,000 FOR A 5-UNIT MULTI-FAMILY <br />RENTAL HOUSING PROJECT KNOWN AS SEA VIEW BUILDING <br />LOCATED AT 818 DINWIDDIE STREET IN THE' CITY OF <br />PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment & 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 />Sea View Properties, a Virginia Limited Partnership, <br />(the "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 Hundred Fifty <br />Thousand Dollars ($150,000) to assist in financing the <br />cost of acquiring, constructing, rehabilitating and <br />equipping a multi-family residential rental housing <br />project consisting of five (5) units (the "Project") to <br />be located at 818 Dinwiddie Street in the City of <br />Portsmouth, Virginia, and has held a public hearing <br />thereon on July 23, 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 City Council to <br /> approve the issuance of the Bonds to comply with the <br /> applicable 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 />