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86 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />D. EVELOPMENT REVENUE BONDS BY THE PORTSMOUTH <br />REDEVELOPMENT & HOUSING AUTHORITY OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, FOR HERITAGE WEST IN AN AMOUNT NOT <br />TO EXCEED $1,750,000 FOR A 48-UNIT MULTI-FAMILY <br />RESIDENTIAL RENTAL APARTMENT FACILITY LOCATED IN THE <br />CITY OF PORTSMOUTH, VIRGINIA, ON 1.9 ACRES OF LAND LYING <br />SOUTH OF THE FIRST FRIENDS CHURCH AT 5307 PORTSMOUTH <br />BOULEVARD. <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 bhe application of <br />Heritage West, a Virginia Limited 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, ms amended, in a <br />principal amount not to exceed One Million, Seven <br />Hundred Fifty Thousand Dollars ($1,750,000) to assist in <br />acquiring, constructing and equipping a multi-family <br />residential rental housing pro]ect consisting of forty <br />eight (48) units (the "Project") to be located in the <br />City of Portsmouth, Virginia, on 1.9 acres of land lying <br />south of the First Friends Church at 5307 Portsmouth <br />Boulevard (being a portion of parcels 14, 15 and 15.1 of <br />Tax Map 446) and has held a public hearing thereon on <br />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 />certificaticns 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 />