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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 HAYSOM STREET ASSOCIATES IN AN <br />AMOUNT NOT TO EXCEED $2,500,000 FOR THE ACQUISITION, <br />CONSTRUCTION AND EQUIPPING OF A COMMERCIAL SHOPPING <br />CENTER LOCATED AT THE INTERSECTION OF HAYSOM STREET AND <br />PORTSMOUTH BOULEVARD IN THE CITY OF PORTSMOUTH, <br />VIRGINIA, ALLOCATING A PORTION OF THE STATE CEILING ON <br />PRIVATE ACTIVITY BONDS FOR THE BENEFIT OF HAYSOM STREET <br />ASSOCIATES, AND REQUESTING AN ALLOCATION FROM THE STATE <br />RESERVE FOR THE BENEFIT OF HAYSOM STREET ASSOCIATES. <br /> <br />99 <br /> <br /> WHEREAS, the Portsmouth Redevelopment & Housing <br />Authority of the City of Portsmouth, Virginia (PRHA) has <br />been authorized to advertise and hold public hearings <br />relative to the issuance of Industrial Development <br />Revenue Bonds; and <br /> <br /> WHEREAS, PRHA has considered the application of <br />Haysom Street Associates, a Virginia General <br />Partnership (the "Company"), for the issuance by PRHA of <br />Industrial Development Revenue Bonds in an amount not to <br />exceed Two Million Five Hundred Thousand ($2,500,000) to <br />assist the "Company" in financing a portion of the cost <br />of acquiring, constructing and equipping a commercial <br />project consisting of a commercial shopping center to be <br />located on a parcel of land at the intersection of <br />Haysom Street and Portsmouth Boulevard in the City of <br />Portsmouth, Virginia, (the "Facility"), and has held a <br />public hearing thereon on September 10, 1985; and <br /> <br /> WHEREAS, PRHA has requested City Council to approve <br />the issuance of the Bonds to comply with the applicable <br />federal and state law; and <br /> <br /> WHEREAS, a copy of PRHA's resolution approving the <br />issuance of the Bonds, subject to the terms and <br />conditions contained therein, and the appropriate <br />certifications and documentations have been provided to <br />the City Council for their consideration; and <br /> <br /> WHEREAS, with the allocation of Seven Hundred <br />Fifty-Two Thousand, Eight Hundred Dollars ($752,800) <br />the "Company", the City of Portsmouth, Virginia would <br />have allocated its entire local allocation. <br /> <br />to <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of <br />the City of Portsmouth, Virginia, approves the issuance <br />of Industrial Development Revenue Bonds by PRHA for the <br />"Company" in an amount not to exceed Two Million, Five <br />Hundred Thousand Dollars ($2,500,000) to assist the <br />"Company" in financing a portion of the cost of <br /> <br /> <br />