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131 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT <br />REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITY <br />OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR REUBIN MANNING IN AN <br />AMOUNT NOT TO EXCEED $900,000 FOR TWO (2) MULTI-FAMILY RENTAL <br />HOUSING PROJECTS, ONE LOCATED AT THE NORTHEAST INTERSECTION OF <br />WALL STREET AND HANSEN AVENUE AND THE OTHER LOCATED AT THE <br />NORTHWEST INTERSECTION OF BENTON AVENUE AND DEEP CREEK BOULEVARD <br />IN THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment & Housing Authority of <br />the City of Portsmouth, Virginia (PRHA) has been authorized by the <br />Council of the City of Portsmouth, Virginia, to advertise and hold <br />public hearings relative to the issuance of Industrial Development <br />Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application of Reubin <br />Manning for the issuance by PRHA of Industrial Development Revenue <br />Bonds pursuant to Chapter 1 of Title 36 of the Code of Virginia, <br />1950, as amended, in a principal amount not to exceed Nine Hundred <br />Thousand Dollars (S900~000) to assist in acquiring, constructing <br />and equipping two (2) multi-family residential housing pro3ects in <br />the City of Portsmouth, Virginia (the "Project"), known as: <br /> <br />The Manning Apartments, a four (4) unit project <br />located at the northeast intersection of Wall <br />Street and Hansen Avenue (formerly Martin Street); <br />and <br /> <br />The Shirley Apartments, <br />project located at the <br />Benton Avenue and Deep <br /> <br />a twenty-eight (28) unit <br />northwest intersection of <br />Creek Boulevard; and <br /> <br /> WHEREAS, the PRHA held a public hearing on the application <br />for the "Project" on October 22, 1985, and Reubin Manning (the <br />"Company") has described to PRHA the benefits which the "Project" <br />will bring to the Commonwealth of Virginia and to the City of <br />Portsmouth, Virginia in that the project will provide housing for <br />persons of low and moderate income and thereby promote the public <br />purposes for which the PRHA was established; and <br /> <br /> WHEREAS, the PRHA has requested City Council to approve the <br />issuance of the Bonds to comply with the applicable federal and <br />state laws and a copy of PRHA's resolution approving the issuance <br />of said Bonds, subject to the terms and conditions contained <br />therein, and the appropriate certifications and documentatiDns <br />required by the applicable federal and state laws have been <br />provided to the City Council for its consideration. <br /> <br /> <br />