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133 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR INDEPENDENCE SQUARE ASSOCIATES IN AN AMOUNT NOT TO EXCEED $4,500,000 FOR A 152 UNIT MULTI-FAMILY RESIDENTIAL RENTAL HOUSING PROJECT KNOWN AS INDEPENDENCE SQUARE APARTMENTS LOCATED ON GEORGE WASHINGTON HIGHWAY IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Redevelopment & Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the PRHA has considered the application of Independence Square Associates, a Virginia General Partnership, (the "Company") for the issuance by PRHA of Industrial Development Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code of Virginia, 1950, as amended, in a principal amount not to exceed Four Million, Five Hundred Thousand Dollars ($4,500,000) to finance a portion of the cost of acquiring, constructing, developing, maintaining and operating a multi-family housing project to be known as Independence Square Apartments (the "Project") consisting of 152 units located on the western line of George Washington Highway in Portsmouth, Virginia, distant 244.57 feet northwardly from the centerline of the Norfolk & Western Railroad track crossing George Washington Highway at or near the present City limit of the City of Portsmouth, Virginia, such parcel containing 6.9594 acres, more or less, and has held a public hearing thereon on October 22, 1985; and WHEREAS, the "Company" has described to PRHA the benefits which the project will bring to the Commonwealth of Virginia and to the City of Portsmouth, Virginia, in that the project will provide housing for persons of low and moderate income and thereby promote the public purposes for which the PRHA was established; and WHEREAS, the PRHA has requested issuance of the Bonds to comply with state laws; and Council to approve the the applicable federal and WHEREAS, a copy of PRHA's resolution approving the issuance of said Bonds subject to the terms and conditions contained therein, and the applicable certifications and documentations, including, without limitation, a reasonably detailed summary of the comments expressed at the public hearing and a fiscal impact statement, have been provided to the City Council for their consideration.