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140 A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT AND REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA-FOR EVANS-MAJER-STEWART ASSOCIATES IN AN AMOUNT NOT TO EXCEED $2,000,000 FOR APPROXIMATELY A SIXTY-FOUR (64) UNIT RENTAL APARTMENT PROJECT LOCATED AT 3719, 3721 AND 3723 TURNPIKE ROAD 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 Evans-Majer-Stewart 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 Two Million Dollars ($2,000,000) to assist in financing the acquisition, construction and equipping of an approximately sixty four (64) unit rental apartment project to be located at 3719, 3721 and 3723 Turnpike Road in the City of Portsmouth, Virginia (the "Project"), and has held a public hearing thereon on October 8, 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 City Council to approve the issuance of the Bonds to comply with the applicable federal and state laws; 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 its consideration. NOWl THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the issuance of Industrial Development Revenue Bonds by the PRHA for the "Company" in an amount not to exceed Two Million Dollars ($2,000,000) to assist in financing the acquisition, construction and equipping of the "Project".