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21 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY RESIDENTIAL <br />RENTAL HOUSING BONDS BY THE PORTSMOUTH REDEVELOPMENT AND <br />HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR <br />WILLIAM Co CHICK, A VIRGINIA SOLE PROPRIETORSHIP, IN AN <br />AMOUNT NOT TO EXCEED $900,000 FOR A 31 UNIT RENTAL HOUSING <br />FACILITY ON A 0.859 ACRE PARCEL OF LAND ON THE WEST SIDE OF <br />COURT STREET BETWEEN COLUMBIA AND SOUTH STREETS IN THE CITY <br />OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing <br />Authority of the City of Portsmouth, Virginia (PRHA) has <br />been authorized by the Council of the City of Portsmouth, <br />Virginia, to advertise and hold public hearings relative to <br />the issuance of Multi-Family Residential Rental Housing Bonds; <br />and <br /> <br /> WHEREAS, the PRHA has considered the application of William <br />C. Chick, a Virginia sole proprietorship, (the "Company"), for <br />the issuance by PRHA of Multi-Family Residential Rental Housing <br />Bonds pursuant to Chapter 1 of Title 36 of the Code of <br />Virginia, 1950, as amended, in a principal amount not to <br />exceed nine hundred thousand ($900,000) dollars to assist in <br />financing the acguisition of land and the construction and <br />equipping of a thirty-one (31) unit multi-family residential <br />rental apartment project located on a 0.859 acre parcel of <br />land on the west side of Court Street between Columbia <br />Street and South Street in the City of Portsmouth, Virginia <br />(the "Project"), and has held a public hearing thereon on <br />February 5, 1985; and <br /> <br /> WHEREAS, the "Company" has described to PRHA the benefits <br />which the "Project" will bring to the Commonwealth of Virginia <br />and to the City of Portsmouth, Virginia, in that the project <br />will provide housing for persons of low or moderate income and <br />thereby promote the public purposes for which the PRHA was es- <br />tablished; and <br /> <br /> WHEREAS, the PRHA has requested City Council to approve <br />the issuance of the bonds to comply with the applicable federal <br />and state laws; and <br /> <br /> WHEREAS, a copy of PRHA'S resolution ~pproving the issuance <br />of said bonds, subject to the terms and conditions contained <br />therein, and the appropriate certifications and documentations <br />required by the applicable federal and state laws have been <br />provided to the City Council for its consideration. <br /> <br /> <br />