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26 A RESOLUTION APPROVING Tt~ ISSUANCE OF INDUSTRIAL DEVELOPmeNT REVENUE BONDS BY TF~E PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR BMI APARTMENTS ASSOCIATES IN THE AMOUNT NOT TO EXCEED $2,000,000 FOR A 51 UNIT MULTI-F~ILY RESIDENTIAL RENTAL FACILITY AT 301 EFFINGHAM STREET, PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia (PR.~LA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of revenue bonds in accordance with the provisions of ~103 (K) of the Internal Revenue Code of 1954, as amended, and ~15.1-1378.1 of the Code of Virginia, 1950, as amended; and WHEREAS, the PRHA has considered the application of BMI Apart- ments Associates, a Virginia General Partnership, 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 finance the cost of acquiring, renovating and operating a 51-unit multi-family residential rental apartment project located at 301 Effingh~m Street, Portsmouth, Virginia, (such improvements being collectively referred to as (the "Facility'S); and WHEREAS, BMI Apartments Associates has described to PRHA the benefits which the "Facility" will bring to the Commonwealth of Vir- ginia and to the City of Portsmouth, Virginia, and that at least twenty percent (20%) of the fifty one (51) rental units shall be reserved for occupancy by persons of low or moderate income as de- fined in ~8 of the United States Housing Act of 1937, which will further the purposes of the PRHA and benefit the residents of the Commonwealth and the City by assisting in ths provision of improved housing at rentals which persons and families of low and moderate in- come can afford; and WHEREAS, the PRHA has held a public hearing thereon in accordance with all applicable federal and state laws on March 5, 1985, and has requested City Council to approve the issuance of said bonds; and WHEREAS~ a copy of PRHA's resolution approving the issuance of said bonds, subject to the terms and conditions contained therein, and the appropriate certifications and documentations required by the applicable federal and state laws have been provided to the City Council for its consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the ~ssuance of Industrial Develop- ment Revenue Bonds by the Portsmouth Redevelopment and Housing Authority for BMI Apartments Associates ~n an amount not to exceed Two Million