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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP- M~NT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR PEACH STREET PARTNERS IN AN AMOUNT NOT TO EXCEED $1,000,000 FOR A TWENTY-FOUR UNIT MULTI-FAMILY RESIDENTIAL RENTAL APARTMENT FACILITY LOCATED AT THE SOUTHWEST INTERSECTION OF PORTSMOUTH BOULEVARD AND PEACH STREET IN THE CITY OF PORTSMOUTH, VIRGINIA. 38 WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia (PRHA) has been authorized by the Council of the City Portsmouth, Virginia, to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and of WHEREAS, the PRHA has considered the application of Peach Street Partners, 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 One Million Dollars ($1,000,000) to assist in financing the acquisition, construction and equipping of a twenty-four unit multi-family residential rental housing project located at the southwest intersection of Portsmouth Boulevard and Peach Street in the City of Portsmouth, Virginia (the "Project"), and has held a public hearing thereon on April 16, 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 required by the applicable federal and state laws have been provided to the City Council for its consideration.