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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP- <br />MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR <br />A MULTI-FAMILY RESIDENTIAL RENTAL HOUSING FACILITY. <br /> <br />39 <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 <br />Portsmouth, Virginia, to advertise and hold public <br />hearings relative to the issuance of Industrial <br />Development Revenue Bonds; and <br /> <br /> WHEREAS, the PRHA has considered the application of <br />Theresa A. and Richard J. Martini (the "Company") for <br />the issuance by PRHA of Industrial Development Revenue <br />Bonds pursuant to Chapter 1 of Title 36 of the Code of <br />Virainia, 1950, as amended, in a principal amount not to <br />exceed Sixty Three Thousand, Seven Hundred Fifty Dollars <br />($63,750) to assist in financing the rehabilitation, <br />construction and equipping of a multi-family residential <br />rental housing facility located at 464 Dinwiddie Street <br />in the City of Portsmouth, Virginia (the "Project"), and <br />has held a public hearing thereon on April 30, 1985; and <br /> WHEREAS, the Company has described to PRHA the <br /> benefits which the project will bring to the <br /> Commonwealth of Virginia in that at least twenty per <br /> cent (20%) of the units of the facility-will be <br /> available for persons of low or moderate income and <br /> thereby promote the public purposes for which the PRHA <br /> was established; and <br /> <br /> WHEREAS, the PRHA has requested City Council to <br /> approve the issuance of the bond to comply with the <br /> applicable Federal and State laws; and <br /> <br /> WHEREAS, a copy of PRHA's resolution approving the <br /> issuance of said bonds subject to the terms and <br /> conditions contained therein, and the appropriate <br /> certifications and documentations required by the <br /> applicable Federal and State laws have been provided to <br /> the City Council for its consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of <br /> the City of Portsmouth, Virginia, approves the issuance <br /> of Industrial Development Revenue Bonds by the PRHA for <br /> the "Company" in an amount not to exceed Sixty-Three <br /> Thousand, Seven Hundred Fifty Dollars ($63,750) to <br /> assist in financIng the rehabilitation, construction and <br /> equipping of (the "Project"). <br /> <br /> <br />