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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOP- MENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR SEABOARD COASTLINE ASSOCIATES, A VIRGINTA GENERAL PARTNERSHIP, IN AN k~OUNT NOT TO EXCEED $3,000,000 FOR A MULTI-FAMILY ' RENTAL HOUSING FACILITY AT ONE HIGH STREET, PORTSMOUTH, VIRGINIA. WHEREAS, the Portsmouth Redevelopment and Eousina Authority of the City of Portsmouth, Virginia (PRHA) has been a~thorized by the Council of the City of Portsmouth, Virginia, to advertise and hold ~ublic 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 Seaboard Coastline Associates, a Virginia General Partnership, for the issuance by PRHA of Industrial Development Revenue Bonds pursuant to Chapter 1, Title 36 of the Code of Virginia, 1950, as amended, in a principal amount not to exceed Three Million Dollars ($3,000,000) to assist in financing the acquisition, rehabilitation, construction and equipping of approximately forty (40) apartment units to be a part of a multi-use commercial/ residential ~acility (the "facility") to be located in the Seaboard Coast Line Building, One High Street, Portsmouth, Virginia; and W~EREAS, Seaboard Coastline Associates has described to PRHA the benefits which the "facility" will bring to the Common- wealth of Virginia add the City of Portsmouth, Virginia, and that at least twenty percent (20%) of the housing units shall be reserved for occupancy by individuals or families of low or moderate income as defined in ~8 of the United States Housing Act of 1937 which refer to the purposes of the PRHA and benefit the residents of the Commonwealth and the City by assisting in the provision of improved housing at rentals which persons and families of low and moderate income can afford; and WHEREAS, the PRHA has held a public hearing thereon in accordance with all applicable and federal and state laws on December 11, 1984, and has requested City Council to approve the issuance of said bonds; and WI~ERF~S, a copy of PR~'s resolution approving the issuance of said bonds, subject to the terms and conditions contained therein, and the appropriate certifications required by the applicable federal and state laws have been provided to the City Council for its consideration.