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<br />
<br />A RESOLUTION APPROVING THE AMENDMENT OF THE PORTSMOUTH RE-
<br />DEVELOPMENT AND HOUSING AUTHORITY'S $7,600,000. DOIJ~RS
<br />INDUSTRIAL DEVELOPMENT REVENUE BOND (CRAWFORD ~P~OR ASSOCIATES
<br />FACILITY) SERIES OF 1980, TO FINANCE THE COST OF ACQUIRING,
<br />CONSTRUCTING AND EQUIPPING-THE I{ARBOR TOWER APARTMENTS ON
<br />CRA~FFORD PARKWAY IN PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority,
<br />a political subdivision of the Commonwealth of Virginia (Authority)
<br />issued its Seven Million, Six Hundred Thousand ~($7,600,000! Dollar
<br />Industrial Development Revenue Bond (CrawfordR~rbor Associates
<br />Facility), Series of 1980, (Bond) on July 15, 1980,~ to pay the
<br />cost of acquiring, constructing and equipping a twenty-two (22)
<br />story, one hundred eighty-nine ft89) unit apartment building
<br />known as Harbor Tower Apartments (facility) located on Crawfo~d
<br />Parkway in Portsmouth, Virginia, which "facility" was sold to
<br />Crawford Harbor Associates, a Virginia limited partnership, pur-
<br />suant to an agreement of sale dated as of July 1, 1980; and
<br />
<br />WHEREAS, Crawford ~arbor Associates delivered its Promissory
<br />Note in the principal amount of Seven Million, Six Hundred Thousand
<br />($7,600,000.) in payment for the "facility" dated as of Jnly 15,
<br />1980 Cote) secured by Deed of Trust between Crawford Harbor
<br />Associates and Alvin D. Woods and Thomas C. Leffew, residents
<br />of the City of Virginia Beach, Virginia, as trustees, dated as
<br />of July 1, 1980; and
<br />
<br /> WHEREAS, the bond was purchased by Virginia National Bank,
<br />National Banking Association, and the bond and the note have
<br />maturity date of July I, 1985; and
<br />
<br /> WHEREAS, Crawford Harbor Associates and Virginia National
<br />Bank, as the holder of the bond and the note, have agreed that
<br />the maturity date of ~he bond and the note will be extended to
<br />July 1, 2012, that the interest for the bond and the note will
<br />be changed and that principal payments be made each year on the
<br />bond and the note as provided in a modification agreement and
<br />have requested P~ to approve appropriate amendments to the
<br />bond and the note and the modification agreement with respect
<br />to the bond and note outstanding; and
<br />
<br /> WHEREAS, the PR~A has been authorized by the Council of
<br />the City of Portsmouth, Virginia, to advertise and hold public
<br />hearings relative to the issuance of Industrial Development
<br />Revenue Bonds and PRHA held a public hearing in accordance with
<br />all applicable Federal and State laws on August 9, 1983, which
<br />public hearing was continued to December 13, 1983, and by
<br />resolution adopted December 13, 1983, has requested the
<br />City Council to approve an amendment to the issuance of said
<br />bonds; and
<br />
<br />
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