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129 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF AN ESTIMATED $20,000,000 <br />AGGREGATE AMOUNT Om LOAN-TO-LENDER MULTIFAMtLY HOUSING REVENUE <br />BOBIDS BY TbLE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF <br />THE CITY OF PORTSMOUTH, VIRGINIA AND SPECIFICALLY APPROVING AN <br />ESTIbLATED AMOUNT OF $3,500,000 OF SAID BONDS FOR TWIN LAKES <br />ASSOCIATES TO FINANCE THE COST OF THE DEVELOPMENT, ACQUISITION, <br />RENOVATION, REHABILITATION, AND EQUIPPING OF AN EXISTING MULTI- <br />FAMILY RENTAL HOUSING PROJECT KNOWN AS TWIN LARES. <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing-Authority <br />of the City of Portsmouth, Virginia (PRHA) has been authorized <br />by the Council of the City of Portsmouth, Virginia to advertise <br />and hold public hearings relative to the issuance of revenue <br />bonds in accordance with the provisions of ~ 103Ok)of the <br />Internal Revenue Code of 1954, as amended, and § 15.1-1378.1 <br />of the Code of Virginia of 1950, as amended; and <br /> <br /> WHEREAS, the PRHA has considered the application for <br />Academy Park Associates and Twin Lakes Associates, two Virginia <br />limited partnerships of which Bush Con§truction Corporation is <br />the sole Managing General Partner of each such limited partner- <br />ship, and whose address is 5532 Raby Road, Norfolk, Virginia, <br />for the issuance of PRHA's Loan-To-Lender Multlfamily Housing <br />Revenue Bends (the "Bonds") in an aggregate amount estimated <br />at Twenty Million Dollars ($20,000,000) to assist in the <br />planning, development, acquisition, repair, rehabilitation <br />and equipping of two existing multifamily rental housing <br />projects containing an aggregate of one thousand, seven hundred <br />ninety (1,790) apartment units known as Academy Park, located <br />at 3741 Elliott Avenue, Portsmouth, Virginia ("Adademy Park"), <br />and Twin Lakes, located at 75 Cambridge Avenue, Portsmouth~ <br />Virginia ("Twin Lakes") (all such improvements being collectively <br />referred to as the "residential buildings"); and <br /> <br /> WHEREAS, in .the City of Portsmouth there is a shortage of <br />sanitary and safe residential housing affordable by persons of <br />low and moderate income; and <br /> <br /> B~EREAS, Twin Lakes Associates has described to PRHA the <br />benefits which the residential buildings will bring to the <br />Commonwealth of Virginia and to the City of Portsmouth, Virginia, <br />which residential buildings will be rented or made available <br />to persons of low income (persons who qualify for assistance <br />under Section 8 of the United States Housing Act of 1937, as <br />amended); and <br /> <br /> <br />