1983 Resolutions - Laserfiche WebLink

Home Browse Search

WHEREAS, the PRHA has held a public hearing thereon in accordance with all applicable federal and state laws on December 13, 1983, and has requested the City Council to approve the issuance of said Bonds; and WHEREAS, a copy of PRHA's resolution approving the issuance of the aggregate Bonds in the estimate amount of $20,000,000, subject to the terms and conditions contained therein, and the appropriate certifications and documentation required by the applicable federal and state laws have been provided %0 the City Council for its consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance of Loan- To-Lender Multifamily Housing Revenue Bends by the Portsmouth' Redevelopment and Housing Authority of the City of Portsmouth, Virginia for Academy Park Associates and Twin Lakes Associates in the aggregate amount of $20,000,000 to finance the cost of planning, development, acquisition, repair, rehabilitation and equipping of Academy Park and Twin Lakes. BE IT FURTHER RESOLVED that the Council of the City Of Portsmouth, Virginia specifically approves the applicat~on of Three Million Five Hundred Thousand Dollars ($3,500,000) of theLoan-To-Lender Multifamily Housing Revenue Bonds by the Portsmouth Redevelopment and Housing Authority for the making of a loan to Twin Lakes Associates to finance the cost of the planning, development, acquisition, repair, rehabilitation and equipping of Twin Lakes. BE IT FURTHER RESOLVED that this approval ofthe application of an estimated $3,500,000 Loan-To-Lender Multifaraily Housing Revenue Bonds for Twin Lakes, when aggregated with the estimated $16,500,000 Loan-To-Lender Multifamity Housing Revenue Bonds applied to provide for Academy Park as approved by ResOlution of this Council of the Citp of Portsmouth, Virginia dated as of this date, shall aggregate approximate $20,000,000 in Loan-To-Lender Mnltifamily Housing Revenue Bonds also authorized and approved herein. BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia finds that in order to preserve, develop, and protect safe and sanitary housing and promote a desirable economic mix that at least twenty percent (20%) of the units in each residential building will be rented or held available for persons of low income to the extent required pursuant to Section 36-19 of the Code of Virginia, 1950, as amended.