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130 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF AN ESTIMATED $20,000;000 <br />AGGREGATE AMOUNT OF LOAN-TO-LENDER MULTIFA~ILY HOUS~NG P~MENUE <br />BONDS'SERIES 1983A HYTHE'PORTSMOUTH REDEVELOPMENT AND HOUSING <br />AUTHORITY OF THE CITY OF PORT~MOUTH, VIRGINIA'AND SPECIFICALLY <br />APPROVING AN ESTIMATED AMOUNT OF $16,500,000 OF SAID BONDS <br />FOR ACADEMY PARK ASSOCIATES TO FINANCE THE COST OF THE DEVELOPMENT, <br />ACQUISITION, RENOVATION, REHABILITATION, AND EQUIPPING OF AN <br />EXISTING MULTIFAMILY RENTAL HOUSING PROJECT KNOWN AS~CADEMY <br />PARK. <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 advert£se <br />and hold public hearings relative to the issuance of revenue <br />bonds in accordance with the provisions of ~ 103(k) of the <br />Internal Revenue Code of 1954, as ~mended, and $ 15.1-1378.1 of <br />the Code of Virginia of i950, as amended; and <br /> <br /> WHEREAS, thePRHA has considered the application for <br />Academy Park Associates and Twin Lakes Associates, two Virginia <br />limited partnerships of which Bush Construction Corporation <br />is the sole Managing General Partner of each such limited <br />partnership, and whose address is 5532 Raby Road, Norfolk, <br />Virginia, for the issuance of PRPLA's Loan-To-Lender Multifamily <br />Housing Revenue Bonds [the "Bonds") in an aggregate amount <br />estimated at Twenty MilliOn Dollars ($20,000,000) to assist <br />in the planning, development~ a~quisition, repair, rehabilitation <br />and equipping of two existing ~u!tifamily rental housing <br />pro~ects 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 ("Academy Park"), <br />and Twin Lakes, located at 75 Cambridge Avenue, Portsmouth, <br />Virginia ("Twin Lakes") (all such improvements being collectively <br />referred to as hhe "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 <br />of low and moderate income; and <br /> <br /> WHEREAS, Academy Park Associates has described to PRHA <br />the 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 ~ersons who qualify for assistance <br />under Section 8 of the United States Housing Act of 1937, <br />as amended); and <br /> <br /> <br />